The global oxo alcohol market is projected to register a CAGR of 4.9% during 2023-2030, fueled by the growth of the plastic industry – major end-user sector for oxo alcohols. The demand for oxo alcohols is increasing due to its use as a plasticizer in various applications such as paints & coatings, adhesives & sealants, and construction materials.
Oxo alcohols are used as plasticizers in several end-user sectors such as automotive, packaging, and consumer goods. The growing demand for plasticizers from these sectors is driving the market growth of oxo alcohols. Additionally, the rising demand for sustainable products has led to an increase in the use of bio-based plasticizers which has further propelled the market growth of oxo alcohols.
Increasing Adoption of Bio-Based Oxo Alcohols
The rising environmental concerns have led to an increase in the adoption of bio-based oxo alcohols over petrochemical based ones. This shift towards bio-based products has been driven by government regulations across various countries that promote green chemistry and sustainability. Furthermore, technological advancements have enabled manufacturers to produce cost effective bio-based products which has further increased their adoption rate among consumers.
Asia Pacific is expected to be the fastest growing region in terms of consumption volume due to increasing demand from end user industries such as automotive and construction materials in countries like China and India. North America is also expected to witness significant growth due to increasing demand from automotive sector in US and Canada. Europe is also expected to experience steady growth due to increasing demand from packaging industry in Germany and UK.
Overall, with increasing demand for sustainable products coupled with technological advancements enabling cost effective production processes, it can be concluded that the global oxo alcohol market will experience significant growth during 2023-2030 period.