Biggest and Fastest Growing Market of 2-EH in Asia-Pacific
The 2-EH market is quite fragmented due to the presence of a large number of players. Asia-Pacific is the biggest market of 2-EH and is also the second fastest growing, after the ROW market. The market is expected to show a significant growth in the future and with this anticipation, more than 500.0 KT of upcoming capacities are in the planning phase. Various market players have integrated their plants so as to reduce the impact of external environment on plant economics.
Top six players accounted for about 36.8% of the global market in 2012. China Petroleum & Chemical Corporation (Sinopec, China) was the leading market participant with 7.6% and 360.0 KT of production capacity globally at the end of 2012. The company is among the major producers of chemical products in the world with segments including chemicals, refining, exploration & production, and marketing & distribution with its chemical products catering to various application industries such as the automotive, building & construction, electronics, plastic & polymers, and so on.
As a part of its business strategy, Sinopec focuses on its manufacturing and R&D. The company concentrates on high quality products by employing the latest state of art technology and continuously improving the efficiency of its operations. Sinopec places high importance on attracting, developing, and retaining skilled workforce. With its research and engineering institute it aims in improving its product profile and meets the demand of the market. Company emphasizes on development of quality and efficiency, technological progress, green and low carbon, people-orientation, and sustainable development. The company improves its operation by making joint venture with other giants in the market and gives them scope to expand their business in Asia-Pacific market.
OXEA GmbH (Germany) and LG Chem Ltd. (South Korea) were the second largest players with 6.3% of market share and 300.0 KT of 2-EH production capacity worldwide by the end of 2012. OXEA is dedicated to maintain its strong existence in oxo intermediates in its core markets of Europe and North America as well as globally while LG Chem concentrates on expansion projects to increase its production capacity.
In terms of development activities, Eastman Chemical Company (U.S.) and OXEA GmbH were the most active players from 2010 to 2013 with a share of 17.6% each of the total tracked development activities. In order to strengthen its market position and meet the increasing demand of 2-EH, Eastman Chemical Company undertook various expansion and acquisition activities. These companies emphasized to meet the demand of the market by adopting alternative manufacturing technology and create a strong position in the emerging market by achieving sustainable development.
Related Reports:
2-Ethylhexanol (2-EH) Market by Applications (Plasticizers, 2-EH Acrylate, 2-EH Nitrate, and Others) & Geography - Trends and Forecasts to 2018
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