Oxo Alcohol Market Finds Widening Application Resulting in Steady Growth
Increasing application of oxo alcohol in refrigeration, air conditioning, chemical processing, transportation, coatings, paints, adhesives, and lubricants continue to impact sales and overall growth of the oxo alcohol market. In addition, rising inclination of end use industries for polymer-based products coupled with growing importance for operational cost optimization is poised to complement the growth of the oxo alcohol market. To add, the use of oxo alcohol in downstream applications such as 2-Ehtyl Hexyl Acrylate and DEHP (Di-2-Ethyl Hexyl Phthalate) production is also expected to influence demand. These products facilitate enhanced fuel performance and reduced emission rates, which is fuelling their use in the petrochemical industry.
Plasticisers Likely to Account for a Major Share in the Oxo Alcohol Market
Use of oxo alcohol in manufacturing plasticisers is expected to increase at a significant rate supplementing the growth of the oxo alcohol market worldwide. Plasticisers are used as additives that enhance the fluidity or plasticity of material. They are widely used in producing polyvinyl chloride (PVC) products that find use in various industrial applications such as PVC films, flooring, cables, and wires. Moreover, plasticisers increase plasticity and viscosity when added to polymers, along with reduction in molecular attraction between present polymeric chains. This enhances the flexibility and durability of the polymer increasing their application in plasticiser based concrete, ester based plastics and flexible wallboard, consequently influencing demand for plasticisers and contributing to the growth of the oxo alcohol market.
Asia Pacific Oxo Alcohol Market to Remain Optimistic Albeit a Slight Dullness in the Past
Rapid industrialization across emerging economies in the Asia Pacific continue to boost the demand of oxo alcohol, given its use in manufacturing plasticisers that enhance compound characteristics and reduce water-to-cement ratio making them an apt choice in construction projects. Sale of oxo alcohol in developing countries is also influenced by its use in paints, coatings and adhesives that are used across a wide range of industries including but not limited to packaging, automotive manufacturing and energy.
Despite a slight slack in prices of oxo alcohol due to demand dullness in the past, the current scenario is expected to reflect an optimistic picture. For instance, significant rebound in prices of n-Butanol has induced positivity among oxo alcohol manufacturers. In China, post spring festival season has been favourable for oxo alcohol market and the prices are likely to remain buoyant in the coming period. Likewise, in India, increasing use of oxo alcohol from the coatings and paint sector has re-shaped its demand fundamentals in turn boosting the oxo alcohol market growth. Manufacturers of oxo alcohol can expect a volley of opportunities from Asia Pacific in the coming years, on the back of a favourable supply and demand scenario.
Global Oxo Alcohol Market: Competitive Scenario
A stable growth pace of the oxo alcohol market has encouraged several manufacturers to re-form their strategies apropos to pricing, investment, capacity expansion and geographical expansions in a bid to bridge the supply and demand gap. For instance, in 2021 Evonik announced expansion of its plasticiser portfolio. This strategy allows the company to introduce new generation innovative plasticisers that can be used for flexible PVC applications such as flooring, roofing membranes and cables. Likewise, in the same year, BASF introduced new catalyst range that will be showcased in EPCA (European Petrochemical Associations Conference). The company’s new oxo alcohol catalyst – Ni 3354E – can effectively produce IPA (Isopropyl Alcohol) through acetone hydrogenation. This oxo alcohol catalyst also allows producers of IPA to carry out operations at higher throughout temperatures and rates without selectivity drops in turn enhancing productivity. In June 2021, IOCL (Indian Oil Corporation Limited) has signed an MOU with Gujarat government for establishing oxo alcohol/ acrylics project. This project will manufacture Butyl Acrylate which is a key value added ingredient or coatings, paints, textile chemicals, adhesives and for the plasticiser industry. The investment in this expansion is INR 24,000 crore, which, along with the oxo alcohol project also includes the LuPech (Petrochemical and Lube Integration) project in Gujarat. Similarly, same year, Praj Industries received an order from IOCL (Indian Oil Corporation Limited) for execution waste water and water treatment system along with Zero Liquid Discharge for oxo alcohol project.
Few of the key players in the global oxo alcohol market include BASF Petronas, Evonik Industries, LG Chem, Andhra Petrochemicals, Dow Chemical Company, ExxonMobil Chemical Company, BAX Chemicals, and Arkema.
Global Oxo Alcohol Market is Segmented as Below:
By Distribution Channel
Key Elements Included In The Study: Global Oxo Alcohol Market
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