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Oxo Alcohol Market Research Report Information by Type (n-butanol, iso-butanol, 2-ethylhexanol, and others), Application (Plasticizers, Acrylates, Acetates, Resins, Solvents, Glycol Ethers, Lube Oil Additives), and Region (Asia-Pacific, Europe, and RoW)- Forecast to 2030


ID: MRFR/CnM/5174-HCR | 140 Pages | Author: Priya Nagrale| May 2024

Global Oxo Alcohol Market Overview


The Oxo Alcohol Market Size was valued at USD 14.3 Billion in 2022. The Oxo Alcohol market industry is projected to grow from USD 14.98 Billion in 2023 to USD 20.1 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.2% during the forecast period (2023 - 2030). The market for oxo-alcohols was chiefly driven by escalating demand from the plasticizers as well as the solvents industry. Increasing demand for plasticizers from their end-user industries has been the key factor for driving the Oxo Alcohols Market during the forecast period.         Oxo Alcohol Market OverviewSource: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Oxo Alcohol Market Trends




  • Rising demand for oxo alcohol from the pharmaceutical industry and pesticides.




The ever-demanding plasticizer industry coupled with rising demand from the solvents industry is expected to be the major driver in the Oxo Alcohols Market during the next few years. Furthermore, Oxo alcohols find strong application scope in air conditioning & refrigeration, transportation, chemical processing, paints, coatings & adhesives, lubricants, and consumer goods. 


Additionally, Consumer inclination and dependency on polymer-based products along with a growing emphasis on cost minimization may throttle the Oxo Alcohols Market growth. The end-user industries such as construction, automotive, and others are anticipated to be the major drivers of the Oxo Alcohols Market during the forecast period. The developing regions are expected to become major markets for oxo alcohols during the forecast period due to the extensive demand from end-user industries. Globally, the demand for oxo alcohols is projected to increase considerably during the forecast period due to the ever-rising demand for oxo alcohols from various industries.


Oxo Alcohol Market Segment Insights


Oxo Alcohol Product Insights


The global Oxo Alcohol market segmentation, based on Product, includes N-butanol, 2-ethyl hexanol, and Isobutanol. N-butanol is a colorless and medium volatile liquid with a distinct sweet odor. It is mainly used as a solvent in paints, varnishes, coatings, fats, oils, waxes, and plasticizers. Isobutanol is a clear and neutral liquid with a characteristic sweet and musty odor. It is used as a solvent and feedstock in the manufacturing of plasticizers, printing inks, amino resin, and nitro-cellulose lacquers. 2-ethyl hexanol is a dark brown liquid with an aromatic floral fragrance


Oxo Alcohol Application Insights


Based on Application, the global Oxo Alcohol market segmentation includes Acrylates, Glycol Ethers, Acetates, Lube Oil Additives, Resins, Solvents, and Plasticizers. Acrylates manufactured from oxo alcohols are used as intermediate for packaging, textile, and automotive sectors. The global acrylate segment should register the highest CAGR by 2027 owing to a strong application outlook in the construction & coatings sector. This growth in demand can be attributed to changing lifestyles, infrastructural developments, increasing disposable incomes, and a rise in renovation & refurbishment activities. Moreover, Plasticizers are used as additives to enhance the fluidity or plasticity of the product.



Figure 2: Oxo Alcohol Market, by Product, 2023 & 2030 (USD Billion)            Oxo Alcohol Market, by Product, 2023 & 2030Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Oxo Alcohol Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific held the largest and fastest growing market in the global oxo alcohol market in 2017. The growing automotive and construction industries in this region have been major drivers for the growth of the oxo alcohol market in Asia-Pacific. The application of oxo alcohol in paints, varnishes, coatings, and adhesives has increased their demand in these industries. Hence, the region is expected to show strong growth during the review period.


Figure 3: OXO ALCOHOL MARKET SHARE BY REGION 2023 (%)    OXO ALCOHOL MARKET SHARE BY REGION 2023Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


North America held the second-largest share in the global oxo alcohol market in 2017. The growth is attributed to the use of the product in plasticizers, which has widespread application in the automotive, construction, and electronics industry. Established automotive and construction industries have positively affected the growth of oxo alcohol in the North American market. Thus, the North American market is expected to grow at a faster pace in the coming years.


The use of oxo alcohol in the pharmaceutical and agricultural industries is driving the market. In addition to this, the growing automotive industry, which is responsible for the high demand for oxo alcohol, is another important factor that has resulted in the growth of the market in this region. The European market is expected to show remarkable growth during the forecast period.


Oxo Alcohol Key Market Players & Competitive Insights


Major market players are spending a lot of money on R&D to increase their product lines, which will help the Oxo Alcohol market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Oxo Alcohol industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.


The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Oxo Alcohol. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Oxo Alcohol industry must offer affordable products.


Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Oxo Alcohol industry to benefit customers and expand the market sector. The Oxo Alcohol market has recently given medicine some of the most important advantages. Major Oxo Alcohol market players, including DowDuPont (US), BASF SE (Germany), ExxonMobil Corporation (US), Eastman Chemical Company (US), Sasol (South Africa), and others, are attempting to increase market demand by funding R&D initiatives.


DowDuPont is a chemical holding company that specializes in agriculture, materials science, and specialty products. Its solutions include seed-applied technologies, crop protection, performance materials and coatings, industrial intermediates, specialty plastics, imaging, biotechnology, nutrition ingredients, construction materials, sustainable solutions, advanced polymers, etc.


Also, BASF is a company that provides petrochemicals, intermediates, performance materials, monomers, dispersions and pigments, performance chemicals, catalysts, coatings, and care chemicals. It conducts its operations through six business segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition and Care, and Agricultural Solutions.


Key Companies in the Oxo Alcohol market include



  • 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)

  • China Petrochemical Corporation (China)


Oxo Alcohol Industry Developments


Kinfra (Kerala Industrial Infrastructure Development Corporation), a government agency under the Kerala state government headquartered in Thiruvananthapuram, has won a contract to build infrastructure facilities for the petrochemical park at Ambalamugal, boosting industrial development in Kochi. Industrial units producing paints, adhesives, napkins, medication, and other products will be built in the petrochemical park once it is completed. The petrochemical park will also house industries that employ propylene derivatives as raw materials, such as acrylates, oxo alcohols, and acrylic acid.


Russia's largest integrated petrochemicals corporation, PJSC SIBUR Holding, is in talks with India's state-run Indian Oil Corporation Ltd (IOC) to form a partnership to build a huge petrochemical complex in India. The multibillion-dollar investment is being considered at a time when IOC is concentrating on increasing its petrochemical sector in the face of rising petrochemical demand in the country.


Oxo Alcohol Market Segmentation


Oxo Alcohol Product Outlook



  • N-butanol

  • 2-ethyl hexanol

  • Isobutanol


Oxo Alcohol Application Outlook



  • Acrylates

  • Glycol Ethers

  • Acetates

  • Lube Oil Additives

  • Resins

  • Solvents

  • Plasticizers


Oxo Alcohol Regional Outlook




  • North America



    • US

    • Canada


     




  • Europe



    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe


     




  • Asia-Pacific



    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific


     




  • Rest of the World




    • Middle East




    • Africa




    • Latin America





Report Attribute/Metric Details
Market Size 2022 USD  14.3 Billion
Market Size 2023 USD 14.98 Billion
Market Size 2030 USD 20.1 Billion
Compound Annual Growth Rate (CAGR) 5.2% (2023-2030)
Base Year 2023
Market Forecast Period 2023-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Product, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled 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)
Key Market Opportunities ever-growing pharmaceutical industry
Key Market Dynamics the growing use of plasticizers rising demand for oxo alcohol from the pharmaceutical industry and pesticides.


Frequently Asked Questions (FAQ) :

The global Oxo Alcohol market size was valued at USD  14.3 Billion in 2022.

The global market is projected to grow at a CAGR of 5.2% during the forecast period, 2023-2030.

Asia Pacific had the largest share of the global Oxo Alcohol market.

The key players in the market are 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)

The N-butanol categories dominated the market in 2023.

The Acrylates had the largest share in the global market for Oxo Alcohol.

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