Research Nester’s recent market research analysis on “Oxo Alcohols Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global oxo alcohols market in terms of market segmentation by type, application, end-user, and by region.
Increasing Usage in the Plastic, and Other End-User Industries to Promote Global Market Share of Oxo Alcohols
The global oxo alcohols market is estimated to grow majorly on account of the increasing utilization of plasticizers across the world owing to the growing construction sector. Plasticizers are also used in the automotive sector for binding parts and the rise in demand for automobiles is boosting the growth of the market. Further, the market growth is attributed to the growing demand for packaging and the electrical sector where oxo alcohols are used for different purposes. The high use of PVC in the construction and building industry and the growing application of PVC in wires, cables, and sheets of electronics are anticipated to fuel the market growth.
The paint and coatings sector is also involved with oxo alcohols which are propelling the market growth with a hike in the infrastructure and automobile sector development. Besides, oxo alcohols are applied in the production of personal care products such as shampoos, conditioners, body gels, and so on, and the wide use of these products by people across the world is projected to influence the market growth. Moreover, the rising demand for solvents, and resins in the chemical sector is also predicted to propel the market growth.
Some of the major growth factors and challenges that are associated with the growth of the global oxo alcohols market are:
Growth Drivers:
· Surge in the usage of plasticizers and paints and coatings
· Rising consumption of oxo alcohols in the agricultural sector
Challenges:
The changing prices of raw materials of oxo alcohols and the negative effects of phthalates are some of the major factors anticipated to hamper the global market size of oxo alcohols. The volatility in the cost of raw materials including crude oil and other chemical additives across the world owing to lack of availability and supply disruption is set to hinder the market growth. The increasing presence of government regulations and strict rules on transportation during the pandemic is also estimated to disturb the supply-demand system thereby likely to limit the market growth.
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By application, the global oxo alcohols market is segmented into acrylates, glycol ethers, acetates, lube oil additives, resins, solvents, plasticizers, and others. The segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The increasing use of acrylates in the manufacturing of solvents, paints, porcelain nails, and contact lenses is estimated to drive market segment growth. Oxo alcohols are the primary ingredients in the production of acrylics. The growing application of acrylates in adhesives and prosthetics used by decorators in dentistry and orthopedic issues is expected to fuel market segment growth. Also, acrylates are included in the formulation of cosmetics for skin care which is boosting the market segment growth.
By region, the Asia Pacific oxo alcohols market is to generate the highest revenue by the end of 2035. This growth is anticipated by the rising number of chemical industries across the region. Growing healthcare and pharmaceutical industries are anticipated to drive market growth owing to the increasing usage of drugs. As per the estimations, the Asia Pacific region contributes over 55% of the total revenue produced from the chemical sectors worldwide. Also, the increased use of oxo alcohols in the manufacturing of various industrial additives is estimated to drive market growth. Further, the growing concern for carbon emissions is also estimated to fuel the market growth as 2-ethyl hexanol is projected to enhance fuel efficiency.
This report also provides the existing competitive scenario of some of the key players of the global oxo alcohols market which includes company profiling of Gulf Chemicals and Industrial Oils Co., Royal Dutch Shell Plc., SK Global Chemical Co., Ltd., Bax Chemicals B.V., LyondellBasell Industries Holdings B.V., Andhra Petrochemicals Ltd., DuPont de Nemours, Inc., The Dow Chemical Company, and PPG Industries, Inc, and others.
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