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Oxo Alcohols Market size is expected to cross USD 34 Billion by the end of 2035, growing at a CAGR of 5% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of oxo alcohols was USD 19 Billion. The market growth is impelled by the increasing adoption of sustainable alcohols across the world owing to the rising awareness regarding eco-friendly products produced from natural resources.
Additionally, the use of oxo alcohols in the manufacturing of personal care products provides a lucrative opportunity for the market. The rising preference for environmentally safe, biodegradable, and renewable products contributes to the market expansion.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~ 5% |
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Base Year Market Size (2022) |
~ USD 19 Billion |
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Forecast Year Market Size (2035) |
~ USD 34 Billion |
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Regional Scope |
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Growth Drivers
Challenges
Type (N-Butanol, ISO Butanol, 2-Ethylhexanol, Isononyl Alcohol, Isodecyl Alcohol)
The 2-ethylhexanol segment is predicted to dominate the oxo alcohols market share in the coming years. The increasing utilization of oxo alcohols in the production of 2-ethylhexanol which is used as solvents, flavor, and fragrances will boost the segment growth. The growing use of 2-ethyl hexanol for manufacturing plasticizers and lubricants to reduce viscosity will hike the market demand.
End-User (Paint and Ink, Textile, Chemical, Pharmaceutical)
The paint and ink segment will observe substantial growth rate through 2035. The use of oxo alcohols in paint manufacturing augments the growth of the segment.
The use of paints and inks in the automobile industry is another reason for the growth. Also, the increasing use of printing inks in the food and beverages industry will propel the market revenue.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Application |
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End-User |
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APAC Market Statistics
Asia Pacific region is estimated to account for a significant oxo alcohols market share till 2035. The escalating production of drugs, polishers, ethers, cleaners, and other chemicals due to the rising chemical industry in the region will fuel the market expansion. The chemical industry in Asia accounted for more than 55% share of the revenue generated by the global chemical industry.
The increasing inclination of people towards oxo alcohol usage in Japan and China will propel the market value. The need for less greenhouse gas emissions increased the use of 2-ethyl hexanol as it helps to reduce emissions which increases fuel performance, eventually boosting the market size.
North American Market Forecast
A revenue share of about 28% is envisioned for the oxo alcohols market in the North American region. This is owing to the increasing demand for lubricants. The lubricants are used in the automobile sector and other industries such as aviation, marine, and mining lubricants to lubricate the machinery.
Increasing the use of cosmetic products in the region to enhance personal grooming standards with the presence of a noteworthy beauty industry is also stated to drive market revenue.
May 2023: DuPont de Nemours, Inc. acquired Spectrum Plastics Group from AEA Investors with a purchase price of USD 1.75 billion which was expected to be paid in cash balance by the end of the third quarter of 2023. Spectrum is a leading manufacturer of specialty medical devices, and components in popular therapeutic areas including structural heart, surgical robotics, cardiovascular, and electrophysiology.
October 2021: Dow Chemical Company signed an agreement with Gunvor Group Ltd. to produce circular plastics for customers, by adopting advanced recycling technologies. The agreement was an effort to reduce plastic waste and decrease greenhouse gas emissions across the world.
Author Credits: Smruti Ranjan, Rajrani Baghel
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