NEW YORK, September 20, 2016 /PRNewswire/ --
Oxo chemicals are intermediates derived from oxo process, which converts olefins or alkenes into aldehydes. Primary olefins, such as ethylene and propylene, and syn gas undergo hydroformylation or oxo reaction in presence of a catalyst to produce aldehydes, which are further converted into alcohols, ethers, acids, etc. Chemicals produced from the hydroformylation or oxo process are commonly known as oxo chemicals. 2-ethylhexanol (2-EH), n-butanol, n- butyraldehyde and C6-C13 aldehydes are some of the most important oxo chemicals utilized commercially across various industries, such as manufacturing of plasticizers, acrylates, detergent alcohols, glycol ether etc. in construction/remodeling, packaging, automotive, coatings, paints and other end use industries. Global oxo chemicals industry is witnessing large investments by leading global players, as a result of which, the global oxo-chemicals industry has continued to register increased production output over the past five years. Expanding sales channel of major global players is projected to aid global trade of oxo chemical products, thereby steering the global oxo chemicals market through 2025.
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Oxo Chemical Market: Drivers and Restraints
Global oxo chemicals market is primarily driven by the growing demands for oxo products in plasticizers manufacturing industries as plasticizers account for the largest share in the global oxo-chemicals market. Rising application of oxo alcohols and aldehydes in coating and plastics manufacturing industries coupled with increasing demand for water based coatings in automotive, construction and remodeling sectors is propelling the consumption of oxo chemicals worldwide. Oxo chemicals, such as 2-Ethylhexanol, n-Butyraldehyde and Isobutyraldehyde, are used in production of specialty chemicals in large quantities. Consequently, surging demand for specialty chemicals across various downstream industries is anticipated to steer the oxo chemical sales globally. Additionally, robust growth of global packaging, construction and automotive sector is fueling the demand for oxo chemicals for manufacturing plasticizers, adhesives, polymers and other products. Fluctuating raw material prices and rising government regulations regarding phthalate free plasticizers, especially for manufacturing medical products and toys, are the major challenge faced by the global oxo chemicals industry, which restrict the growth of oxo chemicals market globally. In order to overcome these challenges, oxo chemicals manufacturers need to invest in new technologies to reduce the emission of volatile compounds.
Oxo Chemicals Market: Segmentation
Based on end use applications, global oxo chemical market is segmented as:
Oxo Chemicals Market: Overview
The Global Oxo Chemical Market was valued at around USD13.76 billion in 2015 and is anticipated to grow at a robust pace during 2016-2025. Growing consumption of oxo chemicals in manufacturing of plastics, acrylates, glycol ethers and other chemicals in automotive, food packaging, pharmaceutical and cosmetic industries, is accelerating the growth of oxo chemical market globally. Hydrogenation or oxo process is used to produce a wide range of oxo chemicals such as alcohol, acids, ether and esters, thereby providing an economical and efficient process for the production of various chemicals. Plasticizers are majorly used to increase plasticity or fluidity of polymers, owing to which, utilization of plasticizers plays a vital role in dynamics of the polymer industry. Growth of global polymer consumption is generating strong demand for oxo chemicals. Moreover, expanding global construction and remodeling sector generate augmented demand for acrylates and glycol ether, which in turn is driving the sales of oxo chemicals in these industries. Rising government and private investments in the construction sector is expected to drive the global oxo chemicals market during the forecast period.
Oxo Chemical Market: Region-wise Outlook
Asia Pacific controls the largest share in the global oxo chemicals market on account of increasing production capacities of end user industries and rising application areas for oxo chemicals in the manufacturing sector. China and Japan are the largest demand generators for oxo chemicals in Asia-Pacific region owing to strong industrialization and rising urbanization which is expected to further boost the sales of oxo chemicals in the region. Asia-Pacific region is projected to continue dominating the global oxo chemicals market over the coming years due to rapid growth of construction, pharmaceutical, food packaging and OEM industries in the region. Europe and North America are also expected to witness robust growth in demand for oxo chemicals over the next nine years. Large investments in construction sector coupled with industrial expansions are the prime factors that drive the demand for oxo chemicals and intermediates. Additionally, mounting demand for oxo alcohols for manufacturing of glycol ether and solvents in textiles and pharmaceuticals is boosting the demand for oxo chemicals across the globe.
Regional analysis includes
Oxo Chemical Market: Key Players
Key players in the Global Oxo Chemical Market include Oxea GmbH, BASF SE, Eastman Chemical, Dow Chemical, ExonnMobil Company, Evonik Industries, among others.
The report covers exhaustive analysis on:
"Global Oxo Chemical Market Forecast & Opportunities, 2025" has analyzed the potential of the global oxo chemical market and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.
Report Highlights:
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