Press release
Oxo Alcohols Market worth over $20 billion by 2024 | BASF Petronas, Grupa Azoty ZAK S.A., Exxon Mobil Corporation, The Dow Chemical Company, OXEA GmbH, Perstorp Orgnr, Sasol
With high conversion efficiency, low energy consumption and low investment, oxo alcohols are being highly sought-after in end-use applications. In the latest research report, Global Market Insights, Inc., oxo alcohols market size is projected to surpass $20 bn by 2024.
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https://www.gminsights.com/request-sample/detail/2224
Companies covered:
BASF Petronas, Grupa Azoty ZAK S.A., Exxon Mobil Corporation, The Dow Chemical Company, OXEA GmbH, Perstorp Orgnr, Sasol, Eastman Chemical, LG Chem, The Andhra Petrochemicals Ltd., Evonik Industries, Hanwha Chemical Corporation, Elekeiroz, Bax Chemicals
Growth drivers
A notable rise in the consumption of alcohols in plasticizers, acetate esters is spurring oxo alcohols market value. High consumption volumes for alcohol derivates of n-butanol has furthered the confidence of stakeholders. Demand for oxo chemicals will be fueled by strong demand for plasticizer alcohols.
Prominent growth is being witnessed for the manufacturing of plasticizers, coating & adhesives and additives. It is worth noting that traction for plasticizers will continue to instill confidence among manufacturers, thereby becoming one of the major drivers of oxo alcohols.
Trends that will redefine the business outlook
Of late, soaring popularity of butanols is setting the trend, following which some of the leading companies have upped their investments in solvent applications in lacquers and emulsion. Trend for butanols is based on the fact that these water-based systems are reaping benefits from environmental considerations.
Use of 2-EH in plasticizers, preferably in diisoooctyl phthalate (DOP)—workhorse—of the PVC plasticizers industry is likely to be observed in the next few years. It is worth noting that 2-EH is going mainstream in specialty plasticizers such as phosphates, adipates, trimellitates, among others needing high performance.
Opportunities up for grabs for stakeholders
With palpable revenue opportunities in plasticizers, consumption of oxo alcohols is slated to soar in near future. Regions such as North America, Europe and APAC exhibit profound portfolio expansion opportunities for manufacturers.
Asia Pacific, led by China, will grow steadily in the wake of marked demand for paints and coatings as solvents. A notable uptick in the production capacities, underpinned by low cost of production is being witnessed in the region.
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Moderate growth of the automotive industry in Europe will be observed by 2024. Use of isobutanol in automotive sector will more pressing in the region, thereby driving the industry growth.
Investment in n-butanol to produce butyl acrylates for adhesives and coatings landscape may be witnessed in the next four years. N-butanol is also being used as solvent in a range of applications. Besides, popularity of n-butanol in plasticizers has instilled confidence among manufacturers of oxo alcohols.
What are the prevailing restrictions in ox alcohols?
While oxo alcohols are being used in large-scale applications, including plasticizers, fuel additives and detergents, there lie some of the obstacles in the industry growth prospect, namely efforts to reduce raw material costs by boosting production.
With the traction for 2-EH in plasticizers rising significantly, stakeholders may vie to expand their portfolios. Plasticizers will continue to gain momentum, while steady growth in automotive industry will play an invaluable role in the growth forecast of oxo alcohols. Prominently, forward-looking companies will focus on N-butanol. Besides, these major companies will look to bolster their business strategies through acquisitions and product roll outs.
Related News:
https://www.marketwatch.com/press-release/cosmetic-preservatives-market-size-to-hit-over-125-billion-by-2026-2020-09-17?tesla=y
https://www.marketwatch.com/press-release/sodium-lauryl-sulfate-market-size-to-exhibit-growth-of-over-5-from-2020-to-2026-2020-09-17?tesla=y
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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