According to TechSci Research report, “Oxo Alcohol Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Oxo Alcohol Market stood at USD 11.23 billion in 2022 and is anticipated to grow with a CAGR of 3.84% in the forecast period, 2023-2028. The initiatives taken by government based on Oxo Alcohol has led to favorable market conditions for the Global Oxo Alcohol Market. Several factors contribute to the growth of various Oxo Alcohol products.While specific governmental initiatives directly targeting the oxo alcohol industry may not be plentiful, there are broader strategies in place aimed at reducing crude oil imports, promoting sustainable chemical production, and supporting the growth of industries where oxo alcohols are utilized. These strategies indirectly impact the market by creating a favorable environment for the industry to thrive.
For instance, as reported by The Economic Times, the Prime Minister recently announced decisive steps to reduce crude oil imports by 10 percent. This initiative demonstrates the government’s commitment to reducing dependency on imported crude oil and exploring alternative fuel options. As a result, the demand for alternative fuels, such as biofuels, is expected to rise. In this context, oxo alcohols like n-butanol play a significant role as they are commonly used in the production of biofuels.The government’s focus on reducing crude oil imports not only contributes to energy security but also aligns with sustainability goals. By promoting the use of alternative fuels and supporting industries where oxo alcohols are incorporated, the government is fostering a more sustainable and environmentally friendly future.
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With the increasing emphasis on sustainability, there has been a heightened focus on the development of bio-based oxo alcohols. Advances in biotechnology have facilitated the production of oxo alcohols from renewable resources, thereby reducing reliance on fossil fuels. This development aligns with global endeavors to transition towards greener and more sustainable industrial practices. The chemical industry has witnessed a profound impact from the digital transformation, particularly in the oxo alcohol market. Technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and big data analytics are being leveraged to optimize production processes, enhance supply chain management, and improve product quality. Real-time monitoring of production processes, predictive maintenance of equipment, and efficient inventory management are facilitated by these technologies, which in turn contribute to the market’s growth.
Global Oxo Alcohol Market is segmented into type, application, regional distribution, and company
Based on its type, the 2-Ethylhexanol segment held the largest share in the market. The 2-Ethylhexanol is a clear, colorless, mobile, and neutral liquid with low water solubility, but it exhibits high solubility in most organic solvents. It possesses a characteristic odor, making it easily recognizable. Apart from its chemical properties, 2-Ethylhexanol plays a crucial role in the manufacturing of 2-Ethyl Hexyl Acrylate and Di-2-Ethyl Hexyl Phthalate (DEHP). These derivatives are specifically designed to lower emission rates and enhance fuel efficiency, contributing to a greener and more sustainable future. Given its significance in the petrochemical industry, 2-Ethylhexanol experiences widespread usage. According to the India Brand Equity Foundation, the production volumes of petrochemicals in India witnessed a notable increase, reaching 1,877,907 MT in December 2021 from 1,716,781 MT in August 2021. This upward trend in production is expected to drive the demand for 2-Ethylhexanol products, thereby positively impacting the growth of the Oxo Alcohol market over the forecast period. By leveraging the unique properties of 2-Ethylhexanol and its derivatives, the petrochemical industry can continue to thrive while striving for environmental sustainability.
Based on region, Asia Pacific segment is expected to grow during the forecast period. The significant growth of oxo alcohols can be attributed to the thriving construction, automotive, and electronics sectors in countries such as China, India, Indonesia, Malaysia, and others. One of the primary reasons for this growth is the reduced emission of volatile organic compounds, which contributes to the development of eco-friendly products. Oxo alcohols find extensive use in the production of glycol ether, solvents, adhesives, lube oil additives, oil mining, chemicals, perfumes, synthetic resins, crop protection products, paints & coatings, and more.
These versatile products are widely employed across various industries, including electronics, construction, automotive, and others. For instance, according to the Japan Electronics and Information Technology Industry Association, the electronic industry in Japan recorded a total production value of US$8232.29 million (1,099,104 million Yen) in March 2022. Additionally, the China Association of Automobile Manufacturers reported that the total production of cars in China reached around 1,205,000 units in April 2022.
Considering the continuous growth of the electronics, automotive, and other sectors, the demand for the Oxo Alcohols market is expected to experience a steady increase during the forecast period. This trend is driven by the ongoing expansion of these industries and their reliance on Oxo Alcohols for various applications.
Major companies operating in Global Oxo Alcohol Market are:
- LG Chem Ltd.
- BAX Chemicals BV
- Eastman Chemical Company
- Dow Chemical Company
- BASF SE
- Petronas International Corp Ltd
- ExxonMobil Chemical Company
- Qatar Petroleum Development Company
- Andhra Petrochemicals Ltd.
- Arkema SA
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“Growing application of Oxo Alcohol in various end user industries are key drivers of the Oxo Alcohol market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of Oxo Alcohol with every passing year are anticipated to register an impressive growth to Global Oxo Alcohol Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Oxo Alcohol Market By Type (2-Ethyl Hexanol, n-Butanol, and Iso-Butanol), By Application (Plasticizer, Acrylates, Acetate Esters, Resins, Solvents, Glycol Ethers, Lubricants Additives, Surfactants, Stabilizers, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Oxo Alcohol Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Oxo Alcohol Market.
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