Oxo Alcohols Market Insights

Global Oxo Alcohols Market Size was over USD XX.XX million in 2017 and is anticipated to reach a market size of USD XX.XX million in 2025, growing at a CAGR of XX.XX% from 2018 to 2025.

Global Oxo Alcohols Market Segmentation, By Application 2017-2025

Oxo alcohols are manufactured by two methods, mainly by combining hydrogen and carbon monoxide to olefin to obtain an aldehyde, which in turn, is further hydrogenated to obtain alcohol. The oxo alcohol market is forecasted to cross 15,628.0 Kilo Tons in terms of volume by 2025, at a CAGR over 4.4% over the entire forecast period. The key factor driving the growth of oxo alcohols market is the customers’ increasing dependency on polymer-based products. The demand for polymer products is increasing at a rapid pace from the past few years, and these products will witness similar growth in demand over the coming years.

The market will witness additional demand from rising product consumption in end-users such as construction, automotive, electrical & electronics, etc. Moreover, the product consumption in packaging applications is witnessing a rapid growth, and this will provide an additional boost to the increasing demand for oxo alcohols.

Stringent regulations by the governing bodies of both developed and developing economies regarding the environmental impacts of plastic consumption might restrain the growth of oxo alcohols market over the coming. This market is witnessing a strict restriction from these regulations and is expected to hinder over the coming years.

This market will experience further hindrance from fluctuations in the raw material prices and availability as the oxo alcohols are derived from crude oil. The prices of crude oil are highly fluctuating from the past few years and may fluctuate in the coming years too. This may show some negative impact on the market growth.

Oxo Alcohols Market Segmentation, By Product

By product, the market has been segmented into N-Butanol, 2-Ethylhexanol, Iso-Butanol, and others. N-Butanol is predicted to have the major market share compared to other products. It is mainly due to the increasing product consumption in the manufacture of plasticizers, paints, coating, adhesives, lubricant additives and various chemical products.

Oxo Alcohols Market Segmentation, By Application

In terms of application, the oxo alcohols market has been segmented into acrylate, plasticizers, glycol ether, acetate, adhesives, lube oil additive, solvents, and others. Plasticizers are predicted to have the lion’s share of global oxo alcohols market, and this will dominate the global market till the end of 2025. Solvents are expected to have the second-major share of global oxo alcohols market. This is majorly due to the consumption of oxo alcohol-based solvents in the manufacture of various chemical intermediates. The chemical industry is increasing on a rapid growth rate from the past few years, and this will definitely grow in both developed and developing economies, which might show a positive impact on the oxo alcohol market.

Oxo Alcohols Market Segmentation, By Region

By region, the global market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific regional market is expected to lead the global oxo alcohol market in the entire forecast period. This is majorly due to the increasing product consumption in the production of polymers in countries such as China, South Korea, Japan, and India.

North America witnesses a moderate growth rate. The demand for oxo alcohols is stable in this region from the past few years, and the demand will not grow on a rapid rate over the coming years. Middle East & Africa will witness a decent growth over the coming years.

Oxo Alcohols Market Key Competitors

Key players in the global oxo alcohols market are    Bax Chemicals, LG Chem, Dow Chemical Company, Eastman Chemical Company, ExxonMobil Chemical Company, BASF Petronas, Andhra Petrochemical, Qatar Petroleum, Evonik Industries, Arkema, Oxea Group, and Formosa Plastics and among many others.

Oxo Alcohols Market Strategic Analysis

The leading companies should focus on revolutionizing their technologies and equipment in order to reduce the cost of producing oxo alcohols. This is probably the most generic strategy that can be adopted for boosting the growth of the company in market as highly competitive as that of the market for oxo chemicals.

Oxo Alcohols Market Growth Summary

Besides this, it has been observed that over the years, the Asia Pacific region has been prone to growth, owing to the growing demand for plasticizers by India and China. Asia-Pacific is the largest market for oxo alcohol and with the increase in consumption of oxo alcohols 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. Thus, expanding their investment ventures in India and China can potentially boost the growth of these companies. Owing to the stringent regulations prevalent in Europe, regarding the production of oxo alcohols, it would be unwise on the part of the key players in the market for oxo alcohols to, to invest in that particular region.

With the progressive industrialization that is taking place on a global scale, the market for consumer durables like refrigerators, automobiles, air conditioners, is expanding rapidly. These markets act as the end user industries of the market for oxo alcohols, and hence, by fine tuning their production methods to respond and fulfill the ever-increasing demand of these industries, these companies can grow effectively in the market for oxo alcohols.