A Summary of the Oxo Alcohols Market Developments (2023 to 2033)
As per Future Market Insights, the oxo alcohols market is anticipated to attain a value pool of US$ 13 billion by 2022-end. Global demand for oxo alcohols is expected to rise at a CAGR of 5.8% to US$ 23 billion in 2033.
Data Points
Key Statistics
Expected Market Value in 2022
US$ 13 billion
Projected Market Value in 2033
US$ 23 billion
Growth Rate (2022 to 2033)
5.8% CAGR
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Increasing Use in Medical Industry: Fuelling Growth of Oxo Alcohols Market
Growth in the Automotive Industry: The automotive industry is a major user of oxo alcohols in the production of coatings, adhesives, and plasticizers. As the automotive industry continues to grow, the demand for oxo alcohols is also expected to increase.
Expansion of the Construction Industry: Oxo alcohols are used in the production of coatings, adhesives, and plasticizers that are used in the construction industry. With the growth of the construction industry, the demand for oxo alcohols is expected to increase.
Increasing Use in the Medical Industry: Oxo alcohols are used in the production of various medical products, including medical devices, pharmaceuticals, and personal care products. The growing demand for these products is expected to drive the growth of the oxo alcohols market in the medical industry.
Specialty Oxo Alcohols: Meeting the Growing Demand for High-Performance Products
Expansion into Emerging Markets: Emerging markets such as India, China, and Brazil have significant potential for growth in the chemicals industry. Oxo alcohols manufacturers can take advantage of this by expanding their operations into these regions and tapping into the growing demand for chemicals.
Increasing Use in the Renewable Energy Industry: Oxo alcohols are used in the production of biodiesel, a renewable source of energy. As the demand for renewable energy sources grows, the demand for oxo alcohols in the renewable energy industry is also expected to increase.
Development of Bio-based Oxo Alcohols: Bio-based oxo alcohols are derived from renewable sources such as plant oils, making them more sustainable and eco-friendly. The development of bio-based oxo alcohols presents an opportunity for manufacturers to cater to the growing demand for sustainable and eco-friendly products.
Collaboration with End-Use Industries: Oxo alcohols are used in a wide range of industries, including the automotive, construction, and medical industries. Collaboration with end-use industries can help manufacturers understand the specific requirements of each industry and develop products that meet their needs.
Development of Specialty Oxo Alcohols: Specialty oxo alcohols are tailor-made to meet the specific requirements of certain industries and applications. Developing specialty oxo alcohols presents an opportunity for manufacturers to cater to the growing demand for customized and high-performance products.
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Green Chemistry Principles: A Prominent Trend in the Oxo Alcohols Market
Rising Demand for Bio-based Products: As consumers become more environmentally conscious, the demand for bio-based oxo alcohols is increasing. Bio-based oxo alcohols are derived from renewable sources and are seen as a more sustainable alternative to traditional oxo alcohols.
Shift towards Higher Value-added Products: Manufacturers of oxo alcohols are shifting towards higher value-added products such as plasticizers, which offer better profit margins. The production of high-performance oxo alcohols is also gaining traction, as they offer enhanced properties such as improved durability and flexibility.
Adoption of Green Chemistry Principles: The adoption of green chemistry principles is gaining momentum in the oxo alcohols industry, with manufacturers looking to reduce the environmental impact of their products and processes. This includes the use of renewable raw materials and the development of more efficient production processes.
Increasing Use in Personal Care Products: The use of oxo alcohols in personal care products such as cosmetics and toiletries is on the rise.
Major factors driving the market are increasing demand from the paints & coating sector as it is majorly used as solvent in making paints & coatings, adhesives, lubricant additives and chemicals manufacturing.
However, high product cost and unfavourable conditions arising due to the COVID-19 outbreak are the major factors may hinder the growth of the market.
What is Driving Demand for Oxo Alcohols?
Oxo alcohols are chemicals produced by the reaction of olefins with syngas within the nearness of a rhodium catalyst. Oxo alcohols have a applications in a number of end use sectors. They serve as chemical intermediates, solvents and are utilized in paints, coatings, cements, etc.
Oxo alcohols act as pivotal crude materials for the fabricating of plasticizers, acetic acid derivations and ethers, which are a few of the imperative feedstocks for the chemical and fabricating companies. As these are used in variety of segments which are part of daily life, so that the market will continue the growth and above factors will drive the market.
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Demand & Role of Oxo Alcohols
A few key factors such as increasing industrialisation, in conjunction with the improvement of the chemical and polymer industry are impacting the worldwide demand for Oxo alcohols. Surging demand for plasticizers is one of the noteworthy variables driving the development of the market. Plasticizers upgrade compound handling characteristics, as well as make end-use items adaptable. Acetic acid derivations have broad applications across multiple end use areas.
Regularly, acetic acid derivations are utilized in paints, coatings, and a few ink strategies. Increasing demand from the acrylate is also one of the major factors behind the market growth however more research and developments are being conducted by manufactures to launch more efficient products in market. Moreover, the high cost of raw material and Covid-19 situation may restrain the growth of market for short time duration.
Asia Pacific Demand Market Outlook for Oxo Alcohols
Asia pacific region is the growing and prominent region and is a key hub of many end use industries which uses these alcohols. Growing countries like India, China, Japan and South Korea contribute major part in the production.
China is anticipated to be the largest consumer in Asia region and will continue to dominate the market in coming years. As these alcohols are being used in various industries like plasticizers, paints & coatings, adhesives so do the market is growing in region as these countries are leading in consumption as well as manufacturing process.
Europe Demand Outlook for Oxo Alcohols
This region has witnessed the steady growth for this market over the period as the consumption and production is increasing in the region. End use industries are witnessing the increasing demand for this alcohol. Key country markets driving demand for Oxo Alcohols in Europe include Germany, United Kingdom and France.
The paints and coatings, adhesives as well as industrial chemicals sectors are the key segments that are propelling the demand of Oxo Alcohols in the region. Although the pandemic situation has impacted domestic economies across various countries of the region on a significant level, the recovery is expected to be rather quick compared to other regions of the world.
Who are the Key Manufacturers and Suppliers of Oxo Alcohols?
Some key players in the oxo alcohol market which include
and Petronas (Malaysia). Although BASF is the major market player in this market. The key players are utilizing organic as well as inorganic growth strategies to increase their market share and leverage new opportunities.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
