Oxo Alcohols Market to surpass $20 bn by 2024 | Key Players are BASF, ExxonMobil, The Dow Chemical Company, Sasol, Eastman Chemical, LG Chem, Evonik, Elekeiroz, Perstorp Orgnr, OXEA GmbH
Oxo Alcohols Market size is set to surpass USD 20 billion by 2024; according to a new research report by Global Market Insights, Inc. Rising plasticizers demand for manufacturing plastics for automotive and construction applications should drive oxo alcohols market size. Continuously evolving production technologies along with new product development owing to increase in research spending by industry participants should further bolster product demand.
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Global oxo alcohols demand in plasticizers industry will surpass USD 8.5 billion during forecast time period. This market size is chiefly driven by demand from plasticizers and solvents which find wide range of applications in plastics industry. Inevitability of plastics and polymers in aerospace, automotive, and construction industry should drive oxo alcohols market size. Oxo alcohol also serves as intermediate in manufacturing adhesives, paints and coatings.
Germany oxo alcohols market demand will signify industry growth rates of over 3.5% during forecast period. This growth in demand can be attributed to increased automotive production in the region thus leading to rise in demand for lubricants.
These products act as dispersant in lubricants leading to improved operational efficiency. Growing demand for lubricants from automotive sector especially in general & commercial transportation along with demand from manufacturing industry is likely to complement oxo alcohols market demand. Recent surge in popularity for synthetic lubricants should further bolster industry growth.
Glycol ethers are other intermediates produced from oxo alcohols like di ethylene glycol mono butyl ether used for production of hydraulic brake fluids and solvent, tri ethylene glycol mono butyl ether in pharmaceutical industry as non-volatile carriers and ethylene glycol mono butyl ether for oil & gas production. Strong product demand growth in the relative industries should propel market growth.
Key feedstocks used for commercial manufacturing of oxo alcohols include propylene, acetylene and ethylene which are extracted from crude oil. Fumes produced during the production process has severe environmental impacts which regulates its usage in Europe and North America.
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Oxo alcohols industry size from adhesives application during forecast period will witness growth of about 3%. These adhesives find wide application scope in bonding composite, ceramics, metal, rubber and plastic materials which are formulated in addition with polyurethane, epoxies, silicones, cyanoacrylate and polysulfides.
N-butanol market demand will show strong growth rates of over 5% by 2024 because of its extensive use for producing perfumes, paints, coatings, dye, synthetic resins and alkaloids. It also performs as a competitive renewable biofuel for use in combustion engines overcoming drawbacks from low carbon alcohols and bio-diesel with reduced emission and enhanced performance.
Oxo alcohols market share is competitive and moderately concentrated including industry players like BASF, LG Chem, Eastman Chemicals, Dow Chemicals, BAX Chemicals and Evonik. These market participants strategize on expanding their regional presence along with gaining technological advantage through partnerships, mergers & acquisitions. Companies are keen to shift their production bases in the regions with ample feedstock supply thus reducing production cost.
Oxo Alcohols Market, By Product
Browse key industry insights spread across 170 pages with 167 market data tables & 10 figures & charts from the report, “Oxo Alcohols Market” in detail along with the table of contents:
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