Oxo Alcohol Market Report 2019 by Top Key Player Include BASF SE, Ineos, Grupa Azoty ZAK SA, DowDuPont, ExxonMobil Corporation

Oxo alcohol is used as a solvent and reacted with phthalic anhydride to form phthalates, which are further converted into vinyl plasticizers. These plasticizers have widespread applications in automotive, construction, and other end-use industries. Thus, growing use of plasticizers in these end-use industries is expected to drive the global oxo alcohol market. Plasticizers also accounted for the largest and the fastest growing application segment in the global oxo alcohol market in 2017.  

Top Market Players:

The major players in the oxo alcohol market are-

DowDuPont
BASF SE
ExxonMobil Corporation
Eastman Chemical Company
Sasol
Grupa Azoty ZAK SA
Ineos
Formosa Plastics Corporation 
China Petrochemical Corporation

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Oxo alcohol is prepared by the reaction between olefin and syngas to obtain aldehyde, and further, the aldehyde is hydrogenated to obtain alcohol. Commercially, three types of oxo alcohols are used in industries, namely n-butanol, iso-butanol, 2-ethylhexanol, isononanol.  They find application in acrylates, acetates, resins, plasticizers, solvents, lube oil additives, glycol ethers, and others.

Surfactants are highly used in various manufacturing processes in chemical industries and thus drive the demand for oxo chemicals in the global market. The ever-growing pharmaceutical industry is another major driver for oxo alcohol. Additionally, the rising demand for oxo alcohol from the pharmaceutical industry and pesticides is also expected to drive the market.

The major players in the oxo alcohol market are focusing on expanding their existing business to meet the growing demand for oxo alcohol and remain among the top players of the market. For instance, in March 2017, INEOS announced the completion of the acquisition of Arkema’s oxo alcohol business. This acquisition led to an expansion in their current business size and strengthened their position in the global market.

Market Segmentation:

The Oxo Alcohol Market has been segmented based on type, application, and region.

On the basis of type, the market has been segmented into n-butanol, iso-butanol, 2-ethylhexanol, and others. All these types of oxo alcohols are commercially used. Moreover, the 2ethylhexanol segment dominated the oxo-alcohol market, by type, in 2017. Oxo alcohol is extensively used in the production of plasticizers, coatings, adhesives, and other specialty chemicals. Plasticizers are widely used in end-use industries, such as automotive, construction, and electronics. Along with this, their use in coatings, adhesives have driven the demand for oxo alcohol in the global market. Furthermore, 2-ethylhexanol is also used as an all-purpose plasticizer for polyvinyl chloride (PVC) and vinyl chloride copolymers. These factors have led to an increase in the market share of 2-ethylhexanol segment in the global market and it is expected to show strong growth during the review period.

Based on application, the market has been divided into plasticizers, acrylates, acetates, resins, solvents, glycol ethers, lube oil additives, and others. Plasticizers segment held the largest market share in the global oxo alcohol market in 2017. This is attributed to the growing use of plasticizers in PVC applications, automotive and construction industries for packaging owing to the high flexibility and durability offered by plasticizers. These factors have fueled the growth of plasticizers in the global oxo alcohol market. Thus, plasticizers segment is projected to grow at the fastest pace during the review period.

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Regional Insights:

The Global Oxo Alcohol Market has been studied across five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.

Asia-Pacific held for the largest and the fastest growing market in the global oxo alcohol market in 2017. The growing automotive and construction industries in this region have been major drivers for the growth of oxo alcohol market in Asia-Pacific. The application of oxo alcohol in paints, varnishes, coatings, and adhesives has increased their demand in these industries. Hence, the region is expected to show a strong growth during the review period.

North America held the second-largest share in the global oxo alcohol market in 2017. The growth is attributed to the use of the product in plasticizers, which has widespread application in automotive, construction, and electronics industry. Established automotive and construction industries have positively affected the growth of oxo alcohol in the North American market. Thus, the North American market is expected to grow at a faster pace in the coming years.

The growing use of oxo alcohol for making solvents and glycol ether has led to the rise in the demand for oxo alcohol in Brazil and other Latin American countries. Thus, the Latin American market is expected to show moderate growth for the oxo alcohol market in future years.

The Middle East & Africa market is projected to showcase steady growth, during the review period, owing to the rising construction activities, which has given rise to the demand for plasticizers, and hence the hike in the demand of oxo alcohol in this region.

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This release was published on openPR.