Oxo chemicals are intermediate and derivative chemical compounds which are characteristically used in chemical and manufacturing processes of paints, plasticizers, coatings, adhesives and lubricant additives. They are formed by hydroformylation of olefins with a synthesis gas, which is a universal route to C3-C15 aldehydes, which are further converted to alcohol, acids and other complex compounds. As these oxo chemical play a vital role in manufacturing of various types oif surface coating, polymers and solvents, they are an integral part of construction, automotive and OEM inudsry. Furthermore, oxo chemicals are the most important ingredient for the manufacturing of plasticizers, which in turn are a constitutive part of automotive, plastics, cables and wires industry. Propylene-derived n-butyraldehyde and isobutyraldehyde are the most prominent oxo chemical in terms of volume sales, particularly due to rising consumption their alcohol derivatives in plasticizer industry.
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With the reviving economies of developed nation coupled with ever rising industrial infrastructure among the third world countries, demand for oxo chemicals is forecasted to steadily increase over the forecast period
Photoresist Chemicals Market: Drivers and Restraints
The global oxo chemicals market is projected to grow at a moderate growth rate as the market for construction, automotive production, and original equipment manufacturer (OEM) rises. Thus, the market shows high dependency on global economic conditions, and with rising economies of Asia Pacific and reviving economies of North America and Western Europe, demand for oxo chemical is set to increase. Furthermore, the ever growing applications and demand for plasticizers is anticipated to bring significant revenues to the global oxo chemicals market. Substituting DEHP plasticizers with DOTP, might shift market dynamics among various product types, however, these factor are also anticipated to fuel the overall demand. Amid rising number of textiles, paints and coatings manufacturing unitsu, demand for acrylates, glycol ether, resins and solvents is on the rise, further pushing the demand for oxo chemicals.
However, rising environmental concerns is anticipated to affect the manufacturers regarding handling of manufacturing wastes, and might affect profitability margins to some extent. Furthermore, rising stringent environmental regulation in Westren Europe is likely to affect the demand for oxo chemicals in the region
Photoresist Chemicals Market: Region Wise Outlook
The global oxo chemicals market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). APEJ and North America together accounts for more than half of the Global Oxo Chemical market, which is being closely followed by Western Europe. The developed nations of North America, Western Europe and Japan caters most diverse demand for different oxo chemicals, with all product types having prominent share in the demand scenario of the regions. Alcohol derivatives of n-butyraldehyde, is anticipated to witness furiously rising demand from India, China, Taiwan, North Korea and Singapore, during the forecast period. Growing infrastructure in MEA and Latin America is also expected to drive demand for oxo chemicals in these regions, and the aforementioned regions are anticipated to witness significant CAGR over the forecast period
Oxo Chemicals Market: Key Players
- The Dow Chemical Company
- BASF SE
- BAX Chemicals BV
- ExxonMobil Chemical Company
- Mitsui Chemicals America Inc.
- LG Chem
- OXEA Group
- Andhra Petrochemicals
- Evonik Industries
- Eastman Chemical
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