Global Oxo-Alcohol Market Valued at $12.9 Billion in 2022, Driven by Surging Demand in Construction and Automotive Sectors

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Sep 27, 2023, 12:30 ET

DUBLIN, Sept. 27, 2023 /PRNewswire/ -- The "Oxo-Alcohol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global oxo-alcohol market has experienced substantial growth, reaching a valuation of US$ 12.9 billion in 2022. Market analysts project further expansion, with the market expected to reach US$ 21.9 billion by 2028, reflecting a notable compound annual growth rate (CAGR) of 9.1% during 2023-2028. Key factors driving this growth are outlined in the latest market report.

Oxo-Alcohol: A Versatile Chemical Compound

Oxo-alcohol is a chemical compound produced by the reaction of olefins with syngas at low pressure in the presence of a rhodium catalyst. It encompasses Isobutanol (IBA), N-Butanol (NBA), and 2-Ethylhexanol (2-EH).

These compounds find extensive applications as solvents and chemical intermediates in the manufacturing of adhesives, surfactants, paints, coatings, plasticizers, acetates, printing inks, ethers, and more. Additionally, they play a vital role in the production of acrylates, widely used in industries such as textiles, packaging, and automotive manufacturing.

Key Growth Drivers

Several factors are contributing to the impressive growth of the global oxo-alcohol market:

Rapid Industrialization: The rapid industrialization and expansion of manufacturing facilities worldwide are driving the demand for oxo-alcohols. Increased industrial activities require these compounds for various applications.
Construction and Plasticizers: The global construction industry is on the rise due to population growth, resulting in an increased need for plasticizers formulated with oxo-alcohols. These compounds enhance the versatility, flexibility, and durability of construction materials.
Automotive Industry: Oxo-alcohols are used in manufacturing lubrication systems for machinery and automobiles, promoting high-quality performance and reducing emissions. They serve as dispersants and synthesis intermediates for automotive lubricants.
Coatings and Paints: The use of oxo-alcohols in coatings helps prevent blushing during drying in humid conditions while enhancing flow, gloss, and resistance.
Pharmaceutical and Agricultural Sectors: Oxo-alcohols are increasingly used in pharmaceutical and agricultural applications, further boosting market growth.
2-Ethylhexanol Feedstock: The flexibility, lower emissions, good adhesion properties, and fuel performance enhancement of 2-Ethylhexanol make it a preferred feedstock, contributing to market growth.
Research and Development: Leading market players are investing in research and development (R&D) to introduce more efficient variants of oxo-alcohols, further propelling market growth.

Market Segmentation

The market report provides a detailed analysis of the global oxo-alcohol market, with segmentation based on product types:

2-Ethylhexanol
N-Butanol
Isobutanol

Regional Insights

The global oxo-alcohol market spans several regions, with the following being major contributors:

Asia
North America
Western Europe
Others

Leaders in the Industry

Leading companies in the global oxo-alcohol market include:

China Petrochemical Corporation
OQ Chemicals GmbH (OQ SAOC)
LG Chem
BASF SE
Eastman Chemical Company
Formosa Plastics Corporation
Sasol Limited

Recent Developments

Recent developments in the oxo-alcohol market include:

OQ Chemicals GmbH's ongoing commitment to sustainability, with efforts to reduce environmental impact and promote responsible production practices.
BASF SE's initiatives to develop innovative applications for oxo-alcohols in various industries, including automotive and construction.
Sasol Limited's investments in expanding its product portfolio and exploring new applications for oxo-alcohol compounds.

Key Questions Answered

The market report addresses key questions, including:

What is the current size of the global oxo-alcohol market, and what is its growth outlook for 2023-2028?
What is the impact of COVID-19 on the market?
What are the primary drivers and trends shaping the oxo-alcohol market?
Which product types dominate the market, and what applications do they serve?
What regions represent significant growth markets for oxo-alcohols?
Who are the key players in the global oxo-alcohol industry?

For more information about this report visit https://www.researchandmarkets.com/r/262kqt

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SOURCE Research and Markets