According to a research report published by Spherical Insights & Consulting, the global oxo alcohols market size was valued at $20 billion by 2021 and the global oxo alcohols market size is expected to reach $31.02 billion USD by 2030. Key vendors in the global Oxo alcohols market include LG Chem, BAX Chemicals, Eastman Chemical Company, Dow Chemical Company, BASF Petronas, ExxonMobil Chemical Company, Qatar Petroleum, Andhra Petrochemicals, Arkema, and Evonik Industries.
New York, United States, Feb. 21, 2023 (GLOBE NEWSWIRE) — The Global Oxoalcohols Market Size to grow from $20 billion in 2021 to $31.02 billion in 2030, at a compound annual growth rate (CAGR) of 5% during the forecast period. During the forecast period, the demand for oxoalcohols in the market will increase due to the increase in demand for acrylate and the application of oxoalcohols, which are used to manufacture acrylate polymers. Favorable market conditions are emerging due to increased demand for Oxo alcohols in various sectors, including consumer products, construction and the automotive industry.
Global economy: The analysis of the increased risk of recession and the impact of the war of the conflict between Russia and Ukraine we have added to the final report of the premium.
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Impact analysis of COVID-19
The COVID-19 pandemic has had an adverse impact on credit portfolios. There has been an unprecedented increase in unemployment and a disruption of economic activity, which has put pressure on the solvency of customers and businesses. Central banks have taken a proactive approach by injecting liquidity into the market through interest rate cuts and asset purchase programs. Managing and monitoring credit, market, liquidity and operational risk in the financial markets was difficult enough with ongoing geopolitical tensions, international trade wars and the occasional hurricane and earthquake. The current pandemic situation has forced risk managers and their teams to recalibrate the old assumptions and models used to manage and control risk. The global impact of COVID-19 has shown that interconnectedness plays an important role in international cooperation. As a result, many governments began to rush to identify, evaluate and procure reliable AI-powered solutions.
Explore key industry statistics spread over 200 pages with 147 market data tables and figures and charts in the report “Global Oxoalcohols Market SizeImpact Analysis, Share and COVID-19 by Type (N-Butanol, 2-Ethylhexanol, Isobutanol and Others) by Application (Plasticizers, Acrylate, Acetate, Glycol Ether, Solvents, Adhesives, Lube Oil Additive and Others) by end-use (paint and ink, textile, chemical, pharmaceutical and others) and by region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), analysis and forecast 2021-2030. in detail together with the table of contents.
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The 2-Ethylhexanol segment accounts for the largest market size during the forecast period
On the basis of type, the oxoalcohol market is classified into N-butanol, 2-ethylhexanol, isobutanol, and others. The 2-Ethylhexanol segment accounts for the largest market size during the forecast period. During the forecast period, the 2-Ethylhexanol segment is expected to maintain its leading position due to the increasing use of 2-Ethylhexanol in the petrochemical sector, which helps reduce emission rates while improves fuel efficiency, product demand for 2-ethylhexanol. It is expected to expand over the forecast period. It is a colorless liquid known as 2-ethylhexanol that has poor solubility in water but high solubility in most organic solvents. It plays an important role in the manufacture of 2-ethyl hexyl acrylate and di-2-ethyl hexyl phthalate and other downstream uses (DEHP).
The plasticizers segment will maintain a higher CAGR during the forecast period
On the basis of application, the oxoalcohol market is classified into plasticizers, acrylate, acetate, glycol ether, solvents, adhesives, lubricating oil additive, and others. The plasticizers segment will maintain a higher CAGR during the forecast period. During the forecast period, the plasticizers segment is expected to maintain its leading position while expanding at the fastest CAGR as they are used as additives to improve the plasticity or flowability of a product. Plasticizers dominate the market because they have a strength in the polymer sector. Most plasticizers are used to make polyvinyl chloride (PVC) products that are used in a variety of applications, including flooring, PVC film, and wire and cable. Since plasticizers make polymers more flexible and durable by increasing their viscosity, plasticity, and decreasing the molecular attraction between polymer chains, the demand for PVC, flexible boards, plasticizer-based concrete, and plastic-based of esters increase the market value of oxo. alcohol over the next few years.
The textile segment will maintain a higher CAGR during the forecast period.
On the basis of end use, the oxo alcohols market is classified into paint and ink, textile, chemical, pharmaceutical, and others. The textile segment will maintain a higher CAGR during the forecast period. During the forecast period, the textile segment is expected to maintain its leading position while expanding at the fastest CAGR owing to its significant demand from end-user sectors. The use of oxoalcohols in textiles is cheap and durable.
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Asia Pacific is estimated to account for the highest market share in 2022.
The global oxo alcohols market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. Demand for Oxo alcohols is being driven by growing market acceptance. The market for Oxo spirits was dominated by the Asia Pacific region mainly because the region has less laws than North America and Europe, which is driving the expansion of the business. Due to the great industrialization, there is a very high demand for oxyalcohols in China. In China there is a strong demand for coatings, paints, adhesives and varnishes, as well as greater investment in regional buildings. Also, the vehicle industry is expanding and uses a lot of lubricants. Oxoalcohols market is expected to develop at a faster pace during the forecast period due to these factors, low cost production and loose government restrictions. North America will maintain higher CAGR during the forecast period.
Competitive Analysis:
The report provides adequate analysis of the key organizations/companies involved in the global market along with a comparative assessment primarily based on their product offering, business overview, geographical presence, business strategies, segment market share and SWOT analysis. The report also provides elaborate analysis focused on current company news and developments, including product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances and others. This makes it possible to assess the overall competition within the market. Key vendors in the global Oxo Alcohols market include LG Chem, BAX Chemicals, Eastman Chemical Company, Dow Chemical Company, BASF Petronas, ExxonMobil Chemical Company, Qatar Petroleum, Andhra Petrochemicals, Arkema, Evonik Industries and others.
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