Oxo Alcohol Market Demand, Revenue Share, Drivers & Trends Analysis 2022–2030
The Oxo Alcohol Market was valued at US$ 20 Billion in 2020 and is expected to grow at a CAGR of 9% over the forecast period (2021-2030).
Global Oxo Alcohol Market has been segmented based on type, application, and region. On the basis of type, the Global Oxo Alcohol Market has been segmented into n-butanol, iso-butanol, 2-ethylhexanol, and others. All these types of oxo alcohols are commercially used. Moreover, the 2ethylhexanol segment dominated the oxo-alcohol market, by type, in 2017. Oxo alcohol is extensively used in the production of plasticizers, coatings, adhesives, and other specialty chemicals. Plasticizers are widely used in end-use industries, such as automotive, construction, and electronics. Along with this, their use in coatings, adhesives have driven the demand for oxo alcohol in the global market. Furthermore, 2-ethylhexanol is also used as an all-purpose plasticizer for polyvinyl chloride (PVC) and vinyl chloride copolymers. These factors have led to an increase in the market share of 2-ethylhexanol segment in the global market and it is expected to show strong growth during the review period.
Based on application, the market has been divided into plasticizers, acrylates, acetates, resins, solvents, glycol ethers, lube oil additives, and others. Plasticizers segment held the largest market share in the global oxo alcohol market in 2017. This is attributed to the growing use of plasticizers in PVC applications, automotive and construction industries for packaging owing to the high flexibility and durability offered by plasticizers. These factors have fueled the growth of plasticizers in the global oxo alcohol market. Thus, plasticizers segment is projected to grow at the fastest pace during the review period.
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Regional Analysis:
The global oxo alcohol market has been analyzed with respect to five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa. Asia-Pacific accounted for the largest and the fastest growing market for oxo alcohol in 2017, owing to the rising automobile and construction industries. The North American market is expected to show remarkable growth during the review period, attributing to the growing use of oxo chemicals in various applications, such as resins, plasticizers, and lube oil additives. The European market is projected to showcase remarkable growth during the forecast years. While Latin America and the Middle East & Africa are expected to show moderate and steady growth, respectively, during the forecast period.
Key Players:
BASF SE (Germany), DowDuPont (US), BASF SE (Germany), ExxonMobil Corporation (US), BASF SE (Germany), Sasol (South Africa), Grupa Azoty ZAK SA (Poland), Ineos (UK), Formosa Plastics Corporation (Taiwan), and China Petrochemical Corporation (China) are some of the major players in the global oxo alcohol market.
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