Oxo-Alcohol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024 | Growth From Plasticizer Applications

Oxo-Alcohol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024 | Growth From Plasticizer Applications

Oxo alcohols are used to form solvents, adhesives, lube oil and vinyl plasticizers. Plasticizers, which primarily act as a softening agent are used to transform the properties of PVC, into a flexible and elastic material. There has been an increasing demand for plasticizers for their utilization in PVC production.

According to European Plasticizers, a sector group of CEFIC, more than 85% of the overall produced plasticizer in Europe are used in durable flexible PVC applications. Automotive, construction and consumer electronics are among some major sectors that heavily rely on flexible PVC applications. Some other non-PVC applications of plasticizers include sealants, adhesives, rubber products, and coatings.

According to Global Market Insights, Inc., analysis report, global oxo alcohols market size is forecast to surpass US$20 billion by 2024.

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Increasing applications as flavors, solvents, and fragrances

2-methyl-2-butanol, n-butanol, 2-ethylhexanol, and 2-propylheptanol are among some key commercially available oxo alcohols. 2-ethylhexanol segment is predicted to grow steadily through 2024, on account of growing applications in products such as flavors, solvents, and fragrances in various end-use industries. It is also a major precursor to producing chemicals such as emollients and plasticizers.

Demand in printing inks and paint thinners

The iso-butanol is expected to witness demand owing to its utilization as a solvent in coating industries. Iso-butanol as a diluent in cellulose nitrate liquids improves the gloss, flow, and resistance from a rugged environment.

Owing to such functional benefits, there is an increasing demand for iso-butanol in printing inks, paint thinners, and fuel additives. The demand for various coating applications in the aerospace and automotive industries is likely to boost application scope of oxo alcohols.

Increased automotive production in North America

Oxo alcohols industry share from the lube oil additives application segment is anticipated to grow at a notable pace through 2024, owing to the constant demand for hydraulic fluids, gear oils, and robust lubrication systems in automobiles. A growing number of automotive service centers and workstations, due to the increased penetration of automobiles is expected to boost oxo alcohols consumption in lube oil additives.

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North America oxo alcohols industry share is slated to experience significant growth, owing to the growing penetration of electric vehicles and flourishing printing industry. As per PwC estimations, the revenue share of the U.S. printing industry in the global market is around US$160 billion yearly. Moreover, rapid urbanization, industrialization, and increasing automobile production, which are creating significant demand for PVC applications, should further complement the regional industry trends.

ExxonMobil, BASF, Evonik, Andhra Petrochemicals, Eastman Chemical, Dow Chemical, and LG Chem are some prominent brands in the global oxo alcohols market. Developments like n-butanol utilization as a biofuel, substitute for diesel fuel and gasoline is creating tremendous growth opportunities for these industry players. Reportedly, 85% strength butanol can be used in petrol-run cars without any change to the engine. Unlike 85% ethanol, it provides more energy due to its lower oxygen content which is almost like gasoline.

 

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