Pune, India, Aug. 08, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America oxo alcohols market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 5.5 billion by 2026.
The industry size is experiencing robust expansion as governments in the region are increasing their support for the development of commercial and public infrastructure. As the need to have advanced public amenities is growing, so is the demand for adhesives, plasticizers, paints and coatings. All these products extensively use oxo alcohols as a solvent.
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Oxo alcohols are manufactured as a result of a hydroformylation reaction of various alcohols. The types of oxo alcohols that are readily available in the market are 2-ethylhexanol, 2-methyl-2-butanol, 2-propylheptanol and iso-butanol. Some of the popular uses of oxo alcohols are solvents, additives, extractants and solubilizers. The alcohol is expansively used as a solvent in ink production, solubilizer in textile manufacturing and additive in cleaners. It plays the role of an extractant in the production of pharma drugs.
Oxo alcohols are used in cleaning liquids as additives and the demand for digital printing and using expensive inks to produce attractive packaging products have multiplied recently. This compound plays an important role as a solvent in the production of a wide variety of inks.
Some of the region’s trends that will help the industry pick up pace in the future are discussed below:
N-Butanol highly utilized for paint and coating production:
Iso-Butanol, n-butanol and 2-ethylhexanol are among the popular types of oxo alcohols used for various purposes. Customers will create high demand for N-butanol in North America as the demand for paints, coatings, rubbers, oils and varnishes is growing. This type of oxo alcohol is used to manufacture different types of paints and coatings for residential and commercial purposes.
N-Butanol is produced with the help of hydroformylation of propylene. It is used for manufacturing esters, butyl acetate and amino resins as a chemical intermediate. It finds high use in different industrial applications because of the steady progress seen in sectors like pharmaceutical, plastics and chemicals. The need for having high-quality packaging material is rising, thereby stimulating the demand for polymers and plastics. These polymers heavily use N-butanol in their production processes.
Acrylates production boosts use of oxo alcohols:
Acrylates are nothing but salts of acrylic acid. They have an extensive range of use in cosmetics, sealants, plastics and adhesives. The construction sector in North America is growing at a substantial rate and the need to have high-quality paints, coatings and adhesives is picking up pace. Here is where the demand for acrylates will swiftly grow. Acrylates are used in paints and adhesives because they have superior adhesion and flexibility properties. They enjoy robust use in the production of consumer goods as well. Oxo alcohols are utilized to make acrylates, indicating a robust forecast for the regional market players.
Canadian construction sector fuels demand for oxo alcohols:
The construction sector in Canada oxo alcohols market is growing at a vigorous rate, thanks to the rise in creation of residential and industrial complexes along with commercial spaces. Cities in the country are sharply expanding and so is the construction of houses in these urban areas. The government of Canada has introduced new infrastructure policies with the aim to improve the overall public infrastructure. This move has opened up new opportunities for the construction sector of the country to capitalize on. All of these factors will positively contribute towards the need for paints, coatings and adhesives, which will eventually create demand for oxo alcohols as they are used as additives in these products.
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Application of oxo alcohol in plasticizers:
North America oxo alcohols market share from plasticizers segment was valued at $1.5 billion in 2019. This figure will continue to grow in the future as plasticizers are a type of chemical used to produce rubber and plastic. The materials help in increasing the flexibility levels of plastic items. The demand for plastic-based products will gain traction as the production of pipes, roofing membranes, cables, wires and coverings is increasing every year.
Oxo alcohols are an important component that have a wide range of applications across many industries in North America. As the construction sector of the region continues to grow with rising urbanization and industrialization activities, the demand for oxo alcohols in different forms will continue to see an upward trend in the coming years. Companies like The Perstorp Group, Exxon Mobil Corporation, Eastman Chemical, Evonik Industries and BASF Patronas are heavily dealing in the production of oxo alcohols in North America.
Browse Related Report:
Europe Oxo Alcohols Market Size By Application (Plasticizers, Acrylate, Acetate, Glycol Ether, Solvents, Adhesives, Lube Oil Additive), By Product (N-Butanol, 2-Ethylhexanol, Iso-Butanol, Others), Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2020 – 2026
https://www.graphicalresearch.com/industry-insights/1697/europe-oxo-alcohols-market
About Graphical Research:
‘Graphical Research’ provides a large collection of market research and industry analysis reports covering healthcare, automotive, oil and gas, pharmaceutical, IT, agriculture, chemicals, and many other sectors, across diverse regions like North America, Europe, Asia Pacific, Latin America, and others. The comprehensive reports we provide are aligned with the key industry trends and insights in specific regional markets. The data we deliver helps our customers make better strategic decisions. Our goal is to offer competitive and quality customized market research reports.
