North America Oxo Alcohols Market size exceeded USD 4 billion in 2019 and is predicted to register a growth of over 4.5% from 2020 to 2026.
Oxo alcohols are produced from hydroformylation reaction of alcohols and is primarily utilized in production of aldehydes from alkenes. Oxo alcohols, that are normally sold in market, are 2-methyl-2-butanol (2m2b), 2-ethylhexanol, 2-propylheptanol, and iso-butanol. Oxo alcohols are utilized as solvents in inks production, additive in cleaners, solubilizer in textile production, and as an extractant in pharmaceutical drug production.
Oxo alcohols are also applicable as solvents and chemical intermediates in production of plasticizers. The demand for printing inks and cleaning additives has increased in North America pertaining to rising trends like digital printing and lucrative packaging printing. This trend has proliferated the demand for solvents used for ink manufacturing.
Based on product types, the n-butanol product segment accounted for USD 1 billion revenue in 2019. N-butanol is manufactured by oxo process of propylene and is used as chemical intermediate in production of butyl acetate, esters, and amino resins. N-butanol is utilized for manufacturing paints, coatings, varnishes, oils, rubber, and plasticizers.
Utilization of butanol in industrial applications has increased owing to its rising use in industries including pharmaceuticals, chemicals, and plastics. Rising demand for polymers and plastic for applications in packaging, construction, and consumer goods should trigger the demand for n-butanol. Further, rising construction activities in North America owing to increasing government investment in developing infrastructure is expected to stimulate the market growth.
Acrylates are salts of acrylic acid and are produced from acrylic acid. Acrylates are utilized in wide range of applications including plastics, cosmetics, sealants, adhesives, and resins. Acrylates are mainly used in paints and adhesives owing to their excellent adhesion and flexibility characteristics. The demand for acrylates has increased owing to increasing demand for paints, adhesives, and coatings in construction and consumer goods industries. This rise in the demand for acrylates should propel the use of oxo alcohols for manufacturing acrylates. Also, growing construction industry in North America has also triggered the consumption of acrylate in paints and coatings, which is likely to boost the use of oxo alcohols in acrylate applications.
Consumption of paints, adhesives, and coatings has increased in Canada owing to growing residential, commercial, and industrial construction activities in the country. Construction industry in Canada has been driven by expanding cities and increase in number of houses being constructed. Further, growing investment by Governments of Canada in various infrastructure programs for improving community infrastructure facilities in Canada is likely to generate new opportunities for the construction industry. Such growth in the construction industry is likely to fuel the demand for paints, coatings, adhesives, and solvents, which should proliferate the Canada market growth.
North America oxo alcohols market share is significantly competitive with major players including BASF Petronas, Dow Chemical Company, Evonik Industries, Exxon Mobil Corporation, The Perstorp Group, Eastman Chemical, LG Chem, OXEA GmbH, Arkema, and Bax Chemicals B.V.