New York, May 04, 2023 (GLOBE NEWSWIRE) -- The report published by Reports Insights reveals that the oxo alcohol market was worth USD 18.38 Billion in 2022 and is projected to reach USD 28.27 Billion by 2030, with a CAGR of 4.9%. Oxo alcohols are widely used in various end-use industries, including paints and coatings, adhesives, and chemical intermediates. The rising construction activities and increasing automotive production are also contributing to the market growth.
Global Oxo Alcohol Market Size, Share & Trends Analysis, By IP Type By Type (Iso-Butanol, 2-Ethyl-Hexanol, n- Butanol, Octyl Alcohol F, and Others), Application (Plasticizers, Solvents, Acrylates, Acetates, Fuel Additives, Lubes, and Others), End-Use Industry (Paints and Varnishes, Plastic Industry, Automotive, and Others), and By Region, Forecast Period 2023 – 2030.
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Oxo alcohol is a type of chemical that is produced through the oxo process, oxo process is a chemical reaction between an olefin (a type of hydrocarbon), carbon monoxide (CO), and hydrogen (H2) in the presence of a catalyst. The result of the reaction is an alcohol with a specific molecular structure that is modified to produce various types of alcohol and other derivatives. Oxo alcohol chemical is a compound of n-butanol, isobutyraledehyde and iso-Butanol. It is used in a wide range of applications as a adhesives, solvent, and paint & coating in numerous end-use industries. Furthermore, oxo alcohols are deployed as a solvent for numerous applications such as extractants in the production of drugs, printing inks, and as a solubilizer in the textile industry.
Additionally, the growing construction industry contributed to the growth of the oxo alcohols market. Oxo alcohols are utilized in the production of paints and coatings owing to their various high-performance characteristics such as good adhesion, flexibility, and lower emissions. For instance, according to Statista, in 2021, the global paint and coatings industry accounted for approximately USD 160 billion and is projected to reach around USD 235 billion by 2029. Therefore, the rising demand for paints and coatings in commercial and residential buildings, transportation, and other infrastructure has boosted the construction industry, in turn, surging the growth of the oxo alcohols market. However, the volatility in the prices of raw materials such as propylene and n-butene is likely to hinder market growth.
Furthermore, the increasing concern regarding sustainability is surging the demand for green chemicals. Various manufacturers are focusing in the production of environment-friendly chemicals. For instance, Perstorp Group is evolving the oxo-market by introducing a portfolio that includes oxo aldehydes and alcohols made from renewable materials including biogas. Therefore, the development of bio-based oxo alcohols from renewable feedstock waste biomass and vegetable oils is expected to offer significant opportunity to the oxo alcohol market.
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| Report Attributes | Report Details |
| Market Size By 2030 | USD 28.27 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 4.9% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Eastman Chemical Company, INEOS AG, Evonik Industries AG, BASF SE, OQ Chemicals GmbH, Hanwha Solutions Chemical Division Corporation, Grupa Azoty S.A., Saudi Basic Industries Corporation, Matangi Industries, KH Neochem Co., Ltd., and Perstorp Holding AB |
| By Type |
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| By Application |
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| By End use Industry |
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| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography |
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Key Market Highlights
- The Global Oxo Alcohol Market size is estimated to exceed USD 28.27 billion by 2030 and grow at a CAGR of 4.9% during the forecast period (2023-2030).
- Globally, Oxo Alcohol are divided based on the type into iso-Butanol, 2-ethyl-hexanol, n- butanol, octyl alcohol F, and Others
- On the basis of Application, the market is separated into plasticizers, solvents, acrylates, acetates, fuel additives, lubes, and others.
- On the basis of End Use Industry, the market is classified into paints and varnishes, plastic industry, automotive, and others.
- The market is geographically divided into five regions: Europe, South America, the Asia-Pacific, North America, and the Middle East and Africa.
- North America is expected to register the fastest growing CAGR in the oxo alcohol market owing to the well-established manufacturing industry.
Global Oxo Alcohol Market Segmentation Details:
Based on Type, the octyl alcohol segment F is projected to offer a substantial share to the oxo alcohols market over the forecast period. Octyl alcohol F finds wide range of applications in various end-use industries such as the textile industry and automotive. These oxo alcohols are also used as raw materials for production inhibitors to improve the process of solid fuel combustion. For instance, Grupa Azoty, offers octyl alcohol F that is used as auxiliary agent and release agent in the textile industry. Therefore, the rising textile industry is expected to contribute to the growth of the segment.
Based on Application, the acrylates segment is anticipated to register the fastest-growing CAGR over the forecast period. Acrylates are used as a solvent for various applications such as automotive coating architectural coating and leather finishes owing to their excellent absorbency, flexibility, and toughness. For instance, according to a report published by Statista, the global architectural coating market is projected to account for around USD 109 billion by 2030. Hence, the growing demand of acrylates from different coating industries is expected to surge the growth of the oxo alcohols market.
Based on End Use Industry, the plastic industry accounted for the largest market share of the oxo alcohol market. In the plastic industry oxo alcohols are extensively used for the production plasticizer to enhance the quality of plastics and make them more durable and flexible. These plastics are then deployed in numerous end use industries such as automotive, construction, and packaging. As a result, the increasing consumption of plastics by various end-use industries is driving the oxo alcohols market growth.
Based on Region, Asia Pacific held the highest market share of the oxo alcohols market in 2022. The growing construction industry owing to rapid industrialization is boosting the oxo alcohols market. For instance, according to Invest India, the construction industry in India is projected to reach USD 1.4 trillion by 2025. Therefore, the abovementioned factors are expected to derive the growth of the oxo alcohols market.
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Recent Developments
- In October 2020, Perstorp launched partly renewable carboxylic acids with a lower carbon footprint, based on biogas. The renewable oxo portfolio includes oxo aldehydes and alcohols.
- In April 2023, INEOS Phenol, a subsidiary of the multinational chemical company INEOS, acquired of Mitsui Phenols Singapore Ltd.
List of Major Global Oxo Alcohol Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- Eastman Chemical Company
- INEOS AG
- Evonik Industries AG
- BASF SE
- OQ Chemicals GmbH
- Hanwha Solutions Chemical Division Corporation
- Grupa Azoty S.A.
- Saudi Basic Industries Corporation
- Matangi Industries
- KH Neochem Co., Ltd.
- Perstorp Holding AB
Global Oxo Alcohol Market Segmentation:
- By Type
- Iso-Butanol
- 2-Ethyl-Hexanol
- n- Butanol
- Octyl Alcohol F
- Others
- By Application
- Plasticizers
- Solvents
- Acrylates
- Acetates
- Fuel Additives
- Lubes
- Others
- By End Use Industry
- Paints and Varnishes
- Plastic Industry
- Automotive
- Others
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