Global Oxo Alcohol Market - Overview
Oxo Alcohol Market is expected to get evaluated colossally at a modest CAGR during the review period of 2021-2030.
Oxo alcohol is used as a solvent and reacted with phthalic anhydride to form phthalates, which are further converted into vinyl plasticizers. These plasticizers have widespread applications in automotive, construction, and other end-use industries. Thus, growing use of plasticizers in these end-use industries is expected to drive the oxo alcohol market. Plasticizers also accounted for the largest and the fastest growing application segment in the oxo alcohol market in 2021. Market firms are becoming increasingly aware about sustainable benefits of recycling, efficient waste disposal and battery materials, leading to better streamlining of the disposal and production route worldwide. Also, the surge in R&D activities for more enhanced and efficient Oxo Alcohol, like sodium, nickel and lithium can provide plenty of opportunities to the leading vendors in the long run. For instance, in August 2020, American Manganese came up with the RecycLiCo process that provides an eco-friendly and closed-loop solution for recycling lithium-ion battery Oxo Alcohol. It helps achieve close to 100% recovery along with maximum purity of materials like cobalt, lithium, manganese, aluminum and nickel.
Global Oxo Alcohol Market – Prominent Players
DowDuPont (US), BASF SE (Germany), ExxonMobil Corporation (US), Eastman Chemical Company (US), Sasol (South Africa), Grupa Azoty ZAK SA (Poland), Ineos (UK), Formosa Plastics Corporation (Taiwan), and China Petrochemical Corporation (China) are some of the prominent players in the global oxo alcohol market.
Oxo Alcohol Market - Segments:
On the basis of type, the market has been segmented into n-butanol, iso-butanol, 2-ethylhexanol, and others. All these types of oxo alcohols are commercially used. Moreover, the 2ethylhexanol segment dominated the oxo-alcohol market, by type, in 2017. Oxo alcohol is extensively used in the production of plasticizers, coatings, adhesives, and other specialty chemicals. Plasticizers are widely used in end-use industries, such as automotive, construction, and electronics. Along with this, their use in coatings, adhesives have driven the demand for oxo alcohol in the global market. Furthermore, 2-ethylhexanol is also used as an all-purpose plasticizer for polyvinyl chloride (PVC) and vinyl chloride copolymers. These factors have led to an increase in the market share of 2-ethylhexanol segment in the global market and it is expected to show strong growth during the review period.
Based on application, the market has been divided into plasticizers, acrylates, acetates, resins, solvents, glycol ethers, lube oil additives, and others. Plasticizers segment held the largest market share in the global oxo alcohol market in 2017. This is attributed to the growing use of plasticizers in PVC applications, automotive and construction industries for packaging owing to the high flexibility and durability offered by plasticizers. These factors have fueled the growth of plasticizers in the global oxo alcohols. Thus, plasticizers segment is projected to grow at the fastest pace during the review period.
Oxo Alcohol Market - Regional Analysis:
The global oxo alcohol market has been analyzed with respect to five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa. Asia-Pacific accounted for the largest and the fastest growing market for oxo alcohol in 2017, owing to the rising automobile and construction industries. The North American market is expected to show remarkable growth during the review period, attributing to the growing use of oxo alcohol in various applications, such as resins, plasticizers, and lube oil additives. The European market is projected to showcase remarkable growth during the forecast years. While Latin America and the Middle East & Africa are expected to show moderate and steady growth, respectively, during the forecast period.
Industry/ Innovation/ Related News
In June 2018, Johnson Matthey announced plans to commercialize its new enhanced lithium nickel oxide battery material.
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