Dallas, March 15, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global Oxo Alcohols market is anticipated to grow from USD 13.73 billion in 2020 to USD 20.65 billion by 2028, at a CAGR of 4.85% during the forecast period 2021-2028.
The increasing demand for plasticizers, paints, coatings and adhesives in the global market, rapid urbanization and growth of industrialization are some of the factors fuelling the Oxo Alcohols market.
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Oxo Alcohols are used for making automotive coatings, crop protection products, antioxidants, pesticides, perfumes etc. This is broadly used in as a feedstock in chemical and manufacturing companies. Oxo Alcohols are produced when there is a reaction between olefins and syngas with rhodium acting as a catalyst agent. The surge in demand for plasticizers by construction and packaging industries and the rising demand as a solvent in the printing inks are some of the factors driving the oxo-alcohol market. Oxo Alcohols are used in the manufacturing of Acrylates, which are used as an intermediate for textile, packaging and automotive sectors. Acrylates are widely used in construction and coating sector. The surge in the per capita income in the developed and developing economies have led to the development in the infrastructure, increase in renovation activities. All these factors are driving Acrylates market, which in turn is propelling the Oxo-Alcohol market. The demand of automobile increases the production of automobiles by the automobile companies, which increases the demand for paint and plasticizers by the automobile industries. Also, this will also increase the demand for coatings and adhesives used in the automobile sector, which in turn drive the Oxo-Alcohol market. Similarly, the prices of the properties will also rise; this also lead to the construction of new buildings which create the demand for adhesives, coatings, paints and plasticizers. The increasing disposable income will also propel the people for the renovation of the house. Oxy Alcohol is a wide application in the making of adhesives, plasticizers, in pharmaceuticals and cosmetic industries. They are also widely used in automotive coatings, in crop protection products, pesticides, in the making of synthetic resins, antioxidants and in the making of perfumes, so it has broad applications. It is also required as a solvent for printing inks. This is used in the coating industry as it prevents blushing when drying in humid conditions. All these factors are driving the Oxo-alcohol market.
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The fluctuation in the price of raw materials producing Oxo Alcohols are acting as a restraint for the market. The fluctuation in the price would cause the fluctuation in supply of Oxo Alcohol, which ultimately someday would not able to meet the demand. The price of the Oxo Alcohol will then rise, resulted in the less buying of Oxo-Alcohol, and the end-user industries would start looking for the substitute products, which will reduce the demand of the Oxo-Alcohol, which in turn reduce the sales of Oxo-Alcohol.
Key players for the global Oxo Alcohols market include BASF SE, Eastman Chemical Company, Mitsubishi Chemical Corporation, The DOW Chemical Company, ExxonMobil Chemical Company, Evonik Industries, LG Chem, BAX Chemicals BV, OXEA Group and CNPC among others.
• The major players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances and partnerships to improve their market position in the global Oxo Alcohols industry. For instance, in June 2019, Eastman Chemical Company announced the agreement to acquire INACSA. This would help the organization in strengthening the global textile supply chain of the company; this will increase the customer base.
• In August 2017, ExxonMobil Chemical Company completed the acquisition of world largest aromatic plants of Jurong Aromatics Corporation. This acquisition will increase the production capacity of the organization and strengthen the organization with operational and logistical synergies.
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2-Ethylhexanol is accounted for the highest market value of USD 4.64 Billion in 2020
The type segment is divided into N-Butanol, 2-Ethylhexanol, Iso-Butanol and others. 2-Ethylhexanol is accounted for the highest market value of USD 4.64 Billion in 2020. They are used as a feedstock for many downstream applications like di-2-Ethyl Hexyl Phthalate (DEHP), 2-Ethyl Hexyl Acrylate, etc., these products because of its low emission rates are broadly used in the petrochemical industries.
The Plasticizers accounted for USD 3.48 Billion of market value in 2020
The application segment includes Plasticizers, Acrylate, Acetate, Glycol Ether, Solvents, Adhesives, Lube Oil Additive. The Plasticizers accounted for USD 3.48 Billion of market value in 2020. This owes to the rise in demand for PVC applications. They are broadly used in the making of films and cables.
Regional Segment Analysis of the Oxo Alcohols Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analyzed for the Oxo Alcohols market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. Asia Pacific region is having the highest market value of USD 4.97 Billion in 2020. The rapid urbanization in the emerging economies like India and China has created the demand for paint, coatings and adhesives. This, in turn, is driving the Oxo-Alcohol market in the region. Europe had the second-largest market value of USD 3.04 Billion in 2020. European countries like France, Germany, Spain etc. has good infrastructure and also the conditions of roads are also better; these factors are fuelling the automobile sectors, creating the demand of paint, adhesives, plasticizer etc.
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About the report:
The global Oxo Alcohols market is analysed on the basis of value (USD Billion).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, and competitor position grid analysis.
About The Brainy Insights:
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