Austin, Sept. 24, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that The Octyl Alcohol Market size is projected to reach USD 8.4 billion by 2032 and grow at a CAGR of 2.7% over the forecast period of 2024-2032.
The increase in environmental concerns and the mounting regulations on VOCs (Volatile Organic Compounds) that are directly related to the bi-product of octene increasing by the day, is pushing a new wave for bio-based octyl alcohol. Common petrochemical-based octyl alcohol adds to VOCs which pollute the environment and are subject to strict regulation. Bio-based octyl alcohol is emerging as a good alternative to cater to such needs since it can be produced from either plant oils or biomass. Industries are latching onto this eco-friendly alternative for reasons of greater sustainability- things like personal care, pharmaceuticals, and other chemical industries.
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Key Players:
BASF SE (Isooctanol)
SABIC
Sasol Limited (Alfol 810)
The Andhra Petrochemicals Limited
Arkema Group (Octyl Acrylate)
Ecogreen Oleochemicals
KLK OLEO
Axxence Aromatic GmbH
Liaoning Huaxing Group Chemical
Eastman Chemical Company (2-Ethylhexanol)
Dow Chemical Company (Octylphenol)
ExxonMobil Chemical Company (Exxal 8)
LG Chem (Octanol)
BharatPetroleum,
Mitsubishi Chemical Corporation (Octyl Acetate)
Evonik Industries AG (C8 Alcohol)
Perstorp Group (2-Ethylhexanoic Acid)
Oxea GmbH (2-Ethylhexanol)
Shandong Longda Chemical Co., Ltd. (N-Octanol)
Penta Manufacturing Company (Octyl Methoxycinnamate)
In 2022, BASF has expanded its bio-based product portfolio, including bio-based octyl alcohol. The company has been focusing on renewable feedstocks to produce octyl alcohol, addressing rising environmental concerns and meeting the European Union's stringent VOC regulations. This move aligns with the EU Green Deal, which aims to make the EU climate-neutral by 2050. BASF’s investment in bio-based solutions is also supported by government incentives promoting green chemistry and sustainable industrial practice
What are the Growth Factors of the Octyl Alcohol Market?
Growth in the global plasticizer and surfactant market is fueling the growth of octyl alcohol as it is a key intermediate for their production. These chemicals are used across many industries, such as in the automotive, construction, and manufacturing verticals to make plastics more flexible while also improving detergents and lubricants performance. Similarly, infrastructure projects and automotive manufacturing are growing in emerging markets such as Asia-Pacific and Latin America, thereby fueling demand for derivatives of octyl alcohol. Industrialization and a heightened level of investments across these sectors lead to increased demand.
The European Union’s chemical industry generated around USD 669.39 billion in sales in 2021, with a significant portion attributed to plasticizers and surfactants. The growing focus on sustainability is pushing manufacturers towards bio-based alternatives, including octyl alcohol.
Octyl alcohol is used in food and the beverage sector mainly as an additive in emulsifiers, preservatives, and flavor control agents; increased use of octyl alcohol to add a distinct taste to food is driving its demand. Octyl alcohol (having less inotropic nature due to the first presence of hydroxyl group) like processed foods provides a lot of attrition and it has by extension trenchancy, so it reduces over the shelf-life improvement.
In 2023, Evonik launched a new series of emulsifiers that include octyl alcohol as a key ingredient, targeting the clean-label trend in the food industry. This initiative was part of their broader strategy to provide sustainable and effective solutions for food manufacturers looking to improve product formulations.
Octyl Alcohol Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 6.6 Bn |
| Market Size by 2031 | US$ 8.4 Bn |
| CAGR | CAGR of 2.7% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Application (1-Octanol, 2-Octanol, and 2-Ethylhexanol) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Drivers | • Growing demand for octyl alcohol from various end-use industries • Rising awareness among consumers regarding personal grooming and hygiene drive the market growth. |
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Which segment of the octyl alcohol market is estimated to be the dominating in application?
The 2-Ethylhexanol segment dominated the octyl alcohol market with a revenue share of around 90% in 2023. Ethylhexanol is used as an intermediate key in the production of plasticizers, surfactants, and lubricants, which play a vital role in automotive, building & construction, and personal care industries. These characteristics along with its low vapor pressure and high compatibility nature provide benefits for formulating applications. Furthermore, rising awareness about bio-clean products has created a sustainable market for Bio-Ethylhexanol with an increasing demand. The ethylhexanol, so derived from a print most built-for-strength industrial consumption against the additional stuff-in-demand versatility is what makes this octyl alcohol segment skid steer more than anything. European Chemicals Agency notes that ethylhexanol is among the most widely used chemicals in the European Union, with significant consumption in coatings and personal care products. As of 2021, around 500,000 metric tons of ethylhexanol were consumed annually in the EU, reflecting its importance in these sectors.
Which region is estimated the highest growth in the Octyl Alcohol market?
Asia Pacific held the largest market share about 47.5% in 2023. The Asia-Pacific region dominated the octyl alcohol market share as it is one of the prime end-use destinations given swift industrialization & urbanization and rising demand from prominent industries like automotive, and construction among others. The Asian Development Bank forecasts GDP growth in the region to be 5.3% per year until 2025, which will lead to a higher consumption of chemicals such as octyl alcohol. Major players have already moved in to capitalize on this growth with significant investments in the region. Examples are in 2021, BASF's expansion of bio-based octyl alcohol production capacity in Nanjing, China to serve the growing local demand for sustainable products in personal care as well as construction. Also, in 2022, Evonik Industries introduced a range of octyl alcohol-infused emulsifiers for clean-label food products in Singapore as demand for more healthful options grew throughout the region. Such projects, along with public financing for infrastructure and manufacturing programs helped Asia Pacific to establish itself as a key region in the worldwide octyl alcohol market.
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Recent Developments
- In 2023, Eastman announced the launch of its new line of sustainable plasticizers, which include octyl alcohol as a key component. This initiative is part of the company's commitment to reducing its environmental footprint and aligning with global sustainability goals.
- In late 2022, SABIC introduced a new series of additives for the automotive industry, utilizing octyl alcohol as a critical ingredient in their formulations.
Key Takeaways:
- The octyl alcohol market is witnessing robust growth driven by increasing applications in personal care, automotive, and construction sectors.
- There is a growing trend towards bio-based octyl alcohol, driven by environmental concerns and regulatory pressures to reduce VOC emissions.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization, by Country, by Type, 2023
5.2 Feedstock Prices, by Country, by Type, 2023
5.3 Regulatory Impact, by Country, by Type, 2023.
5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
5.5 Innovation and R&D, by Type, 2023
6. Competitive Landscape
7. Octyl Alcohol Market Segmentation, By Application
8. Regional Analysis
9. Company Profiles
10. Use Cases and Best Practices
11. Conclusion
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