Oxo Alcohols Market to witness significant growth in 2024 owing to rising demand from lubricant, plasticizers, and adhesive manufacturers
Sellbyville, DE -- (SBWIRE) -- 04/21/2020 -- Global Market Insights, Inc., predicts that global oxo alcohols market size will reach US$20 billion valuation by 2024, with a substantial demand in plasticizers, adhesives, and lubricants. Plasticizers are used in the manufacturing of plastics used in automotive and construction applications. The inevitability of different plastics and polymer materials in myriad end-use industries will undeniably stimulate the demand for oxo alcohols.
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A strong demand for lubricants across manufacturing and automotive sector, especially in general and commercial transportation, will augment oxo alcohols market forecast in the near future. Synthetic lubricants have experienced increased popularity among manufacturers in recent years. These compounds act a dispersant in lubricants, resulting in improved operational efficiency.
Plasticizers application segment is estimated to hit US$8.5 billion by the end of the analysis timeframe. In addition to plasticizers and lubricants, these compounds are widely used in paints, coatings, and adhesives. Adhesives are among the few chemical compounds with application in almost every industry vertical. They are used in bonding ceramics, metal, composites, rubber, and plastic materials along with polyurethane, silicones, epoxies, polysulfides, and cyanoacrylates. Adhesives application segment will grow at 3% through 2024.
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N-Butanol, 2-Ethylhexanol, and Iso-Butanol, are the key oxo alcohol products. N-butanol is a major constituent in paints, coatings, perfumes, dyes, alkaloids, and synthetic resins. Overcoming some of the drawbacks of biodiesel and low-carbon alcohols, it serves as a competitive sustainable biofuel for combustion engines with improved efficiency and lower emissions. The N-butanol market will witness a healthy growth rate of 5% during the study period.
Glycol ethers are among the various intermediates obtained from oxo alcohols. Di ethylene glycol mono butyl ether is used in hydraulic brake fluids, tri ethylene glycol mono butyl ether finds wide use in the pharmaceutical sector as a non-volatile carrier, and ethylene glycol mono butyl ether is used in oil & gas sector. Surging demand for glycol ethers will foster overall oxo alcohols industry growth.
From a regional perspective, U.S. oxo alcohols market size will be worth more than US$3.5 billion by 2024. A number of coatings are highly used in the construction and remodeling sector. Recent upsurge in infrastructure expenditure in addition to a massive crude oil production and refining capacity will propel regional trends.
In Germany, a booming automotive sector has led to surging demand for lubricants, paints, and coatings. The regional; oxo alcohol market size will experience growth at 3.5% during the foreseeable timespan. Acetylene, ethylene, and propylene are some of the commonly used feedstocks in commercial synthesis of oxo alcohols. Fumes generated during the synthesis of oxo alcohols can have severe impact on both the environment and workers, which regulates its use in developed regions like North America and Europe.
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BASF, Eastman Chemicals, LG Chem, BAX Chemicals, Dow Chemicals, and Evonik are some of the key players constituting global oxo alcohols industry dynamics. These companies use different growth and expansion strategies such as collaborations, mergers, and acquisitions to boost their regional presence and gain a technological advantage. These players are also keen to shift their production bases to regions with abundant feedstock supply to minimize production cost.
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