According to latest research conducted on Oxo alcohols market, it is expected to register a CAGR of over 4-5% during the forecast period 2021-2031. Major factors driving the market are increasing demand from the paints & coating sector as it is majorly used as solvent in making paints & coatings, adhesives, lubricant additives and chemicals manufacturing.
However, high product cost and unfavourable conditions arising due to the COVID-19 outbreak are the major factors may hinder the growth of the market.
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What is Driving Demand for Oxo Alcohols?
Oxo alcohols are chemicals produced by the reaction of olefins with syngas within the nearness of a rhodium catalyst. Oxo alcohols have a applications in a number of end use sectors. They serve as chemical intermediates, solvents and are utilized in paints, coatings, cements, etc.
Oxo alcohols act as pivotal crude materials for the fabricating of plasticizers, acetic acid derivations and ethers, which are a few of the imperative feedstocks for the chemical and fabricating companies. As these are used in variety of segments which are part of daily life, so that the market will continue the growth and above factors will drive the market.
Demand & Role of Oxo Alcohols
A few key factors such as increasing industrialisation, in conjunction with the improvement of the chemical and polymer industry are impacting the worldwide demand for Oxo alcohols. Surging demand for plasticizers is one of the noteworthy variables driving the development of the market.
Plasticizers upgrade compound handling characteristics, as well as make end-use items adaptable. Acetic acid derivations have broad applications across multiple end use areas. Regularly, acetic acid derivations are utilized in paints, coatings, and a few ink strategies.
Increasing demand from the acrylate is also one of the major factors behind the market growth however more research and developments are being conducted by manufactures to launch more efficient products in market. Moreover, the high cost of raw material and Covid-19 situation may restrain the growth of market for short time duration.
Asia Pacific Demand Market Outlook for Oxo Alcohols
Asia pacific region is the growing and prominent region and is a key hub of many end use industries which uses these alcohols. Growing countries like India, China, Japan and South Korea contribute major part in the production.
China is anticipated to be the largest consumer in Asia region and will continue to dominate the market in coming years. As these alcohols are being used in various industries like plasticizers, paints & coatings, adhesives so do the market is growing in region as these countries are leading in consumption as well as manufacturing process.
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Europe Demand Outlook for Oxo Alcohols
This region has witnessed the steady growth for this market over the period as the consumption and production is increasing in the region. End use industries are witnessing the increasing demand for this alcohol. Key country markets driving demand for Oxo Alcohols in Europe include Germany, UK and France.
The paints and coatings, adhesives as well as industrial chemicals sectors are the key segments that are propelling the demand of Oxo Alcohols in the region. Although the pandemic situation has impacted domestic economies across various countries of the region on a significant level, the recovery is expected to be rather quick compared to other regions of the world.
Who are the Key Manufacturers and Suppliers of Oxo Alcohols?
Some key players in the oxo alcohol market which include
- Eastman Chemical Company (US)
- Oxea Group (Germany)
- LG Group (South Korea)
- CNPC (China)
- Exxon Mobil (US)
- Mitsubishi Chemical Corp (Japan)
- Formosa Plastic Group (Taiwan)
- and Petronas (Malaysia). Although BASF is the major market player in this market. The key players are utilizing organic as well as inorganic growth strategies to increase their market share and leverage new opportunities.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Key Segments
By Type:
- N-butanol
- Isobutanol
- 2-ethylhexanol
- Others
By Application:
- Acrylates
- Paint & Coatings
- Resins
- Solvents
- Plasticizers
- Glycol ethers
- Others
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