Markets and Markets' new report predicts that the market for Oxo alcohols will reach $20,976.6 million by 2020.
Oxo alcohols are prepared by reacting olefins with syngas (hydroformulation reaction) under low pressure in presence of rhodium catalyst. The resultant aldehyde is hydrogenated to give Oxo-alcohols. Various olefins such as ethylene, propylene, acetylene can be used as raw materials for preparation of different kinds of Oxo-alcohols. The commercially important Oxo alcohols are n-butanol, 2-ethylhexanol, isobutanol, isononyl alcohol, 2-propyl heptanol. The market of Oxo alcohols is forecasted to be around 12,963 KT in terms of volume in 2020 growing at a CAGR around 4.3%.
Oxo-alcohols are primarily consumed as solvents for preparing plasticizers, paints, coatings & adhesives, lubricant additives and in chemical manufacturing. The major end user industries of Oxo alcohols are air conditioning & refrigeration, chemical processing, transportation, and consumer goods The Oxo alcohols market has grown rapidly during the past few years and this trend is expected to continue in the next five years. The growth is mainly driven by the increasing demand in the Asia-Pacific region.
Asia-Pacific is the biggest market for Oxo alcohols followed by Europe and North America, which together accounted for more than 90.0% market share in 2014. China is the biggest market for Oxo alcohols, followed by United States, and is projected to grow at a CAGR of 7% between 2015 and 2020. The European market is comparatively mature with a consumption growth rate well below the average market growth. N-butanol and 2-ethylhexanol are the largest consumed Oxo alcohols with a combined market share of over 70%. Chemical processing is the largest end-user segment of Oxo alcohols followed by air conditioning and refrigeration.
The Oxo Alcohol Market is projected to grow at a CAGR of 5.53% to reach USD 20,976.6 million by 2020. This study aims to estimate the market of Oxo alcohols in 2015 and project its demand by 2020. This market research study provides a detailed qualitative and quantitative analysis of the Oxo alcohols market. It provides a comprehensive review of major market drivers, restraints, opportunities, winning imperatives, challenges, and key issues in the market. The market is further segmented and projected by regions—Asia-Pacific, North America, Europe and RoW, which are further segmented by key countries in each region. We have used different secondary sources such as encyclopedia, directories, and databases to identify and collect information useful for this extensive commercial study of Oxo alcohols. The primary sources that include experts from related industries and suppliers have been interviewed to verify and collect critical information as well as to assess the future prospects of Oxo alcohols.
