NEWARK, Del, Aug. 24, 2023 (GLOBE NEWSWIRE) -- As per the Future Market Insights (FMI) analysis, sales of Octyl Alcohol Market rose globally between 2018 and 2022 at a CAGR of 4.5%. The global market for octyl alcohol is expected to surge at a moderate CAGR of 2.9% by 2033.
The octyl alcohol market size is projected to reach US$ 6.7 billion in 2023. The market is likely to surpass US$ 8.9 billion by 2033 at a CAGR of 2.9% during the assessment period.
According to Future Market Insights (FMI), the market is projected to exhibit an absolute dollar growth of US$ 2.2 billion through 2033.
Octyl alcohol, also identified as 1-octanol or caprylic alcohol, is a fatty alcohol with the chemical formula C8H18O. It is categorized as a primary aliphatic alcohol and is generally used in several industrial applications due to its multipurpose nature.
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Octyl alcohol exists in diverse isomeric forms, of which primary octyl alcohol (1-octanol) is the most common and commercially important.
Octyl alcohol has a mild characteristic odor and is comparatively insoluble in water but soluble in organic solvents. Its exclusive combination of assets makes it useful in a wide range of applications in diverse sectors.
Octyl alcohol is used in the manufacturing of several pharmaceutical intermediates and as a raw material for the synthesis of perfumes. It is likewise found in cosmetics and personal care products, counting lotions, creams, and shampoos, where it acts as an emollient, thickener, and emulsifier.
Octyl alcohol is the key raw material in the production of plasticizers, an additive that enhances the flexibility and machinability of plastics. It is commonly used in the synthesis of plasticizers such as dioctyl phthalate (DOP), which is used in the production of soft PVC products.
The characteristic odor of octyl alcohol makes it valuable in creating flavors and aromas that are used in several consumer products. This includes food, beverages, perfumery, and household goods.
Octyl alcohol can also be used as a solvent in laboratory and industrial processes, especially for reactions and extractions where a relatively non-polar medium is required.
Regulatory considerations, including environmental regulations and health and safety standards, may affect the production, use, and disposal of octyl alcohol.
As sustainability becomes a greater concern, there may be pressure for eco-friendlier alternatives or bio-based derivatives of octyl alcohol. Research efforts are underway that may lead to the development of new applications or improved methods of octyl alcohol production.
Factors such as the availability of raw materials, logistical considerations, and geopolitical influences can affect the supply and price of octyl alcohol. In sectors such as personal care and cosmetics, consumer demand for natural and eco-friendly ingredients can influence the use of octyl alcohol in product formulations.
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Key Takeaways from the Report:
- The market in the United States is projected to reach US$ 1.6 billion by 2033, growing at a CAGR of 2.9%.
- The market in China is expected to reach a market share of US$ 2.1 billion, expanding at a CAGR of 2.8% during the forecast period.
- Based on the type, the industrial grade segment is expected to continue dominating the octyl alcohol industry with a CAGR of 2.8% from 2023 to 2033.
- Based on application, the 1-Octanol segment is expected to continue dominating the octyl alcohol industry with a CAGR of 2.7% from 2022 to 2033.
- The octyl alcohol market in the United Kingdom is estimated to reach a value of US$ 315.4 million, expanding at a CAGR of 2.6% during the forecast period.
“Octyl alcohol is used in the pharmaceutical sector to estimate the lipophilicity of treatments and as a solvent in manufacturing courses. Its important role in the production of surfactants is a vital ingredient in the production of washing powders, shampoos, and other cleaning goods, stable foaming, increased detergency, and enhanced overall performance of the cleaning product.” – says a lead analyst at Future Market Insights (FMI)
Competitive Landscape:
Key market players in the octyl alcohol market uphold their competitiveness by leading on product excellence and constancy and investing in research and development for product innovation and launch.
Key establishments are implementing growth strategies such as acquisitions, partnerships, and subsidizing to the development of the market.
For instance,
- In March 2023, Bharat Petroleum Corporation Limited and Andhra Petrochemicals Ltd raised the price of 2-Ethylhexanol in India. This value increase is due to rising commodity prices coupled by strong demand for the merchandise in the market.
Octyl Alcohol Market Report Scope
| Attribute | Details | |
| Estimated Market Size (2023) | US$ 6.7 billion | |
| Projected Market Valuation (2033) | US$ 8.9 billion | |
| Value-based CAGR (2023 to 2033) | 2.9% | |
| Forecast Period | 2023 to 2033 | |
| Historical Period | 2018 to 2022 | |
| Market Analysis | Value (US$ billion) | |
| Key Regions Covered | Latin America, North America, Europe, South Asia, East Asia, Oceania, and the Middle East & Africa | |
| Key Market Segments Covered | Type and Application | |
| Key Companies Profiled |
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Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global octyl alcohol industry presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the octyl alcohol market based on Type (Industrial grade, Food grade, Others) Application (1-Octanol [Flavors & Fragrances, Pharmaceutical, Others] 2-Octanol [Flavors & Fragrances, Agrochemicals, Resins, Others] 2-Ethylhexanol [Plasticizers, 2-EH Acrylate, 2-EH Nitrate, Others])
About the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs with expert analysis, actionable insights, and strategic recommendations.
With a repertoire of over 1,000 reports and one million+ data points, the team has analyzed the chemicals and materials reports lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
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