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2-Ethylhexanol Market Growing Demand, Latest Trends To 2024-2033
2-Ethylhexanol Market Growth
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According to The Business Research Company's, The 2-ethylhexanol market size has grown strongly in recent years. It will grow from $5.56 billion in 2023 to $5.97 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to plasticizers production, coating and paint industry, plastic production, surfactants and detergents, chemical intermediates.
The 2-ethylhexanol market size is expected to see strong growth in the next few years. It will grow to $7.85 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to increasing cleaning product usage, shift towards green chemistry, global economic factors, regulatory changes impact, rise in adhesive demand. Major trends in the forecast period include quality paints and coatings, industrialization in developing markets, adhesives and sealants usage, automotive sector usage, surfactants for detergents.
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Market Drivers and Trends:
The growing construction industry is expected to propel the growth of 2-ethylhexanol market going forward. Construction industry refers to the process of planning, designing, assembling, and building physical structures, facilities, or infrastructure. Construction industry uses 2-ethylhexanol as plasticizer in the production of polyvinyl chloride (PVC) in the construction industry for pipes, cables, roofing materials, and flooring. For instance, in September 2021, according to Oxford Economics, a UK-based economic information services company, the global construction output by 2030 is anticipated to increase by 42%, or $4.5 trillion, to reach USD 15.2 trillion. Therefore, the growing construction industry is driving the growth of the 2-ethylhexanol market.
Product innovations are the key trends in gaining popularity in the 2-ethylhexanol market. Major companies operating in the 2-ethylhexanol market are focused on developing innovative applications of 2-ethyl hexanol to strengthen their position in the market. For instance, in June 2022, Perstorp, a Sweden-based chemical industry launched 2-ethyl hexanol primarily based on 25% renewable raw cloth according to a traceable mass balance idea. This innovative product grade is the world's initial 2-ethyl hexanol part of the way founded on inexhaustible natural substances, building up Perstorp's situation as a supportable arrangement's supplier fulfilling the developing need for additional practical choices in different applications.
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Major Key Players of the Market:
The Dow Chemical Company, BASF SE, Eastman Chemical Company, Saudi Basic Industries Corporation, Grupa Azoty S.A., Mitsubishi Chemical Corporation, LG Chem Ltd., Tianjin Bohua Yongli Chemical Industry Co. Ltd., Henan GP Chemicals Co. Ltd., Mosselman S.A., Oltchim S.A., Sigma-Aldrich Co. LLC, SIBUR International GmbH, Elekeiroz S.A., Shazand Petrochemical Company, The Andhra Petrochemicals Ltd., Azotowe KATMdzierzyn, Formosa Plastic Group, Merck KGaA, Meryer (Shanghai) Chemical Technology Co. Ltd., OQ Chemicals, Sinopec, Shandong Jianlan Chemical, China National Offshore Oil Corporation, INEOS Group, Sasol Limited, ExxonMobil Chemical, Evonik Industries AG, Shell plc, Mitsui Chemicals Crop & Life Solutions Inc., PJSC SIBUR Holding
2-Ethylhexanol Market 2024 Key Insights:
• The 2-ethylhexanol market size is expected to see strong growth in the next few years. It will grow to $7.85 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Surging Automotive Industry Propels Demand For 2-Ethylhexanol In Plasticized Pvc Applications
• Perstorp Leads 2-Ethylhexanol Market With Groundbreaking Renewable Product, Redefining Sustainability In Chemical Solutions
• Asia-Pacific was the largest region in the 2-ethylhexanol market in 2023
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