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Oxo Alcohol Market to Witness Exponential Growth by 2022
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The majority share in the oxo alcohol market is dominated by N-butanol and 2-ethylhexanol. The plasticizer is the chief end-user segment followed by acrylates in the oxo alcohol market. The major end-user industries of oxo alcohols include consumer goods, air conditioning & refrigeration and chemical processing.
The oxo alcohol market is witnessing a significant growth owing to the significant demand for the manufacturing of plasticizers, paints, coatings & adhesives, additives, and chemical intermediates. Plasticizers are the largest end use application of oxo alcohol industry and will continue to remain so and hence are going to drive the demand for the oxo alcohol market. Likewise, the demand of oxo alcohol for application in acrylates, acetates and ethers is going to contribute significantly and is anticipated to grow at a faster CAGR than plasticizers during the forecast years.
Therefore, the demand and consumption characteristics of oxo alcohol are majorly driven by the development of the polymer, plastic manufacturing, and chemical industries. The market for oxo alcohol is restrained due to stringent environmental laws and regulations present in regions such as North America and Europe.
The oxo alcohol market can also be segmented on the basis of regions— North America, Latin America, Asia-Pacific, Europe and the Middle East and Africa. In terms of oxo alcohol production and consumption Asia Pacific and North America spearhead the oxo alcohol market. Asia-Pacific is the largest market for oxo alcohol and with the increase in consumption of oxo alcohol for acetate, chemical processing and acrylates by chemical companies is further anticipated to increase the share of the oxo alcohol market during the forecast years.
Key region driving the oxo alcohol demand in the Asia Pacific region is China followed by India and South Korea. Followed by North America, Europe, Middle East & Africa are key geographies for the oxo Alcohol market. The demand for oxo alcohol in Europe is anticipated to be modest owing to the maturity and stringent environmental regulations present
The oxo alcohol market is identified by various regional and international players, some of the key players identified in the report are BASF SE, Eastman Chemical Company, Mitsubishi Chemical Corporation, The DOW Chemical Company, ExxonMobil Chemical Company, Evonik Industries, LG Chem, BAX Chemicals BV, OXEA Group and CNPC.
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