Oxo Alcohols Market size was valued at USD 13,500 Million in 2022, expanding at a CAGR of 10.2% from 2023 to 2030.
Oxo alcohols possess a liquid form and have a wide range of applications. They are utilized in the manufacturing of plasticizers such as DOP, TOTM, and DOTP, as well as in the production of butyl acetate, nutyl acrylate, and butyl glycols ethers. Additionally, they find use in various products including molding compounds, acrylic sheets, impact modifiers, surface coatings, shoe sole sealings, and B&C applications like cables and wires, flooring, roof membranes, cladding, PVC pipes, and hoses. Oxo alcohols play a significant role in the production of both industrial and consumer goods. They are employed in the synthesis of plasticizers, coatings, detergents, and other chemical products. The selection of a specific oxo alcohol is dependent on the initial olefin and the desired characteristics of the final product. Notable examples of oxo alcohols include butanol, isobutanol, 2-ethylhexanol, and various others. The particular oxo alcohol produced is determined by the type of olefin utilized in the hydro formylation process.
Oxo Alcohols Market- Market Dynamics
The market is expected to experience growth due to the rising demand for plasticizers in industries like automotive, construction, and consumer goods.
Oxo alcohols serve as key raw materials for plasticizers, which are essential additives in the automotive industry. In Europe, flexible PVC applications account for over 85 percent of plasticizer consumption, providing the necessary flexibility and elasticity for construction, automobile, furniture, and artificial leather goods. According to the European Plasticisers initiative, global consumption of plasticizers reaches 7.5 million tonnes annually, with European consumption alone exceeding 1.35 million tonnes. Apart from plasticizers, oxo alcohols also find applications in the synthesis of industrial chemicals, coatings, adhesives, and solvents. The market for oxo alcohols benefits from continuous advancements in chemical synthesis and production technologies, leading to more efficient and cost-effective manufacturing methods. However, economic uncertainties and global events can impact industries, potentially affecting the demand for products reliant on oxo alcohols.
Oxo Alcohols Market- Key Insights
As per the analysis shared by our research analyst, the global Oxo Alcohols market is estimated to grow annually at a CAGR of around 10.2% over the forecast period (2023-2030)
Based on Type segmentation, 2-Ethylhexanol was predicted to show maximum market share in the year 2022
Based on application segmentation, Plasticizers was the leading type in 2022
On the basis of region, Asia pacific was the leading revenue generator in 2022
Oxo Alcohols Market- Segmentation Analysis:
The Global Oxo Alcohols Market is segmented based on Type, Application, and Region.
The market is divided into three categories based on Type: N-butanol, 2-Ethylhexanol, Iso-butanol, Iso-butyraldehyde, and Other. The market is primarily dominated by the 2-Ethylhexanol segment. This particular compound plays a crucial role in the manufacturing of coatings, such as paints and varnishes. Its inclusion in the production process aids in enhancing the flow and leveling characteristics of these coatings. Additionally, 2-ethylhexanol serves as a vital chemical intermediate in the synthesis of diverse chemicals utilized across various industries.
The market is divided into two categories based on application: Acrylates, Glycol ethers, Acetates, Lubes, Resins, Solvents, plasticizers, and Others. The market is primarily dominated by the Plasticizers segment. Plasticizers, which are additives added to polymers, play a crucial role in enhancing their flexibility, workability, and durability. These additives find extensive application in the production of diverse plastic and polymer goods, such as PVC (polyvinyl chloride) products like cables, flooring, pipes, and films.
Oxo Alcohols Market- Geographical Insights
This market is geographically spread across various regions including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The growth of the market is expected to be dominated by the Asia Pacific region, primarily due to the increasing automotive and construction activities. The construction industry in Asia-Pacific is witnessing strong growth driven by urbanization, population expansion, and infrastructure development. Oxo alcohols play a vital role in meeting the demand for flexible and durable building components as they are used as plasticizers in construction materials. According to The International Trade Administration, China holds the title of the world's largest construction market. The investment in new infrastructure during the 14th Five-Year Plan period (2021-2025) is estimated to reach approximately 27 trillion yuan ($4.2 trillion). Additionally, the China Business Review states that new regulations mandate that 70% of new urban buildings in China be certified as green buildings by 2022. Europe is the second-largest market for Oxo Alcohols, driven by the increased demand for plastics in the packaging sector.
Oxo Alcohols Market- Competitive Landscape:
In the competitive market, companies often prioritize the creation of innovative plasticizers to meet changing regulatory requirements and customer preferences. Many companies are looking to expand their global presence to tap into emerging markets that have a growing demand for plastics and related products. Additionally, these companies must adapt to evolving regulatory landscapes, especially in terms of environmental and health-related regulations. To address concerns about the health and environmental impact of phthalate-based plasticizers, companies are investing in the research and development of alternative, phthalate-free options. For example, BASF recently introduced a range of new catalysts that will be showcased during the upcoming European Petrochemical Associations Conference (EPCA) through a series of webinars. This new offering includes catalysts that enable the more efficient production of isopropyl alcohol (IPA), a crucial ingredient in hand sanitizers, which have become essential consumer products during the COVID-19 pandemic.
Recent Developments:
In 2020-06-16, Dow and Johnson Matthey disclosed, Zibo Qixiang Tengda Chemical Company, Ltd. has nominated LP Oxo Technology to make isononyl alcohol (INA) at its new manufacturing facility.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL OXO ALCOHOLS MARKET KEY PLAYERS
Eastman Chemical Company
LG Group
Exxon Mobil
BASF SE
Evonik Industries
Arkema
Andhra Petrochemicals
Dow Chemical Company
BAX Chemicals
Petronas
Others
GLOBAL OXO ALCOHOLS MARKET, BY TYPE
N-Butanol
2-Ethylhexanol
Iso-butanol
Iso-butyraldehyde
Other
GLOBAL OXO ALCOHOLS MARKET, BY APPLICATION
Acrylates
Glycol ethers
Acetates
Lubes
Resins
Solvents
Plasticizers
Others
GLOBAL OXO ALCOHOLS MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1. Oxo Alcohols Market Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. Oxo Alcohols Market Snippet by Type
2.1.2. Oxo Alcohols Market Snippet by Application
2.1.3. Oxo Alcohols Market Snippet by Country
2.1.4. Oxo Alcohols Market Snippet by Region
2.2. Competitive Insights
3. Oxo Alcohols Key Market Trends
3.1. Oxo Alcohols Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Oxo Alcohols Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Oxo Alcohols Market Opportunities
3.4. Oxo Alcohols Market Future Trends
4. Oxo Alcohols Industry Study
4.1. PEST Analysis
4.2. Porter's Five Forces Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. Oxo Alcohols Market: COVID-19 Impact Analysis
5.1. Pre-COVID-19 Impact Analysis
5.2. Post-COVID-19 Impact Analysis
5.2.1. Top Performing Segments
5.2.2. Marginal Growth Segments
5.2.3. Top Looser Segments
5.2.4. Marginal Loss Segments
6. Oxo Alcohols Market Landscape
6.1. Oxo Alcohols Market Share Analysis, 2022
6.2. Breakdown Data, by Key Manufacturer
6.2.1. Established Players' Analysis
6.2.2. Emerging Players' Analysis
7. Oxo Alcohols Market - By Type
7.1. Overview
7.1.1. Segment Share Analysis, By Type, 2022 & 2030 (%)
7.1.2. N-Butanol
7.1.3. 2-Ethylhexanol
7.1.4. Iso-butanol
7.1.5. Iso-butyraldehyde
7.1.6. Other
8. Oxo Alcohols Market - By Application
8.1. Overview
8.1.1. Segment Share Analysis, By Application, 2022 & 2030 (%)
8.1.2. Acrylates
8.1.3. Glycol ethers
8.1.4. Acetates
8.1.5. Lubes
8.1.6. Resins
8.1.7. Solvents
8.1.8. Plasticizers
8.1.9. Others
9. Oxo Alcohols Market- By Geography
9.1. Introduction
9.1.1. Segment Share Analysis, By Geography, 2022 & 2030 (%)
9.2. North America
9.2.1. Overview
9.2.2. Oxo Alcohols Key Manufacturers in North America
9.2.3. North America Market Size and Forecast, By Country, 2018 - 2030 (US$ Million)
9.2.4. North America Market Size and Forecast, By Type, 2018 - 2030 (US$ Million)
9.2.5. North America Market Size and Forecast, By Application, 2018 - 2030 (US$ Million)