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IN THE NEWSOctober, 2021: Dow Chemical Company signed an agreement with Gunvor Group Ltd. to produce circular plastics for customers, by adopting advanced recycling technologies.
September 2020: LyondellBasell and Liaoning Bora Enterprise Group to join hands to expand their business portfolio in North China.
Global Oxo Alcohols Market Highlights over 2022 – 2031
The global oxo alcohols market is estimated to grow at a CAGR of ~4.5% over the forecast period, i.e., 2022 – 2031. Oxo alcohols are made by adding carbon monoxide (CO) and hydrogen to an olefin, and then hydrogenating the resultant aldehyde to obtain alcohol. Various olefins, such as ethylene, and propylene, are used as raw materials to prepare oxo alcohols. These alcohols majorly find application as acrylates, acetates, chemical intermediates, and plasticizers. Moreover, they serve as a solvent for manufacturing chemicals, plasticizers, paints, coatings & adhesives, and lubricant additives. The growth of the market can be attributed to the growing application of oxo-alcohols for production of paints, dyes, and inks, and for manufacturing other chemicals. Moreover, rising demand for paints, backed by increasing construction of residential buildings, along with high usage in the automotive industry is estimated to boost the market growth. For instance, in 2019, nearly 10 billion gallons of paint and coatings were consumed worldwide. Furthermore, the growing chemical manufacturing across the globe is projected to surge the demand for oxo alcohols. As per the statistics provided by the World Bank, chemicals manufacturing accounted for 26.093% of total manufacturing in Denmark, and 17.807% in India, in 2019. Besides, it attributed to 16.439% of the total value of manufacturing in the year 2017, in the United States.
The market is segmented by application into acrylates, glycol ethers, acetates, lube oil additives, resins, solvents, plasticizers, and others, out of which, the plasticizers segment is anticipated to hold a substantial share in the global oxo alcohols market over the forecast period on account of high application of oxo alcohol for commercial production of vinyl plasticizer. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Oxo Alcohols Market Regional Synopsis
On the basis of geographical analysis, the global oxo alcohols market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region witnessed noteworthy growth in 2021, on the back of growing chemical manufacturing industry in the region. For instance, the chemical industry in Asia accounted for more than 55% share of the revenue generated by the global chemical industry. Moreover, increasing number of industries, growing population, and rising construction activities is projected to boost the market growth. On the other hand, the market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of rise in the sale of paints and varnish, backed by the growing automotive industry.
The global oxo alcohols market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global oxo alcohols market includes the following segments:
By Type
By Application
By End-User
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
Increasing application of oxo alcohol for manufacturing chemicals is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~4.5% over the forecast period, i.e., 2022 – 2031.
The major players in the market are Gulf Chemicals and Industrial Oils Co., Royal Dutch Shell Plc., SK Global Chemical Co., Ltd., Bax Chemicals B.V., LyondellBasell Industries Holdings B.V., Andhra Petrochemicals Ltd., DuPont de Nemours, Inc., The Dow Chemical Company, and PPG Industries, Inc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, end-user, and by region.
The chemical segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
High manufacturing cost, and limited availability of raw materials are estimated to hamper the market growth.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period owing to the growing chemical industry in the region.
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