Global Oxo alcohols Market Size, Share and Industry Analysis Report by Product (N-Butanol, 2-Ethylhexanol and Iso-butanol), By Application (Plasticizers, Acrylate, Acetate, Glycol Ether, Solvents, Adhesives and Lube Oil Additive) Regional Outlook, Competitive Market Share & Forecast, 2021- 2027
The oxo alcohols market is set to grow at an exponential rate by 2027 on account of mounting demand for high performance fuels worldwide.
Oxo alcohols are generally used as starter materials in the manufacturing of automotive paints, solvents, lubricants, plasticizers, adhesives, and fuel additives. It offers great resistance against both high and low temperatures, which makes them versatile for use in the production of various chemical products, including paints and coatings. Increasing R&D activities focused on the development of efficient fuels have also fostered market adoption in recent years.
Furthermore, key industry players are actively employing lucrative techniques to tap into emerging marketplaces through partnerships, product launches, acquisitions, and so on, which have favorably impacted business dynamics. For instance, in January 2020, Evonik Industries, a leading chemicals company, established a new multi-purpose production facility for silicones manufacturing in Geesthacht, Germany. With the expanded production base, Evonik strengthened its adhesives and sealants solutions.
To cite another instance, in September 2021, Eastman Chemical Company, a global specialty chemicals corporation, announced the acquisition of Matrix Films, LLC, the PremiumShield performance films marketer. The acquisition allowed Eastman to expand its paint protection film pattern production capabilities and complement its automotive dealer base in Europe, North America, and the Middle East to support its growth in window films and paint protection films.
The oxo alcohols market has been bifurcated on the basis of application, product, and region. With respect to product, the market has further been classified into iso-butanol, N-butanol, 2-ethylhexanol, and others. The others sub-segment is projected to amass notable gains by 2027, registering a CAGR of around 3.6% over the forecast period.
Based on application, the market has been divided into acetate, solvents, plasticizers, glycol ether, adhesives, lube oil additive, acrylate, and others. The glycol ether sub-segment is set to expand at a CAGR of approximately 4.9% over the review period. The oxo alcohols market from the solvents sub-segment is slated to witness robust growth by 2027, progressing at above 4.6% CAGR through the assessment timeline.
The adhesives sub-segment is foreseen to grow significantly at a CAGR of more than 4.3% over the estimated timeframe. Meanwhile, the lube oil additive sub-segment is likely to showcase considerable growth at a CAGR of over 3.8% through the stipulated timespan. The others sub-segment is speculated to garner a sizable revenue by 2027, growing at nearly 4.2% CAGR over the analysis timeline.
From the regional point of view, the Latin America oxo alcohols market is anticipated to gain significant traction, expanding at a CAGR of almost 5.4% through the projected period. The Middle East & Africa oxo alcohols market is estimated to observe optimistic growth at a CAGR of about 5.1% over the study timeframe.
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