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Oxo Alcohols Market Size, Share, Forecasts to 2024 | BASF, Exxon Mobil, Dow, OXEA GmbH, Sasol, Eastman Chemical, LG Chem, Evonik
Oxo Alcohols Market
In Germany, a booming automotive sector has led to surging demand for lubricants, paints, and coatings. The regional; oxo alcohol market size will experience growth at 3.5% during the foreseeable timespan. Acetylene, ethylene, and propylene are some of the commonly used feedstocks in commercial synthesis of oxo alcohols. Fumes generated during the synthesis of oxo alcohols can have severe impact on both the environment and workers, which regulates its use in developed regions like North America and Europe.
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BASF, Eastman Chemicals, LG Chem, BAX Chemicals, Dow Chemicals, and Evonik are some of the key players constituting global oxo alcohols industry dynamics. These companies use different growth and expansion strategies such as collaborations, mergers, and acquisitions to boost their regional presence and gain a technological advantage. These players are also keen to shift their production bases to regions with abundant feedstock supply to minimize production cost.
Oxo alcohols are a class of organic chemicals that are extensively used in automotive, construction, and consumer goods industries. BASF Petronas, Eastman Chemical Company, ExxonMobil Corporation, The Dow Chemical Company, LG Chem, and Evonik Industries are few of the major suppliers of oxo alcohols market.
In February 2020, LP OxoSM SELECTORTM 10 Technology developed by Dow and Johnson Matthey had been selected by China’s Guangxi Huayi New Material Company Limited to manufacture butanol at a new facility. The LP OxoSM range of technologies has been licensed into numerous projects across 15 countries, constituting a majority of the global oxo alcohols capacity licensed over the past four decades.
It is estimated that global oxo alcohols market size will be worth more than US$22 billion by 2024. Explained below are some of the top trends fueling the oxo alcohols market in the near future.
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