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Revenue Pockets: Oxo Alcohols Market
Oxo alcohols are in high demand for use as industrial solvents because of their desirable properties. The end-user industry served by Oxo alcohols includes Acrylates, Glycol Ethers, Acetate, Lube, Resins, Solvents, Plasticizers, and others The major types of Oxo alcohols are N-butanol, 2-ethylhexanol, Isobutanol, and others.
Oxo alcohols are prepared from a two-step process. First step is to convert olefins to alcohols by reaction with syn gas (carbon monoxide & hydrogen) followed by hydrogenation of the resultant aldehyde. 2-ethylhexanol (2-EH) and n-butanol are the largest consumed type of Oxo-Alcohols accounting for over 70% of the production. China and the U.S. are at forefront of Oxo alcohols consumption, while Italy, Japan, and the Germany are other key markets for Oxo alcohols consumption. Increase in the consumption of Oxo alcohols for refrigeration, chemical processing and transportation has been observed in Asia-Pacific due to continued industrialization and rise in the manufacturing sector of the region.
The market of Oxo alcohols is forecasted to be around $20,977 Million in terms of value by 2020 growing at a CAGR of 5.5%. Oxo-alcohols are primarily consumed as solvents for preparing plasticizers, paints, coatings & adhesives, lubricant additives and in chemical manufacturing plasticizer is the largest end-user segment of Oxo alcohols followed by acrylates and acetates. China has been an export-oriented country; however, the growing domestic demand is expected to increase internal consumption of Oxo alcohol. And hence in the near future, this situation is about to change the country’s perspective as a result of which the demand for Oxo alcohol is expected to grow.
Oxo Alcohols Market by Type (N-Butanol, ISO Butanol, 2-Ethylhexanol), Application (Acrylates, Glycol Ethers, Acetates, Lube Oil Additives, Resins, Solvents, Plasticizers) - Global Trends & Forecast to 2020
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