Oxo Alcohols Market Size, Share, Trends, Growth 2030

The global oxo alcohols market size was worth around USD 19.09 billion in 2022 and is predicted to grow to around USD 28.51 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.14% between 2023 and 2030.  

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Global Oxo alcohols Market: Overview

Oxo alcohols are widely manufactured by adding carbon monoxide and hydrogen to an olefin to extract an aldehyde. This aldehyde is later hydrogenated to make alcohol. The main ingredients useful in producing oxo alcohols include ethylene, acetylene, and propylene. However, they are majorly derived from petrochemical-based feedstock. Oxo alcohols are widely served as solvents and intermediate chemicals. The key oxo alcohols utilized in different end-use sectors include 2-propylheptanol, isononanol, 2-ethyl hexanol, iso-butanol, and n-butanol. N-butanol is a medium volatile colorless liquid majorly used as a solvent in plasticizers, waxes, oils, fats, coatings, varnishes, and paints.

In addition, iso-butanal is a neutral liquid with a musty odor and is usually utilized as feedstock and solvent in making nitrocellulose lacquers, amino resins, printing inks, and plasticizers. All these five oxo alcohol accounts for the largest market share.

Global Oxo alcohols Market: Growth Factors

The high demand from the solvent and plasticizer sector is one of the primary factors steering the growth of the global oxo alcohols market. The demand for plasticizers is exponentially higher from their end-user industries, and thereby it is likely to impact the market positively. Plasticizers, when combined with polymers, scale up the plasticity and viscosity along with reducing the molecular attraction among polymeric chains, thereby manufacturing more durable and flexible polymers. Therefore, there is high demand for plasticizer-based concrete, flexible wallboard, ester-based plastics, and PVC. Oxo alcohols find a huge number of applications in polyvinyl chloride plasticizers where 2-ethyl hexanol is utilized in prominent quantities.

The 2-ethyl hexanol is widely utilized, particularly in specialty plasticizers like trimellitates, phosphates, and adipates where improved performance is needed. The oxo alcohols like n-butane find a large number of applications in acrylate, acetate, ether, glycol, and solvents. The fast proliferating construction sector is posing a huge demand for oxo alcohol products. The polyvinyl chloride products are the basic part of the construction sector, which in turn is likely to complement the demand. However, the market leaders are increasingly focusing on scaling up their research and development activities in order to bring new and efficient variants to the market. For instance, BioPure™ launched nC4-OL. It is considered a versatile n-butyl alcohol chemical with high purity.

The skincare, hair care, and fragrance product highly make use of esters, which are made from this bio-based alcohol. However, these chemicals find a large number of applications in the consumer goods sector also. All these factors are projected to drive the global oxo alcohols market during the forecast period.

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Global Oxo alcohols Market: Segmentation

The global oxo alcohols market can be segmented into application, product, and region.

By application, the market can be segmented into lube oil additives, adhesives, solvents, glycol ether, acetate, acrylate, plasticizers, and others. The plasticizer segment dominates the global oxo alcohols market as they are primarily used in manufacturing polyvinyl chloride (PVC) products that have applications in wires & cables, PVC films, and flooring. Therefore, it is expected that the plasticizers segment is likely to make a strong foot in the global market in forthcoming years.

By product, the market can be segmented into iso-butanol, 2-ethyl hexanol, N-butanol, and others. The 2-ethyl hexanol segment accounts for the largest share in the global market as they are widely used in downstream applications like in the production of Di-2-EthylHexyl Phthalate (DEHP) and 2-Ethyl Hexyl Acrylate. Such products enhance fuel performance and reduce the emission rates owing to which these are highly preferred in the petrochemical sector. Also, it is highly soluble in a wide range of organic solvents, and therefore, it is expected that the segment will dominate the market in the forthcoming years owing to its flourishing applications.

Oxo Alcohols Market : Report Scope

Global Oxo alcohols Market: Regional analysis

Asia Pacific accounts for the largest share in the global oxo alcohols market due to the easy availability of raw materials and low-cost skilled labor in the region. In addition, there are lesser stringent regulations for the use of oxo alcohols in the regions when compared to other regions like Europe and North America.

Furthermore, there is exponential demand for alcohol in China due to large-scale industrialization. China poses a huge demand for varnishes, adhesives, paints, and coatings. The regions like Malaysia and India are also posing a huge demand in the market due to the rapid industrialization and growing economies. The growing support of the government along with surging foreign direct investments will further assist such countries in scaling up in the global oxo alcohols market.

However, North America is expected to grow significantly in the forthcoming years due to the growing construction activities in the region. Also, the ongoing technological advancements in the area of oxo alcohols in the region will further accentuate the growth of the regional market.

Global Oxo alcohols Market: Competitive Players

The global oxo alcohols market is led by players like:

• Evonik Industries
• Arkema
• Andhra Petrochemicals
• Qatar Petroleum
• ExxonMobil Chemical Company
• BASF Petronas
• Dow Chemical Company
• Eastman Chemical Company
• BAX Chemicals
• LG Chem

The global oxo alcohols market is segmented as follows:

By Product Type

• Iso-Butanol
• 2-ethyl hexanol
• N-butanol
• Other

By Application

• Lube Oil Additives
• Adhesives
• Solvents
• Glycol Ether
• Acetate
• Acrylate
• Plasticizers
• Others

Global Oxo alcohols Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.