New York, Sept. 26, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Oxo Alcohols Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Oxo Alcohols Market Size:
The global oxo alcohols market is estimated to grow at a CAGR of ~4.5% over the forecast period. Oxo alcohols are produced by hydrogenating the resulting aldehyde after adding carbon monoxide (CO) and hydrogen to an olefin to produce alcohol. Oxo alcohols are made using a variety of olefins as raw materials, including ethylene and propylene. These alcohols are mostly used as plasticizers, chemical intermediates, acrylates, and acetates. The expanding use of oxo-alcohols in the creation of paints, dyes, and inks as well as other chemicals is predicted to boost the market expansion. In addition, there is a growing demand for paints, which is supported by the construction of more homes. For instance, in 2019, there were over 9.5 billion gallons of paints and coatings sold on the global market. Additionally, the pharmaceutical industry's continued expansion and the rise in high performance fuel demand brought on by stringent regulations are anticipated to expand the market for oxo alcohols. According to International Trade Administration of the US Dept. of Commerce, the size of the Chinese pharmaceutical market was close to USD 134 billion in 2018 and is predicted to increase to roughly USD 154 billion by 2020.
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Global Oxo Alcohols Market: Key Takeaways
- North America region gains the largest portion of the revenue
- Textile segment to dominate the revenue graph
- Plasticizers segment remains prominent in the application segment
Growing Chemical Industry and Rising Automobile Sector to Boost Market Growth
Oxo-alcohols are generally used as solvents in the production of chemicals, lubricant additives, coatings, and plasticizers. Acrylates, acetates, chemical intermediates, and diluents are the main chemicals that use oxy alcohols. Further, the growing chemical manufacturing across the globe is anticipated to drive market growth. According to the U.S. Department of Energy, with shipments of chemicals reaching around USD 720 billion in 2010, the chemical sector contributes more than USD 226 billion to the GDP of the United States, or about 2% of the total.
Further, the growing usage of oxo alcohols for paint manufacturing, and increasing utilization of paint in the automobile industry, backed by the rising automobile sector across the globe is predicted to boost the market growth. According to recent data on automobiles, the total number of passenger vehicles comprising three-wheelers, two-wheelers, and quadricycles produced in April 2022 in India was around 1,870,460. Moreover, the increasing government initiatives and investment into research and development across the globe are predicted to accelerate market growth.
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Global Oxo Alcohols Market: Regional Overview
The global oxo alcohols market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Chemical Industry to Drive Growth in the Asia Pacific Region
The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period owing to the increasing chemical industry in the region. It was noted that emerging nations in Asia accounted for the majority of the quarter's global chemical sales. China was the world's largest manufacturer of chemicals, accounting for more than 45% of all chemical sales in 2020. Moreover, the presence of key market players, growing industries, and rising population in the region are anticipated to propel the market growth during the forecast period.
Increasing Automotive Industry to Drive Growth in the North America Region
On the other hand, the market in North America region is estimated to gain the largest market share over the forecast period owing to the increase in paint and varnish sales, which is supported by the expanding automotive industry. For instance, in 2021, the U.S. auto sector sold just over 3 million vehicles. Around 14.9 million cars and light trucks were sold in total that year in the United States. Further, the presence of key market players and increasing investment in to research and development to drive market growth during the forecast period.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Oxo Alcohols Market, Segmentation by Application
-
- Acrylates
- Glycol Ethers
- Acetates
- Lube Oil Additives
- Resins
- Solvents
- Plasticizers
- Others
Out of these, the plasticizers segment is anticipated to hold substantial market share over the forecast period owing to the high application of oxo alcohols for the production of vinyl plasticizers, backed by rising paint industries across the globe. For instance, Sherwin-Williams, a firm based in the United States, held the title of top paint and coatings company in the world in 2021, with a revenue of around 19.1 billion dollars. Also, in January 2022, Evonik announced the availability of its latest plasticizer offering under the brand ELATUR DINCD which is low-temperature friendly with high UV resistance, thus offering high weather protection and durability. The product is suitable for both internal and external applications.
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Global Oxo Alcohols Market, Segmentation by End-User
-
- Paint and Ink
- Textile
- Chemical
- Pharmaceutical
- Others
Among these, the textile segment is anticipated to hold a significant market share over the forecast period owing to increasing textile industries across the world. For instance, China has the largest textile sector in the world in terms of production, exports, and retail, producing more than 55 million tons of fiber annually, which is more than half of the global total. Apart, from these, the growing urbanization and rising population across the globe are estimated to boost segment growth. In May 2022, Recover, which manufacturers recycled cotton fiber has inaugurated a new facility in Bangladesh to improve manufacturing capabilities of textile aligning with fashion industry boom. Developments as such are poised to lend growth opportunities for textile segment expansion during the forecast era.
Global Oxo alcohols market is also classified based on type.
Global Oxo Alcohols Market, Segmentation by Type
-
- N-Butanol
- ISO Butanol
- 2-Ethylhexanol
- Isononyl Alcohol
- Isodecyl Alcohol
- Others
Few of the well-known market leaders in the global oxo alcohols market that are profiled by Research Nester are LG Chem Ltd., Gulf Chemicals and Industrial Oils Co., Royal Dutch Shell Plc., SK Global Chemical Co., Ltd., Bax Chemicals B.V., Andhra Petrochemicals Ltd., DuPont de Nemours, Inc., LyondellBasell Industries Holdings B.V., the Dow Chemical Company, PPG Industries, Inc., and other key market players.
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Recent Developments in the Global Oxo Alcohols Market
- In October 2021, Dow Chemical Company and Gunvor Group Ltd. signed a contract to use cutting-edge recycling techniques to create circular plastics for consumers.
- In July 2022 Ploynt announced about its new investment in developing a new facility in mexico to manufacture special plasticizers.
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