Europe Oxo Alcohols Market size surpassed USD 4.5 billion in 2019 and is estimated to witness over 4% CAGR from 2020 to 2026.
Oxo alcohols are alcohols that are produced through oxo process, a hydroformylation reaction. Oxo process is primarily used in production of aldehydes from alkenes. These are produced by adding carbon monoxide and hydrogen to olefin, which results in generation of aldehyde. Aldehyde produced after the process, undergoes hydrogenating process which results in oxo alcohols.
Oxo alcohols generally have three to fifteen carbon atoms and are transparent liquid. Some of key oxo alcohols available commercially are n-butanol, 2-methyl-2-butanol, 2-ethylhexanol, and 2-propylheptanol.
Oxo alcohols are used in production of plasticizers and as solvents and chemical intermediates. 2-Ethylhexanol, an oxo alcohol, is utilized in specialized plasticizers such as phosphates and adipates, which are used in applications where high temperature resistance is required. Some oxo alcohols can also be utilized in manufacturing of acrylate and copolymers for pressure sensitive applications.
Acrylates, also referred as acrylics, are a type of vinyl polymer and are produce from acrylate monomers. Acrylates are popular among companies owing to its transparent, elasticity, and breakage resistance. Acrylates are used in coatings, paints, adhesive, and thickeners as these reduce the softening temperature as well as hardness.
Acrylate monomers enhance adhesion and flexibility of chemicals used in paints and adhesives. The demand for acrylate has soared in recent years pertaining to rising demand for artist paints, house paints, and emulsion. Rise in the demand for such product should accelerate the utilization of oxo alcohol in acrylate production.
The N-Butanol segment in the Europe oxo alcohols market is anticipated to register a growth rate of 4.5% between 2020 and 2026. n-Butanol is a four-carbon primary alcohol and is produced by oxo process of propylene, which results in formation of butyraldehyde n-butanal.
Butyraldehyde n-butanal is then hydrogenated to obtain butanol. N-butanol can be utilized in production of butyl acetate and amino resins, in such process n-butanol is mainly used as chemical intermediate. It can also be used as solvent for coatings, paints, varnishes, and plasticizers. There has been an increase in the number of construction activities in European countries, which has bolstered the consumption of solvents and plasticizers used in construction applications.
The construction industry in United Kingdom has been increasing owing to rising housing and commercial construction activities in the country. Further, there has been an increase in the number of repair and maintenance activities, which has also stimulated the UK construction sector, which should accelerate the demand for plasticizers, coatings, paints, and adhesives for construction applications.
The European market share is significantly competitive with major players including Dow Chemical Company, BASF Petronas, The Perstorp Group, Exxon Mobil Corporation, Evonik Industries, Eastman Chemical, OXEA GmbH, Zaklady Azotowe Kedzierzyn, and Bax Chemicals B.V.