Newark, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the USD 5.63 billion in 2022 2-ethylhexanol market will reach USD 8.28 billion by 2030. Developing nations like India are witnessing a rise in the disposable income of the population. Rapid urbanization and industrialization have driven consumer demand in these economies. The Government is initiating investments in public infrastructure and poverty elevation schemes. The housing schemes by the Indian Government, like the Pradhan Mantri rural and urban housing development schemes, are offering a boost to the building and construction sector. Similar projects aimed at building bridges, metro lines, national highways, and other public infrastructure is segmenting the construction industry. Given the bilateral and multilateral infrastructural cooperation agreements, the building and construction industry is witnessing exponential growth worldwide. Therefore, the global 2-ehtylhexanol market will grow with the building and construction sector.
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Key Insight of the 2-ethylhexanol Market
Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the largest market share in the 2-ethylhexanol market during the forecast period. China dominates the market for 2-ethylhexanol. The region's large population is seeing an increase in disposable income. Rapid urban and industrialization go in hand with increased disposable income. The regional population's desire for housing has increased due to these economic trends. Significant multinational private investments have been made in the construction of office buildings, retail establishments, manufacturing facilities, and other economic hubs. The Government's increased investment in public infrastructure, including roads, bridges, schools, hospitals, residences, parks, playgrounds, open gyms, and other facilities, has increased the demand for housing. The robust, upscale, and highly developed manufacturing and automotive sectors in China, Japan, and India are also helping the region gain market share in the world's 2-ethylhexanol market.
The plasticizers segment is expected to augment the 2-ethylhexanol market during the forecast period.
The application segment is divided into plasticizers, 2-EH nitrate, 2-EH acrylate, and others. The plasticizers segment dominated the market with a market share of around 45% in 2022.
The building and construction segment market size is 2.25 billion in 2022
The end-use segment is divided into building and construction, automotive, food and beverages, electrical and electronics, agriculture, personal care and others. The building and construction segment dominated the market with a market share of around 46% in 2022.
Advancement in market
September 2022 - Anqing Shuguang Petrochemical Oxo Co., Ltd. has obtained a licence from LP Oxo Technology to produce about 200,000 tonnes of 2-ethylhexanol and 25,000 tonnes of iso-butyraldehyde per year, according to Johnson Matthey plc and Dow. This licence, Anqing's second LP Oxo licence and LP Oxo Technology's 23rd licence served in China, will help Anqing grow its oxo company in the burgeoning oxo alcohol market. In 2024, the plant is anticipated to start operating. To generate 100,000 tonnes per year of 2-ethylhexanol, 115,000 tonnes per year of regular butanol, and 23,000 tonnes per year of isobutanol, Anqing initially began running the LP Oxo Technology in 2016.
Market Dynamics
Driver: Increasing infrastructural development
The growing disposable income has raised the demand for homes, apartment buildings, shopping centres, parks, gardens, and other facilities. Rapid urbanization brought about by an increasing population has increased the demand for construction and building operations demand. The developing public infrastructure will improve the quality of life for citizens, draw in business and investment, raise living standards, and provide essential services like healthcare and education. The building and construction industry will increase quickly due to these infrastructure projects. The attractive opportunities and sizable consumer market the global south offers are attracting significant private investment. These investors are constructing manufacturing facilities, regional headquarters, and other local work bases in these nations. The main applications for 2-ethylhexanol are in paints, coatings, adhesives, and other building supplies. The booming building and construction industry will be the key driver of the worldwide 2-ethylhexanol market.
Restraint: alternatives to 2-ethylhexanol
Regarding storage, preparation, movement, and use, 2-ethylhexanol must be treated cautiously. It is exceedingly dangerous and sometimes fatal if handled improperly. It frequently impacts humans' or other vertebrates' neurological systems. Storage, processing, use, and distribution are closely monitored and governed. The Government or regulatory agencies frequently issue directives urging the use of 2-ethylhexanol alternatives, severely restricting market expansion.
Opportunities: product innovations
The 2-ethylhexanol market contains several competitors, creating a fragmented market space with each competitor having a small market share and control. Research and innovation are the main strategies to improve or expand market share and income. As a result, many significant market companies are investing in 2-ethylhexanol research and development to enhance its functioning or applications. The companies will be able to expand and outperform their rivals with the improvement in 2-ethylhexanol while also maintaining their current market share. The intense rivalry has sparked a wave of technological developments and improvements that have enhanced and broadened the uses of 2-ethylhexanol. Future developments and inventions will continue to present profitable opportunities.
Challenge: strict regulatory monitoring and control of the 2-ethylhexanol market
Even though 2-ethylhexanol is used in many of the most important sectors of the economy, including the automotive, building, personal care, transportation, and industrial sectors, it is harmful to human and environmental health. For instance, 2-ethylhexanol in the European toy manufacturing business has been outlawed due to its unfavourable impact on children. The production, distribution, and economic usage of 2-ethylhexanol are governed, monitored, and controlled by a number of institutions. Due to the conflicting and severely enforced laws, there are delays and little market expansion. Therefore, the market's expansion will be constrained by numerous governmental organizations' severe regulation and oversight guidelines.
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Some of the major players operating in the 2-ethylhexanol market are:
• BASF SE
• China National Petroleum Corporation
• Eastman Chemical Company
• Elekeiroz SA
• Formosa Plastic Group
• LG Chem Limited
• Mitsubishi Chemical Corporation
• OXEA GmbH
• SABIC
• The Dow Chemical Co.
Key Segments cover in the market:
By Application
• Plasticizers
• 2-EH Nitrate
• 2-EH Acrylate
• Others
By End Use
• Building and Construction
• Automotive
• Food and Beverages
• Electrical and Electronics
• Agriculture
• Personal Care
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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