As cited by the research report titled ‘Global Oxo alcohols Market Size study, by Product (N-Butanol, 2-Ethylhexanol and Iso-butanol), By Application (Plasticizers, Acrylate, Acetate, Glycol Ether, Solvents, Adhesives and Lube Oil Additive) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global oxo alcohols market size was worth USD 17.5 million in 2020 and is projected to grow with a CAGR of 5%, eventually accumulating USD 24.62 million 2027.
 

Stringent federal policies, augmenting demand for high performance fuels, and rising usage of the product in downstream applications like aircrafts fuels, defense & military, and many other sectors are the major factors driving global oxo alcohols market growth.
 

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Growing developments and adoption in the changing landscape by the companies is positively swaying the industry dynamics as well. Moreover, advancements in aircrafts which use oxo alcohols as fuel is likely to enhance the market scope.
 

Speaking of negatives, fluctuation in the prices of raw materials is likely to hinder market progression over the estimated timeline of 2021-2027.
 

The report studies and entails the market segmentation such as product type and application scope in detail. Based on product type, global oxo alcohols industry is segmented into 2-ethylhexanol, n-butanol, and iso-butanol. Considering application range, the marketplace is bifurcated into acetate, plasticizers, acrylate, adhesives, solvents, glycol ether, and lube oil additive.
 

The geographical analysis of the worldwide oxo alcohols industry is studied for regions such as North America, Asia Pacific, Europe, and Latin America. Asia Pacific is likely to hold significant market share over the assessment period, owing to abundant availability of raw materials as well as low-cost labor in the region.
 

Prominent players influencing the industry dynamics are Andhra Petrochemicals Ltd., Eastman Chemical Co., Elekeiroz SA, Hanwha Solutions Corporation, Sasol Limited, BASF SE, Perstorp Group, Evonik Industries AG, OXEA Holding GmbH, LG Chem Ltd., and Dow Chemical Company.
 

These market majors are focusing on business-centric strategies such as mergers & acquisitions, innovative product launches, and R&D activities to acquire a competitive lead in this business space.