New York, March 16, 2020 (GLOBE NEWSWIRE) -- The global oxo-alcohols market is expected to reach USD 21.91 Billion by 2027, according to a new report by Reports and Data. The growth of the market is owing to the growing application of oxo-alcohols among the end-user industries.
Surging demand for plasticizers is one of the significant factors driving the growth of the market. Plasticizers are the most commonly used phthalate esters in polyvinyl chloride (PVC) applications. Plasticizers enhance compound processing characteristics, as well as make end-use products flexible. Plasticizers are water reducers that helps in reducing the over-all water-to-cement ratio in construction projects, imparting a more fluid consistency to cement without requiring the need to add water to dilution. The addition of these additives during the process of mortar mixing makes concrete to stay malleable till application without any loss in its consistency. Plasticizers are deployed mainly to enhance the workability of concrete while reducing water to cement ratio, therefore improving the strength of the concrete.
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Growing demand for oxo-alcohols as solvents is likely to fuel the growth of the market in the upcoming years. As a solvent, oxo-alcohols are mostly used in several applications, including solvent for printing inks, additive in polishers and cleaners, extractant in the production of drugs, and solubilizers in the textile industry. Moreover, it finds usage as a dehydrating agent in industrial applications.
Acetates have widespread applications in industrial, biological, and pharmaceutical uses. A significant application for acetate in industrial purpose is used as a solvent. Often, acetates are used in paints, coatings, and several ink techniques. Also, polyvinyl alcohol produced from vinyl acetate is used in various paints and is beneficial, being a common type of wood glue.
Further key findings from the report suggest
- By product type, 2-ethylhexanol contributed to the largest market share in 2018. 2-Ethylhexanol is commonly used as feedstock for end-use applications, including di-2-Ethyl Hexyl Phthalate (DEHP), plasticizers, and 2-Ethyl Hexyl Acrylate. In these downstream applications, it is significantly used in several high-performance characteristics like flexibility, lower emissions, good adhesion, and fuel performance enhancement.
- By application, plasticizers held a considerable market share in 2018 and is likely to grow at a rate of 5.1% in the forecast period. Plasticizers finds widespread application in industries such as construction and plastics.
- By distribution channels, offline channels contributed to a larger market share in 2018.
- The market in the Asia Pacific region contributed to the largest market share in 2018 and is estimated to grow at the fastest rate of 5.8% in the period 2019-2027. The market dominance of the Asia Pacific region is owing to increasing demand from the emerging economies including, India and China, and a rise in the level of disposable income in the region.
- Key participants include Dow Chemical Company, Arkema, Eastman Chemical Company, Qatar Petroleum, BASF, ExxonMobil Chemical Company, LG Chem, Mitsubishi Chemical Corporation, and PETRONAS, among others.
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For the purpose of this report, Reports and Data have segmented the global oxo-alcohols market on the basis of product type, applications, distribution channel, and region:
Product Type Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- n-Butanol
- iso-Butanol
- 2-Ethylhexanol
- Others
Applications Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Plasticizer
- Acetate
- Acrylates
- Solvents
- Glycol Ethers
- Others
Distribution Channel Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Online
- Offline
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Regional Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- North America
- U.S
- Europe
- U.K
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- MEA
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