|International News: Global Oxo-Alcohol Market Overview 2018: Share, Size, Trends And Forecast to 2023
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The global oxo-alcohol market has witnessed a stable growth over the past several years. This can be accredited to the expanding applications of oxo-alcohols across various industrial verticals coupled with rapid industrialisation.
Oxo-alcohols refer to the alcohols that are produced by the oxo process, also known as the hydroformylation reaction. In this process an alkene is reacted with syngas (carbon monoxide and hydrogen) in the presence of a catalyst to produce aldehyde isomers which are then hydrogenated to produce oxo-alcohols. They usually have three to fifteen carbon atoms in their carbon chains and act as an important raw material for the manufacturing of plasticizers, ethers, acetates, adhesives and coatings, solvents, specialty chemicals, etc. A new research report by IMARC Group, ti tled “Oxo-Alcohol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global oxo-alcohol market reached a volume of around 7.4 Million Tons in 2017, registering a CAGR of 2% during 2010-2017. The report further anticipates the market to reach a volume of 8.3 Million Tons by 2023.
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Global Oxo-Alcohol Market Drivers/Constraints:
As plasticizers are used for making polyvinyl chloride (PVC) products, their demand in the plastic, automotive, packaging and construction industries is escalating, thereby driving the global oxo-alcohol market.
The development of chemical and polymer industries, growing manufacturing activities and rapid industrialisation, particularly in the emerging nations, are some of the other factors fuelling the demand for oxo-alcohol in the global market.
The fluctuating prices of the raw materials, namely crude oil and its derivatives, which are used in the manufacturing of oxo-alcohols can hamper the market growth. In addition, the strict environmental laws and regulations surrounding the oxo-alcohol industry can also restraint the growth of the market.