Oxo-octyl Acetate Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1267
Oxo-Octyl Acetate Market size may grow at an exponential rate over the projected period. The market size is expected to witness a steady gain as it is widely used in cosmetic products such as the sunscreen and skin creams. These products are in the high demand in the cosmetic industry which is facing a rapid growth in the recent years. Oxo-octyl is an oily, colorless and clear liquid which is formed by the reaction between phenol and ethylene oxide at high temperature and pressure.
Oxo-octyl is less toxic in nature and offers a wide range of antimicrobial commotion. This property makes it very popular in the market. This compound has gained is approved from the United States Food and Drug Administration for its use in the cosmetic industry.
However, stringency of government regulations and easy availability of substitutes in the market might become a reason for hampering the growth of oxo-octyl acetate market. Consumer perception and regulatory issues are the anticipatory factors that could shape the future of preservatives in the cosmetic industry.
Growth of the cosmetics industry is likely to increase the consumption rate in the oxo-octyl acetate market. Rise in the per capita income, rapid urbanization and rise in the standard of living of people in developing economies of Latin America and Asia Pacific are likely to enhance the spending capacity of people on personal care and cosmetic products.
Oxo-octyl acetate is used in pesticides as a solvent. It exhibits a modest rate of evaporation and has intermediate solubility in water. Due to its smaller amount of toxic properties, it is used at the same time with compounds of ammonium as a substitute for sodium azide. It is also used as a preservative in several applications such as pharmaceutical products, cosmetics and vaccines. To increase the shelf life of the personal care and cosmetic products, oxo-octyl acetate is much essential. Its properties act supportive to increasing the shelf life and hence is used as a preservative.
Moreover, oxo-octyl acetate is unsusceptible with metals such as copper and lead. Also, this compound is used in organic active agents such as insect repellents, germicides, fungicides, preservatives and bactericides. It also behaves as an anesthetic agent and is employed in organic synthesis. Oxo-octyl is used in coatings and paints as it improves their luster, intensity and fluidity. Additionally, it also works as a fixative in perfumes. Furthermore, it is used as a solvent for pharmaceuticals, dyes, resins, inks oils, waxes and nitrocellulose.
Oxo-octyl is itemized as an ingredient for vaccines in Japan, Europe and the United States. Due to rising demand for personal care and cosmetic products in the region of Asia Pacific, oxo-octyl acetate’s rapid growing market can be projected. China and India are expected to be the main consumers in the oxo-octyl acetate market as these countries have an established presence of cosmetic industry. Countries such as Indonesia, Malaysia, Taiwan, Japan and Korea are the other protruding customers of oxo-octyl acetate in the regions of Asia Pacific. Moreover, the oxo-octyl acetate market in the growing economies of Middle East and Latin America are projected to display exceptional growth in the coming years. The North America and Europe have matured markets that are on the urge of becoming stagnant and hence, oxo-octyl acetate market growth in these regions is projected to grow at a very moderate pace during the forecasted timeframe.
The oxo-octyl acetate market is dominated by many medium and large materials and chemical companies. Some of the major players that are operating in the market include Mitsubishi Chemical Company, Chemsynth Corporation, Hangzhou Uniwise International Co., Ltd, Eastman Chemical Company, BASF, Yingkou Tanyun Chemical Research, Liaoning Kelong Fine Chemical Co., Ltd, Triveni Interchem Private Limited, N V Organics Pvt. Ltd, E. I. du Pont de Nemours and Company, The Dow Chemical Company, Zhejiang Weishi Biotechnology Co. Ltd., and others.
Companies now-a-days are adopting aggressive market strategies to remain more competitive in the market and to augment their market share. Companies have now started investing in the research and development to manufacture superior quality of oxo-octyl acetate.
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