Oxo Alcohols Market Size & Share, by Type (2-Ethylhexanol, n-Butanol, iso-Butanol); Application (Acrylates, Glycol Ethers, Acetates, Lube Oil Additives, Resins, Solvents, Plasticizers)- Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 3986
  • Published Date: Mar 22, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024- 2036

Oxo Alcohols Market size is expected to reach USD 40 Billion by the end of 2036, growing at a CAGR of 10% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of oxo alcohols was USD 15 Billion. The reason behind the growth is impelled by the growing chemical industry across the globe. The chemical industry saw significant expansion on a global scale as the chemical industry products are used in nearly every sector of the global economy, including textiles, fertilizers, detergents, pharmaceuticals, and packaging.

According to estimates, the global chemical industry generated more than USD 5 trillion in revenue in 2022.

The growing popularity of bio-based oxo alcohols is believed to fuel the market growth. The creation and use of bio-based oxo alcohols are one of the most recent developments in the oxo alcohols market since an increasing number of people are interested in bio-based oxo alcohols which come from renewable sources, such as plant oils, and are thought to be a more environmentally friendly option than conventional oxo alcohols.


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Oxo Alcohols Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Construction Activities - Oxo alcohols are alcohols that are made by mixing hydrogen and carbon monoxide (CO), mostly for use as a solvent in the coatings industry to get paints, coatings, and adhesives ready.
  • Growing Usage in the Automotive Industry - Oxo alcohols are widely used in the automotive industry for the production of lubricating systems for vehicles and machinery.
  • Increasing Demand for Cosmetics - Oxo alcohols are essential in many different industries, including cosmetics, where it is used as a fragrance component, solvent, and emollient found in personal hygiene and cosmetic goods owing to their increased flexibility, durability, and versatility.
  • Expanding Pharmaceutical Industry - Oxo alcohols are dehydrating agents that are highly sought after in the pharmaceutical sector for use as extractants in medication manufacturing.

challenges

  • Varying prices of raw materials - Oxo alcohols are produced using raw materials such as crude oil and derivatives, and their pricing is influenced by a variety of factors such as supply and demand outlooks and the perceived risk of market disruptions. One of the main factors influencing petroleum products is economic growth, which tends to increase demand for crude oil and push down prices, also impacted by the real exchange rate's volatility, speculative trading, and most importantly, the political stability of the oil-exporting nations.
  • Environmental concerns associated with the production process may impact the market growth
  • Stringent regulations related to emissions may limit the production
  • Presence of alternatives is expected to affect the demand for oxo alcohols

Oxo Alcohols Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~10%

Base Year Market Size (2023)

~ USD 15 Billion

Forecast Year Market Size (2036)

~ USD 40 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Oxo Alcohols Segmentation

Type (2-Ethylhexanol, n-Butanol, iso-Butanol)

The n-Butanol segment is predicted to account for 40% share of the global oxo alcohols market by 2036 owing to the growing need for solvents. Numerous solvent types, including hydrocarbon solvents, ketones, esters, alcohols, and glycol, are employed in paints and coatings, which serve to maximize the system's overall performance, and are put into paint mixtures to dissolve various ingredients, including binders, additives, and pigments.

 Four carbons straight chain oxo alcohol n-Butanol, also known as n-Butyl alcohol, is a medium-boiling liquid that is clear, mobile, neutral, and odorous, which is known to be miscible with all common solvents and is mainly used to make industrial solvents, phenolic resins, and lacquers that cure on acid. It serves as both a feedstock and a solvent in syntheses in the coatings industry as it has the benefit of not blushing when drying in humid environments.

In addition, the vinyl chloride plasticizer bis (2-ethyl hexyl) phthalate is made from 2-ethylhexanol, an organic chemical with the formula C8H18O, that appears as a dark brown liquid with an aromatic odor. 2-Ethyl Hexanol (2-EH) is a transparent solvent with a high boiling point and moderate volatility that is a member of the organic compound class known as fatty alcohols that is less soluble in water than most organic solvents. It is created in the Oxochimie plant in Lavera, which also produces adhesives, coatings, and other specialized chemicals, and is also used as a precursor to produce other chemicals such as emollients, and for usage in a variety of applications such as solvents, flavors, and scents. Besides this, the 4-carbon branched-chain alcohol isobutanol has a clear, colorless liquid appearance and a pleasant smell which is utilized as a raw material for paint thinners, coating resins, isobutyl acrylate, isobutyl acetate, and isobutyl methacrylate.

Application (Acrylates, Glycol Ethers, Acetates, Lube Oil Additives, Resins, Solvents, Plasticizers)

The plasticizers segment in oxo alcohols market is set to garner a notable share shortly. Plasticizers made of phthalates are created by reacting phthalic anhydride with oxy-alcohol, which is utilized as a solvent. For instance, more than 45% of 2-EH consumption in the US, more than 20% in Western Europe, and around 87% of 2-EH consumption in mainland China are all attributed to plasticizers. Moreover, Isononanol, or isononyl alcohol, or INA for short, is a crucial ingredient in the manufacture of plastic additives and is anticipated to encourage the use of oxo alcohol, spurring the expansion of the sector. In addition, olefins and syngas react to produce oxo alcohols, which are mostly utilized as superior intermediates in the manufacturing of specialized esters, lubricants, and resins. Besides this, oxo alcohols, such as n-butanol, are utilized to manufacture acrylate, acetate, and glycol ethers, which can be used to make sealants, adhesives, and coatings, among other things.

Our in-depth analysis of the global market includes the following segments:

     Type

  • 2-Ethylhexanol
  •  n-Butanol
  • iso-Butanol

     Application

  • Acrylates
  •  Glycol Ethers
  •  Acetates
  •  Lube Oil Additives
  •  Resins
  •  Solvents
  •  Plasticizers

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Oxo Alcohols Industry - Regional Synopsis

APAC Market Forecast

Oxo Alcohols market in Asia Pacific is predicted to account for the largest share of 49% by 2036 impelled by the growing agriculture industry. India's agriculture industry has been expanding rapidly owing to the increasing population, rising demand for agricultural products, and rising consumer demand for a wide variety of nutrient-dense food options. For instance, between 2022–2023, the Indian agriculture sector increased by more than 3%. This may significantly drive the demand for oxo alcohols as they can be used for making crop protection products, and pesticides.

In addition, China is the largest domestic provider and user of oxo-alcohol, and the country is seeing significant expansion in the market as Chinese producers are looking for ways to turn a profit on oxo-alcohol sales.

North American Market Statistics

The North America Oxo Alcohols market is estimated to be the second largest, during the forecast timeframe led by growing urbanization. Since over 74% of Americans now reside in metropolitan areas, American cities are now the main engines of the country's economic expansion. This has led to an increase in construction activities, which is expected to drive the demand for oxo alcohols.

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Companies Dominating the Oxo Alcohols Landscape

top-features-companies
    • China Petrochemical Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • OQ Chemicals GmbH (OQ SAOC)
    • LG Chem, Ltd.
    • BASF SE
    • Formosa Plastics Corporation
    • Eastman Chemical Company
    • China Petrochemical Corporation
    • ExxonMobil Corporation
    • DowDuPont

In the News

  • BASF SE along with Ningbo Refining and Chemical Co. Ltd announced the production of isononyl alcohol (INA) by building a build a world-scale INA production facility at ZRCC’s integrated refinery and petrochemical complex in Zhenhai, China.
  • ExxonMobil Corporation acquired Pioneer Natural Resources to provide double-digit returns by recovering resources more effectively and with less of an adverse effect on the environment.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 3986
  • Published Date: Mar 22, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing chemical industry across the globe and the growing popularity of bio-based oxo alcohols are the major factors driving the growth of the market.

The market size of Oxo Alcohols is anticipated to attain a CAGR of 10% over the forecast period, i.e., 2024-2036.

The major players in the market are OQ Chemicals GmbH (OQ SAOC), LG Chem, Ltd., BASF SE, Formosa Plastics Corporation, Eastman Chemical Company, China Petrochemical Corporation, ExxonMobil Corporation, DowDuPont, and others.

The n-Butanol segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Oxo Alcohols Market Report Scope
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