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Oxo Alcohols Market to observe remarkable push over 2017-2024

Author : Ronak Bora | Published Date : 2019-05-07 

The Oxo Alcohols Market is set to grow from its current market value of more than $14.5 billion to over $20 billion by 2024; as reported in the latest study by Global Market Insights, Inc.

The robust expansion of pivotal end-use domains such as packaging and construction will undoubtedly steer oxo alcohols market along a profitable growth path. With the demand for plasticizers observing an increase in the construction, consumer goods, and automotive sectors, oxo alcohols industry size is certain to increase in the ensuing years, given that these hydrogenated aldehydes are primarily used to manufacture plasticizers such as dibutyl phthalate and diiso-octyl phthalate. Despite the fact that this business sphere is essentially not a niche vertical, the product is extensively demanded from numerous end-use domains, thereby providing a slew of avenues for the growth of oxo alcohols industry. Pertaining to its widespread requirement, in tandem with the vast expanse of its deployment spectrum, oxo alcohols market size was pegged at USD 14.5 billion in 2016.

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As per estimates, global plasticizers industry size was valued at a massive 7.5 million tons in 2016 and is likely to depict an upward growth potential in the years ahead. This comes as no surprise, given how massively plasticizers are deployed in the polymer industry. When added to polymers, plasticizers apparently decrease the molecular attraction between polymeric chains, making them much more durable and flexible. With the increasing demand for polymer products such as PVC (polyvinyl chloride) products, ester-based plastics, plasticizer-based concrete, and more from the wiring, cabling, and flooring sectors, it would be profitable for investors to pour in their coffers in oxo alcohols market in the coming years.

The plastic industry has been on a robust incline since the last decade, subject to the widespread product demand across a plethora of applications, which has been claimed to be a principal driving force behind the transformative oxo alcohols market outlook. In 2015, plastic production surpassed 322 million metric tons globally, 58 million metric tons out of which was manufactured in Europe alone. Driven by the profound deployment of plastics in the automotive, consumer goods, construction, packaging, and aerospace domains, plastic industry growth is slated to depict an extensive ascent in the years to come.

Oxo alcohols industry size from adhesives application during forecast period will witness growth of about 3%. These adhesives find wide application scope in bonding composite, ceramics, metal, rubber and plastic materials which are formulated in addition with polyurethane, epoxies, silicones, cyanoacrylate and polysulfides.

N-butanol market demand will show strong growth rates of over 5% by 2024 because of its extensive use for producing perfumes, paints, coatings, dye, synthetic resins and alkaloids. It also performs as a competitive renewable biofuel for use in combustion engines overcoming drawbacks from low carbon alcohols and bio-diesel with reduced emission and enhanced performance.

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U.S. oxo alcohols market size will impart strong gains surpassing USD 3.5 billion due to its seasonal boost in coatings demand for construction remodeling industry. Recent increase in federal infrastructural spending and tax cut in the country along with huge crude oil production & refining capacity should reinforce regional industry demand.

Oxo alcohols market share is competitive and moderately concentrated including industry players like BASF, LG Chem, Eastman Chemicals, Dow Chemicals, BAX Chemicals and Evonik. These market participants strategize on expanding their regional presence along with gaining technological advantage through partnerships, mergers & acquisitions. Companies are keen to shift their production bases in the regions with ample feedstock supply thus reducing production cost.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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