SELBYVILLE, Del., Sept. 16, 2021 (GLOBE NEWSWIRE) -- According to the report published by Global Market Insights Inc., the global Oxo Alcohols Market was estimated at $17,765 million in 2020 and is slated to exceed USD 25.2 billion by 2027, registering a CAGR of 5% from 2021 to 2027. The report provides a detailed analysis of market size & estimations, major investment pockets, top winning strategies, drivers & opportunities, competitive scenario, and wavering market trends.
Oxo alcohol is obtained through the hydroformylation reaction by combining carbon monoxide and hydrogen with an olefin to form an aldehyde. Increasing adoption of oxo alcohols as adhesives and solvents is projected to boost market demand in the coming years. Growing application of oxo alcohols as additives is also estimated to augment oxo alcohols market adoption over the forecast period.
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The oxo alcohols market from the isobutanol segment is projected to grow at a CAGR of over 4.5% through the analysis timeline. Isobutanol is a flammable and colorless liquid that is produced by the carbonylation of propylene. It possesses similar properties as n-butanol, which allows it to be used as a substitute in multiple applications. It is primarily utilized as a chemical intermediate and solvent in the manufacturing of paints & coatings, acetates, and plasticizers.
Key reasons for oxo alcohols market growth:
- Increasing usage of bio-based oxo alcohols in the manufacturing of renewable fuel additives.
- Stringent regulations pertaining to reduction of CO2 emissions in Europe.
- Surging demand for lubricants in the automotive industry.
2027 forecasts show the 'acetate' segment retaining its dominance:
In terms of application, the acetate segment is speculated to surpass a valuation of USD 3,280 million by 2027. Acetates are extensively applied to the perfume and cosmetics industry as they are highly soluble in water and are mostly found in aqueous solutions. Prominent demand for acetate in the perfume industry is expected to fuel segmental growth over 2021-2027. Acetates obtained from higher oxo alcohols, such as isoheptyl and isohexyl, find applications as polymerization solvents in the manufacturing of acrylic coatings, which is slated to further bolster the revenue growth of the oxo alcohols market segment in the forthcoming years.
Europe to continue its top status in terms of revenue:
The Europe oxo alcohols market is slated to witness significant growth, progressing at a CAGR of approximately 4.5% through 2027. As per the EU directive 98/70/EC, the quality criteria for diesel and petrol fuels has been outlined to mitigate environmental and human health consequences, according to which, European standards have implemented strict regulations to lower CO2 emissions of heavy-duty and light-duty vehicles. Thus, the implementation of stringent environmental regulations has stimulated the demand for high-quality additives and efficient fuels, which is likely to bolster regional market expansion in the future.
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Impact of COVID-19 pandemic on oxo alcohols market:
The COVID-19 outbreak disrupted the global supply chain of major specialty chemical companies around the world. Government-imposed lockdowns resulted in many production facilities shutting down, thereby halting the manufacturing process. However, mounting demand for sustainable and bio-based fuels, coupled with successful immunization drives to curb the spread of the novel coronavirus, has aided the oxo alcohols market in recuperating pre-COVID momentum in recent years.
Leading market players:
Key market players in the oxo alcohols industry include Grupa Azoty ZAK S.A., Evonik Industries, Sasol, BASF, The Dow Chemical Company, LG Chem, Exxon Mobil Corporation, Eastman Chemical, OXEA GmbH, Hanwha Chemical Corporation, Bax Chemicals, Perstorp Group, Andhra Petrochemicals, and Elekeiroz.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision-making.
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Image 1: Oxo Alcohols Market Statistics
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