Oxo Chemicals Market Industry Analysis, Technological Innovations, Trends, 2027
The global oxo-chemicals market is segmented by chemical type into n-butyraldehyde, is obutyraldehyde, propionaldehyde, heptanoic and pelargonic acids, branched oxo acids, c7-c13 plasticizer oxo alcohols and others; by form into solvent, intermediates, resins and others; by end-user industries into building and construction, automotive, paints and coatings, consumer goods and others and by regions. Oxo-chemicals Market is anticipated to mask a CAGR of 6.8% during the forecast period i.e. 2018-2027.
Oxo has divalent ligands that have the property of biodegradability on account of oxidative or cell mediated phenomenon that can take place simultaneously or successively. These chemicals are used in manufacturing or processing of oxo-alcohols that can be prepared by addition of hydrogen and carbon monoxide. These intermediate chemicals are formed by synthesis of gas with hydroformylation of olefins. These chemicals can also be converted to form acids besides alcohols. Oxo-chemicals can be used in manufacturing of wide range of products which include oil surface coatings, polymers, plasticizer alcohols and more which make them an attractive choice for a wide range of chemical manufacturers.
As a precursor to manufacturing polymers in automotive and OEM industries, North America is panned to observe substantial oxo-chemicals market growth due to rising oxo-chemicals usage in advancing automotive market. North America is expected to be followed by Asia-Pacific in terms of consumption due to expanding oxo-chemicals requirements in building and construction industries. On the back of multiplying oxo-chemicals uses in growing end-use industries across Japan, India and China, along with growing automotive advancements, Asia Pacific is budding as a regional oxo-chemicals and its derivatives consumption market.
Growing Construction and Building Industry
Advance in construction and building industry in the past few years and growing industrial, residential as well as commercial constructive explorations is projected to drive oxo-chemicals market besides the wide range of functions of oxo-chemicals in an immense range of products such as polymers, alcohols, acids, plasticizers, lubricants and more during the forecast period.
Increasing Paints and Coatings Demand
Rising paints and coatings industry along with textile industries are increasing the demand for glycol ethers, resins, acrylates and solvents that are easily available at low costs, are expected to drive the market during the forecast period. Rapid economic development with thriving manufacturing sector is expected to boost the Oxo-chemicals market in the Asia Pacific region.
However, concerns regarding handling of manufacturing wastes with increasing awareness regarding their impact on the environment are expected to serve as a key restraint in the growth of the oxo-chemicals market.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global Oxo-chemicals market which includes company profiling of BASF SE, The Dow Chemical Company, ExxonMobil Chemical Company, BAX Chemicals BV, LG Chem., Mitsui Chemicals America Inc., Andhra Petrochemicals, OXEA Group, Eastman Chemical and Evonik Industries. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global Oxo-chemicals market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.