Alcohols prepared by adding CO coupled with hydrogen to olefin to extract aldehyde with hydroformulation reaction and further hydrogenating aldehyde is termed as Oxo Alcohol. Furthermore, this type of alcohol is mainly consumed as solvents. Besides this, they are used for producing paints, chemical manufacturing, plasticizers, coatings and adhesives and more. Moreover, plasticizers and acetates are considered as the key end user of the Oxo alcohols.
Growth in butyl acrylates and 2-eh acrylates has played an eminent role in the growth of the market. In addition, rising demand for the Oxo alcohol is felt in the Asia Pacific region. However, fast maturing product development process has hampered the market growth. Negative trends of DOP in regions such as North America and Europe have also hindered the development of the market. On the other hand, demand production gap in Asian countries including China is likely to create greater opportunities. Besides this, growing investment in the downstream market in Saudi Arabia would also open new avenues.
The Oxo alcohol market is segmented based type, application and geography. The types covered in the market research report include Isobutanol, N-butanol as well as 2-ethylhexanol. In addition, applications discussed during the study are plasticizer, acrylates, acetate, resins, solvents, glycol ethers and lube. Regions such as North America, Europe, Asia Pacific and LAMEA would experience tremendous growth.
Key market players active in the market are LG Chem, BAX Chemicals, Eastman Chemical Company, Dow Chemical Company, BASF Petronas, ExxonMobil Chemical Company, Qatar Petroleum, Andhra Petrochemicals, Arkema and Evonik Industries.
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