Oxo Alcohol Market to Grow with a CAGR of 3.84% through 2028
urge in technological advancements is expected to drive the Global Oxo
Alcohol Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Oxo Alcohol
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Oxo Alcohol Market stood at USD 11.23 billion in 2022 and is anticipated to grow with a CAGR of 3.84% in the forecast
period, 2023-2028. The initiatives taken by government based on Oxo Alcohol has
led to favorable market conditions for the Global Oxo Alcohol Market. Several
factors contribute to the growth of various Oxo Alcohol products.While specific
governmental initiatives directly targeting the oxo alcohol industry may not be
plentiful, there are broader strategies in place aimed at reducing crude oil
imports, promoting sustainable chemical production, and supporting the growth
of industries where oxo alcohols are utilized. These strategies indirectly
impact the market by creating a favorable environment for the industry to
thrive.
For instance, as
reported by The Economic Times, the Prime Minister recently announced decisive
steps to reduce crude oil imports by 10 percent. This initiative demonstrates
the government's commitment to reducing dependency on imported crude oil and
exploring alternative fuel options. As a result, the demand for alternative
fuels, such as biofuels, is expected to rise. In this context, oxo alcohols
like n-butanol play a significant role as they are commonly used in the
production of biofuels.The government's focus on reducing crude oil imports not
only contributes to energy security but also aligns with sustainability goals.
By promoting the use of alternative fuels and supporting industries where oxo
alcohols are incorporated, the government is fostering a more sustainable and
environmentally friendly future.
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Oxo Alcohol Market”
With the
increasing emphasis on sustainability, there has been a heightened focus on the
development of bio-based oxo alcohols. Advances in biotechnology have
facilitated the production of oxo alcohols from renewable resources, thereby
reducing reliance on fossil fuels. This development aligns with global
endeavors to transition towards greener and more sustainable industrial
practices. The chemical
industry has witnessed a profound impact from the digital transformation,
particularly in the oxo alcohol market. Technologies such as Artificial
Intelligence (AI), Internet of Things (IoT), and big data analytics are being
leveraged to optimize production processes, enhance supply chain management,
and improve product quality. Real-time monitoring of production processes,
predictive maintenance of equipment, and efficient inventory management are
facilitated by these technologies, which in turn contribute to the market's
growth.
Global Oxo
Alcohol Market is segmented into type, application, regional distribution, and company
Based on its type, the 2-Ethylhexanol segment held the
largest share in the market. The 2-Ethylhexanol is a clear, colorless, mobile,
and neutral liquid with low water solubility, but it exhibits high solubility
in most organic solvents. It possesses a characteristic odor, making it easily
recognizable. Apart from its chemical properties, 2-Ethylhexanol plays a
crucial role in the manufacturing of 2-Ethyl Hexyl Acrylate and Di-2-Ethyl
Hexyl Phthalate (DEHP). These derivatives are specifically designed to lower
emission rates and enhance fuel efficiency, contributing to a greener and more
sustainable future. Given its significance in the petrochemical industry,
2-Ethylhexanol experiences widespread usage. According to the India Brand
Equity Foundation, the production volumes of petrochemicals in India witnessed
a notable increase, reaching 1,877,907 MT in December 2021 from 1,716,781 MT in
August 2021. This upward trend in production is expected to drive the demand
for 2-Ethylhexanol products, thereby positively impacting the growth of the Oxo
Alcohol market over the forecast period. By leveraging the unique properties of 2-Ethylhexanol
and its derivatives, the petrochemical industry can continue to thrive while
striving for environmental sustainability.
Based on region, Asia Pacific segment is expected to
grow during the forecast period. The significant growth of oxo alcohols can be
attributed to the thriving construction, automotive, and electronics sectors in
countries such as China, India, Indonesia, Malaysia, and others. One of the
primary reasons for this growth is the reduced emission of volatile organic
compounds, which contributes to the development of eco-friendly products. Oxo
alcohols find extensive use in the production of glycol ether, solvents,
adhesives, lube oil additives, oil mining, chemicals, perfumes, synthetic
resins, crop protection products, paints & coatings, and more.
These versatile products are widely employed across
various industries, including electronics, construction, automotive, and
others. For instance, according to the Japan Electronics and Information
Technology Industry Association, the electronic industry in Japan recorded a
total production value of US$8232.29 million (1,099,104 million Yen) in March
2022. Additionally, the China Association of Automobile Manufacturers reported
that the total production of cars in China reached around 1,205,000 units in
April 2022.
Considering the continuous growth of the electronics,
automotive, and other sectors, the demand for the Oxo Alcohols market is
expected to experience a steady increase during the forecast period. This trend
is driven by the ongoing expansion of these industries and their reliance on
Oxo Alcohols for various applications.
Major companies operating in Global Oxo Alcohol Market
are:
- LG Chem Ltd.
- BAX Chemicals BV
- Eastman Chemical Company
- Dow Chemical Company
- BASF SE
- Petronas International Corp Ltd
- ExxonMobil Chemical Company
- Qatar Petroleum Development Company
- Andhra Petrochemicals Ltd.
- Arkema SA
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“Growing application of Oxo Alcohol in various end
user industries are key drivers of the Oxo Alcohol market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of Oxo Alcohol with every
passing year are anticipated to register an impressive growth to Global Oxo
Alcohol Market in the forecast period.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Oxo Alcohol Market By Type
(2-Ethyl Hexanol, n-Butanol, and Iso-Butanol), By Application (Plasticizer,
Acrylates, Acetate Esters, Resins, Solvents, Glycol Ethers, Lubricants
Additives, Surfactants, Stabilizers, Others), By
Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Oxo Alcohol Market and provides
statistics & information on market size, structure and future market growth.
The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Oxo Alcohol Market.
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