Global Oxo alcohols Market Size - By Product (N-Butanol, 2-Ethylhexanol and Iso-butanol), By Application (Plasticizers, Acrylate, Acetate, Glycol Ether, Solvents, Adhesives and Lube Oil Additive), Competitive Market Share & Forecast, 2021- 2027

Global Oxo alcohols Market Size

Global oxo alcohols market size surpassed USD 17.5 billion in 2020 and is projected to grow at over 5% CAGR from 2021 to 2027 due to increasing demand for acrylate to produce acrylate polymers. Increasing demand for plasticizers in various industries, such as automotive, construction, and consumer goods, is creating favorable conditions for the market.
 

Oxo alcohol is a type of alcohol that is produced by adding carbon monoxide along with hydrogen to an olefin to produce an aldehyde by using the hydroformylation reaction. After this, the aldehyde is hydrogenated to obtain the alcohol. Increasing demand for plasticizers in packaging and construction industries coupled with expanding application scope in various solvent formulations is expected to propel the oxo alcohols market.
 

Solvent formulations are used in printing inks and as additives in polishes & cleaners. These products are hydrogenated aldehydes that are manufactured by addition of carbon mono oxide and hydrogen to an olefin
 

Main raw materials used in the commercial production of oxo alcohols are propylene, acetylene, and ethylene. These materials act as intermediates in the production of solvents, ether, acetates, as well as plasticizers. They are mainly derived from petrochemical-based feedstocks; thus, any fluctuation in the crude oil index is expected to disturb the supply chain of the market as well as the market profitability.
 

Global Oxo alcohols Market Analysis

The oxo alcohols market share from 2-Ethylhexanol product will exceed USD 12.5 billion by 2027. 2-Ethylhexanol is a colorless liquid that is low in terms of solubility in water but is highly soluble in most of the organic solvents. It is highly used in downstream applications such as in production of 2-Ethyl Hexyl Acrylate and Di-2-Ethyl Hexyl Phthalate (DEHP). These products help to lower the emission rates as well as increase the fuel performance due to which they are highly used in the petrochemical industry; thus, owing to rising consumption in the petrochemical industry, 2-Ethylhexanol product is expected to propel over the forecast period.
 

Oxo alcohols market from plasticizers application will surpass USD 10.5 billion by 2027. Plasticizers are treated as additives to increase the plasticity or fluidity of the product. Most of the plasticizers are primarily used to produce Polyvinyl Chloride (PVC) products that are used in various applications such as flooring, PVC films, and wire & cables; thus, plasticizers are dominating the market owing to their strong foot hold in the polymer industry.
 

Plasticizers when included in polymers increase the viscosity, plasticity, and decrease the molecular attraction between polymeric chains, making the polymers more flexible as well as durable; thus, the rising demand for PVC, flexible wallboard, plasticizer-based concrete, and ester-based plastics is anticipated to accelerate the oxo alcohols market value over the foreseeable timeframe.
 

Lube oil additive application is expected to witness growth at over 3.5% during the forecast period. The rising demand for efficient lubrication systems from machinery and automobiles is expected to propel the market growth. These products act as dispersants and synthesis intermediates, increasing their demand in lubricants and propelling the oxo alcohols market.
 

The Asia Pacific is poised to surpass USD 11 billion by the end of 2027 due to the high availability of low-cost labor as well as raw materials. The region also has less strict regulations compared to North America and Europe, propelling the market growth. Oxo alcohols demand in China is very high owing to large-scale industrialization. China also has an extensive demand for coatings, paints, adhesives & varnishes as well as reinforced regional construction spending. It also has a growing automobile sector that consumes a high level of lubricants. These factors along with low-cost production with relaxed government regulations are expected to boost the oxo alcohols market growth during the forecast period.
 

India and Malaysia are the major growth markets in this region owing to rapid industrialization. Increasing foreign investments and supporting government initiatives are helping these countries to propel the market during the foreseeable timeframe.
 

Global Oxo alcohols Market Share

The oxo alcohols industry is competitive and includes various players such as :

• LG Chem
• Grupa Azoty ZAK S.A
• The Dow Chemical Company
• OXEA GmbH
• Evonik Industries
• Perstorp Group
• BASF
• Sasol
• Hanwha Chemical Corporation
• Eastman Chemical
• Elekeiroz
• Andhra Petrochemicals
• Bax Chemicals
• Exxon Mobil Corporation

The companies are focusing on expansion strategy by increasing their production capacity. This factor is helping them to meet the demand-supply gap and sustain in the market.
 

Moreover, the companies are also focusing on expanding their manufacturing plants toward Southeast Asian countries as this will lower their production cost and increase the profit margin. Furthermore, it will also help to avoid strict environmental protection regulations from North America and Europe without compromising on their business.
 

Oxo alcohols market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD million from 2016 to 2027 for the following segments:

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By Product

• N-Butanol
• 2-Ethylhexanol
• Iso-butanol
• Others

By Application

•  Plasticizers
• Acrylate
• Acetate
• Glycol Ether
• Solvents
• Adhesives
• Lube oil additive
• Others

The above information has been provided for the following regions:

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Malaysia
  • Thailand
• Latin America
  • Brazil
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa