Oxo Alcohol Market 2022 - Size, Growth, Trends By 2030 (Uppdaterad version tillgänglig)
Oxo Alcohol Market | Size, Share & Trends Analysis, 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), By Region, Forecast Period 2022 - 2030.
Rapport-ID : RI_673874 | Datum : October 2024 |
Formatera : 
Key Market Overview:
Oxo alcohol market size was valued at USD 18.38 Billion in 2022, registering a CAGR of 4.9% during the forecast period (2023-2030), and the market is projected to be worth USD 28.27 Billion by 2030.
Oxo alcohol is produced by adding carbon monoxide (CO), and hydrogen (H2) together to an olefin to derive an aldehyde. The result of the following reaction is an alcohol with a specific molecular structure, which is modified to produce various types of oxo alcohol. The most commonly produced oxo alcohol include butanol, 2-ethylhexanol, and isononyl alcohol.
Moreover, oxo alcohol is an important chemical that are used in the production of plasticizers that are added to plastics to enhance their properties such as flexibility and durability. Moreover, oxo alcohol is used in the production of paints and coatings, and adhesives, also it is used as intermediate chemicals to produce various other chemicals such as acrylates and acetates.
Oxo Alcohol Report Coverage:
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Market Dynamics:
Driver:
The growing demand for the usages of plasticizers that are used to make plastics more flexible, and durable is boosting the growth of oxo alcohol market. The use of plasticizers is increasing in various industries such as automotive, construction, and packaging. For instance, according to the European Plasticisers, a sector group of CEFIC, an average car consists of more than 12% plastic components and approximately 12% is made up of soft plasticizers.
Additionally, oxo alcohol is extensively used as a solvent in the construction industry as paints, coatings, and adhesives. For instance, according to a report published by Statista, in 2022, the construction market accounted for USD 6.4 trillion and is estimated to reach 14.4 trillion by 2030. Therefore, the abovementioned factors is driving the market growth.
Restraint:
The fluctuating prices of raw materials, such as propylene and n-butene, pose a significant restraint on market growth. These raw materials are crucial in the production process, and the prices are susceptible to various factors, including supply-demand imbalances, geopolitical events, and changes in crude oil prices. In addition, higher costs of raw materials lead to increased prices of the final product, thereby affecting the profitability of oxo alcohol producers and impeding the expansion of the market.
Opportunities:
The development of bio-based oxo alcohol made from renewable feedstocks such as vegetable oils and waste biomass pose a significant opportunity for the oxo alcohol market. Therefore, the rising awareness among consumers towards the environment and human health is urging manufacturers to produce bio-based chemicals. For instance, in October 2020, Perstorp, headquartered in Germany launched partly renewable carboxylic acids with a lower carbon footprint, based on biogas. The renewable oxo portfolio includes oxo aldehydes and alcohols. With the launch of the portfolio, consumers could expect the same quality as the existing products, along with the other additional benefits. These bio-based oxo alcohol are eco-friendly and sustainable, as a result, catering to the growing demand for green products.
Oxo Alcohol Market Segmentation:
By Type
The type segment is categorized into iso-butanol, 2-ethyl-hexanol, n- butanol, octyl alcohol F, and others. The 2-Ethylhexanol segment held the highest market share of the oxo alcohol market. The extensive use of 2-ethylhexanol in the production of plasticizers, coatings, and synthetic lubricants is driving market growth. Synthetic lubricants are used in applications where fire protection is required, particularly in areas where high speed and high wear rates are encountered, ideally in the automotive industry. For instance, as per the report published by Statista, in 2022 over 76% of the U.S. population have been reported to have access to cars. Therefore, the rising need for automobiles is driving the demand for oxo alcohol.
Moreover, the octyl alcohol F segment is anticipated to register the fastest CAGR in the oxo alcohol market over the forecast. In personal care and cosmetic products, Octyl Alcohol F is used as a fragrance ingredient, solvent, and emollient. The demand for personal care and cosmetic products is increasing globally owing to the changing consumer preferences towards natural and organic products. Therefore, the above mentioned factors are expected to boost the segment in the market.
By Application
Based on application, the market is divided into plasticizers, solvents, acrylates, acetates, fuel additives, lubes, and others. The Plasticizers segment dominated the market in terms of revenue in 2022. Plasticizers are among the most widely used additives in the plastic industry as they are utilized in the production of PVC which is further employed in various applications such as flooring, roofing, pipelines, and others. For instance, according to the Plastic Soup Foundation in 2021, the production of plastics accounted for 390 million tons and is expected to increase over the forecast period. Hence, the rising plastic industry contributed to the growth of the segment in the market.
Moreover, the acrylates segment is anticipated to witness significant growth over the forecast period. Oxo alcohols, such as 2-ethylhexanol and n-butanol, are key raw materials used in the production of acrylates, which are commonly used to produce adhesives, coatings, and plastics. Furthermore, the growing trend towards sustainable and eco-friendly products has led to a shift towards the use of bio-based oxo alcohol in the production of acrylates, which is expected to further boost the growth of oxo alcohol market.
By End Use Industry
Based on end use industry, the market is segmented into paints and varnishes, the plastic industry, automotive, and others. The plastic industry held the largest share of the market in terms of value due to the widespread use of oxo alcohol in the production of plasticizers. Plasticizers are additives that are added to plastic products to improve their flexibility, durability, and processability. These plasticizers are used in the manufacturing of various plastic products such as PVC products, construction materials, and automotive components. Therefore, the increasing demand for plastic products in various end-use industries accelerated the growth of oxo alcohol market.
Additionally, the automotive industry is expected to register the fastest growth rate in terms of CAGR over the forecast period. Oxo alcohols, particularly iso-butanol, and 2-ethyl-hexanol, are used in the production of fuel additives that enhance the combustion efficiency of engines and reduce harmful emissions. For instance, according to the International Energy Agency, in 2021, vans and cars accounted for about 8% of global direct Co2 emissions. With the increasing demand for fuel-efficient and eco-friendly vehicles, the use of oxo alcohol in the automotive industry is expected to grow, thereby driving the growth of the market.　
By Region:
Based on the region, the oxo alcohol market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Asia Pacific accounted for the largest market share in 2022 owing to the rapid industrialization and increasing demand for oxo alcohol in various end-use industries such as paints and coatings, plasticizers, and solvents. For instance, according to the Asian Development Bank in developing countries, the infrastructure need is expected to exceed USD 22. 6 trillion by 2030. The region is also the largest consumer of oxo alcohol, driven by the high demand for plasticizers in the production of PVC-based products such as pipes, cables, and films.
However, North America is expected to witness significant growth over the forecast period. The region has a well-established manufacturing sector, particularly in the US which is the largest consumer of oxo alcohol in the world. The increasing demand for oxo alcohol in end-use industries such as automotive, construction, and consumer goods, is expected to drive the growth of the market over the forecast period.
Oxo Alcohol Market Competitive Landscape:
The market is highly competitive, comprising numerous players operating in the industry. The players are focusing on strategic initiatives, such as mergers and acquisitions, partnerships, collaborations, new product launches, and capacity expansions to strengthen their market position and expand their global presence.
The following are the major key players operating in the oxo alcohol market:
• 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
Recent Developments:
• In April 2023, INEOS Phenol, a subsidiary of the multinational chemical company INEOS, acquired Mitsui Phenols Singapore Ltd to expand its portfolio in the oxo alcohol market.
• In June 2022, Perstorp recently launched 2-Ethylhexanol based on 25% renewable raw material using a traceable mass balance concept, aiming to reduce the carbon footprint throughout the value chain and expanding their Pro-Environment product portfolio that is ISCC PLUS-certified.
Oxo alcohol market size was valued at USD 18.38 Billion in 2022, registering a CAGR of 4.9% during the forecast period (2023-2030), and the market is projected to be worth USD 28.27 Billion by 2030.
Oxo alcohol is produced by adding carbon monoxide (CO), and hydrogen (H2) together to an olefin to derive an aldehyde. The result of the following reaction is an alcohol with a specific molecular structure, which is modified to produce various types of oxo alcohol. The most commonly produced oxo alcohol include butanol, 2-ethylhexanol, and isononyl alcohol.
Moreover, oxo alcohol is an important chemical that are used in the production of plasticizers that are added to plastics to enhance their properties such as flexibility and durability. Moreover, oxo alcohol is used in the production of paints and coatings, and adhesives, also it is used as intermediate chemicals to produce various other chemicals such as acrylates and acetates.
Oxo Alcohol Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | 28.27 billion |
| CAGR (2023-2030) | 4.9 % |
| Base Year | 2022 |
| By Type | Iso-Butanol, 2-Ethyl-Hexanol, n- Butanol, Octyl Alcohol F, and Others |
| By Application | Plasticizers, Solvents, Acrylates, Acetates, Fuel Additives, Lubes, and Others |
| By End-Use | Paints and Varnishes, Plastic Industry, Automotive, and Others |
| By Geography |
|
| 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 |
Market Dynamics:
Driver:
The growing demand for the usages of plasticizers that are used to make plastics more flexible, and durable is boosting the growth of oxo alcohol market. The use of plasticizers is increasing in various industries such as automotive, construction, and packaging. For instance, according to the European Plasticisers, a sector group of CEFIC, an average car consists of more than 12% plastic components and approximately 12% is made up of soft plasticizers.
Additionally, oxo alcohol is extensively used as a solvent in the construction industry as paints, coatings, and adhesives. For instance, according to a report published by Statista, in 2022, the construction market accounted for USD 6.4 trillion and is estimated to reach 14.4 trillion by 2030. Therefore, the abovementioned factors is driving the market growth.
Restraint:
The fluctuating prices of raw materials, such as propylene and n-butene, pose a significant restraint on market growth. These raw materials are crucial in the production process, and the prices are susceptible to various factors, including supply-demand imbalances, geopolitical events, and changes in crude oil prices. In addition, higher costs of raw materials lead to increased prices of the final product, thereby affecting the profitability of oxo alcohol producers and impeding the expansion of the market.
Opportunities:
The development of bio-based oxo alcohol made from renewable feedstocks such as vegetable oils and waste biomass pose a significant opportunity for the oxo alcohol market. Therefore, the rising awareness among consumers towards the environment and human health is urging manufacturers to produce bio-based chemicals. For instance, in October 2020, Perstorp, headquartered in Germany launched partly renewable carboxylic acids with a lower carbon footprint, based on biogas. The renewable oxo portfolio includes oxo aldehydes and alcohols. With the launch of the portfolio, consumers could expect the same quality as the existing products, along with the other additional benefits. These bio-based oxo alcohol are eco-friendly and sustainable, as a result, catering to the growing demand for green products.
Oxo Alcohol Market Segmentation:
By Type
The type segment is categorized into iso-butanol, 2-ethyl-hexanol, n- butanol, octyl alcohol F, and others. The 2-Ethylhexanol segment held the highest market share of the oxo alcohol market. The extensive use of 2-ethylhexanol in the production of plasticizers, coatings, and synthetic lubricants is driving market growth. Synthetic lubricants are used in applications where fire protection is required, particularly in areas where high speed and high wear rates are encountered, ideally in the automotive industry. For instance, as per the report published by Statista, in 2022 over 76% of the U.S. population have been reported to have access to cars. Therefore, the rising need for automobiles is driving the demand for oxo alcohol.
Moreover, the octyl alcohol F segment is anticipated to register the fastest CAGR in the oxo alcohol market over the forecast. In personal care and cosmetic products, Octyl Alcohol F is used as a fragrance ingredient, solvent, and emollient. The demand for personal care and cosmetic products is increasing globally owing to the changing consumer preferences towards natural and organic products. Therefore, the above mentioned factors are expected to boost the segment in the market.
By Application
Based on application, the market is divided into plasticizers, solvents, acrylates, acetates, fuel additives, lubes, and others. The Plasticizers segment dominated the market in terms of revenue in 2022. Plasticizers are among the most widely used additives in the plastic industry as they are utilized in the production of PVC which is further employed in various applications such as flooring, roofing, pipelines, and others. For instance, according to the Plastic Soup Foundation in 2021, the production of plastics accounted for 390 million tons and is expected to increase over the forecast period. Hence, the rising plastic industry contributed to the growth of the segment in the market.
Moreover, the acrylates segment is anticipated to witness significant growth over the forecast period. Oxo alcohols, such as 2-ethylhexanol and n-butanol, are key raw materials used in the production of acrylates, which are commonly used to produce adhesives, coatings, and plastics. Furthermore, the growing trend towards sustainable and eco-friendly products has led to a shift towards the use of bio-based oxo alcohol in the production of acrylates, which is expected to further boost the growth of oxo alcohol market.
By End Use Industry
Based on end use industry, the market is segmented into paints and varnishes, the plastic industry, automotive, and others. The plastic industry held the largest share of the market in terms of value due to the widespread use of oxo alcohol in the production of plasticizers. Plasticizers are additives that are added to plastic products to improve their flexibility, durability, and processability. These plasticizers are used in the manufacturing of various plastic products such as PVC products, construction materials, and automotive components. Therefore, the increasing demand for plastic products in various end-use industries accelerated the growth of oxo alcohol market.
Additionally, the automotive industry is expected to register the fastest growth rate in terms of CAGR over the forecast period. Oxo alcohols, particularly iso-butanol, and 2-ethyl-hexanol, are used in the production of fuel additives that enhance the combustion efficiency of engines and reduce harmful emissions. For instance, according to the International Energy Agency, in 2021, vans and cars accounted for about 8% of global direct Co2 emissions. With the increasing demand for fuel-efficient and eco-friendly vehicles, the use of oxo alcohol in the automotive industry is expected to grow, thereby driving the growth of the market.　
By Region:
Based on the region, the oxo alcohol market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Asia Pacific accounted for the largest market share in 2022 owing to the rapid industrialization and increasing demand for oxo alcohol in various end-use industries such as paints and coatings, plasticizers, and solvents. For instance, according to the Asian Development Bank in developing countries, the infrastructure need is expected to exceed USD 22. 6 trillion by 2030. The region is also the largest consumer of oxo alcohol, driven by the high demand for plasticizers in the production of PVC-based products such as pipes, cables, and films.
However, North America is expected to witness significant growth over the forecast period. The region has a well-established manufacturing sector, particularly in the US which is the largest consumer of oxo alcohol in the world. The increasing demand for oxo alcohol in end-use industries such as automotive, construction, and consumer goods, is expected to drive the growth of the market over the forecast period.
Oxo Alcohol Market Competitive Landscape:
The market is highly competitive, comprising numerous players operating in the industry. The players are focusing on strategic initiatives, such as mergers and acquisitions, partnerships, collaborations, new product launches, and capacity expansions to strengthen their market position and expand their global presence.
The following are the major key players operating in the oxo alcohol market:
• 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
Recent Developments:
• In April 2023, INEOS Phenol, a subsidiary of the multinational chemical company INEOS, acquired Mitsui Phenols Singapore Ltd to expand its portfolio in the oxo alcohol market.
• In June 2022, Perstorp recently launched 2-Ethylhexanol based on 25% renewable raw material using a traceable mass balance concept, aiming to reduce the carbon footprint throughout the value chain and expanding their Pro-Environment product portfolio that is ISCC PLUS-certified.
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| Företags | : $7460 |
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| Fleranvändare | : $5460 |
| Företags | : $7460 |
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