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Oxo Alcohol Market 2022 with (Covid-19) Impact Analysis: Growth, Latest Trend Analysis and Forecast 2030

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Oxo Alcohol Market 2022 with (Covid-19) Impact Analysis: Growth, Latest Trend Analysis and Forecast 2030

Oxo Alcohol Market is expected to get evaluated colossally at a modest CAGR during the review period of 2017-2023. Oxo alcohol is prepared by the reaction between olefin and syngas to obtain aldehyde, and further, the aldehyde is hydrogenated to obtain alcohol. Commercially, three types of oxo alcohols are used in industries, namely n-butanol, iso-butanol, 2-ethylhexanol, isononanol. They find application in acrylates, acetates, resins, plasticizers, solvents, lube oil additives, glycol ethers, and others.

Key Players:

DowDuPont (US), BASF SE (Germany), ExxonMobil Corporation (US), Eastman Chemical Company (US), Sasol (South Africa), Grupa Azoty ZAK SA (Poland), Ineos (UK), Formosa Plastics Corporation (Taiwan), and China Petrochemical Corporation (China) are some of the prominent players in the global oxo alcohol market.

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Oxo alcohol is used as a solvent and reacted with phthalic anhydride to form phthalates, which are further converted into vinyl plasticizers. These plasticizers have widespread applications in automotive, construction, and other end-use industries. Thus, growing use of plasticizers in these end-use industries is expected to drive the oxo alcohol market. Plasticizers also accounted for the largest and the fastest growing application segment in the oxo alcohol market in 2017.

Market Segmentation:

The Global Oxo Alcohol Market has been segmented on the basis of type, application, and region.

Based on type, the global oxo alcohol market has been divided into n-butanol, iso-butanol, 2-ethylhexanol, and others.

By application, the global oxo alcohol market has been segmented into acrylates, plasticizers, resins, acetates, solvents, lube oil additives, glycol ethers, and others.

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Regional Analysis:

The Global Oxo Alcohol Market has been studied across five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.

Asia-Pacific held for the largest and the fastest growing market in the global oxo alcohol market in 2017. The growing automotive and construction industries in this region have been major drivers for the growth of oxo alcohol market in Asia-Pacific. The application of oxo alcohol in paints, varnishes, coatings, and adhesives has increased their demand in these industries. Hence, the region is expected to show a strong growth during the review period.

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North America held the second-largest share in the global oxo alcohol market in 2017. The growth is attributed to the use of the product in plasticizers, which has widespread application in automotive, construction, and electronics industry. Established automotive and construction industries have positively affected the growth of oxo alcohol in the North American market. Thus, the North American market is expected to grow at a faster pace in the coming years.

The use of oxo alcohol in the pharmaceutical and agricultural industries are driving the market. In addition to this, the growing automotive industry, which is responsible for the high demand for oxo alcohol, is another important factor that has resulted in the growth of the market in this region. The European market is expected to show remarkable growth during the forecast period.

The growing use of oxo alcohol for making solvents and glycol ether has led to the rise in the demand for oxo alcohol in Brazil and other Latin American countries. Thus, the Latin American market is expected to show moderate growth for the oxo alcohol market in future years.

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