According to the research report titled ‘North America Oxo Alcohols Market Forecast 2026 by Product, Application, Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with Market Study Report, North America oxo alcohols market is anticipated to record a strong CAGR and reach a valuation of USD 5.5 billion by the year 2026.
 

Growing demand for chemicals and solvents across automotive, manufacturing, and paints & coatings sectors is a major factor driving North America oxo alcohols market growth.
 

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For the record, oxo alcohols are manufactured by the process of hydroformylation of alcohols and are used for producing aldehydes from alkenes. Widely available & used oxy alcohols are 2-ethylhexanol, 2-propylheptanol, and iso-butanol. Oxo alcohols are used as solvents in manufacturing inks, as solubilizer in production of textiles, as additive in cleansers, and as sorbent in production of medicinal drugs. Moreover, they can also be used as solvents and chemical intermediates in manufacturing plasticizers.
 

Based on product, North America oxo alcohols industry is segmented into n-butanol, 2-ethylhexanol, iso-butanol, and others. Among these, 2-ethylhexanol segment is likely witness a significant growth through 2026, owing to extensive use of the product in production of plasticizers and in manufacturing process of oil & gas, glycidyl ether, and rubber.
 

Considering application ambit, the marketplace is categorized into plasticizers, acetate, acrylate, glycol ether, adhesives, solvents, lube oil additives, and others. Among these, plasticizers segment accounted for USD 1.5 billion in 2019, on account of growing demand for pipelines, cables, wires, flooring, roofing membranes, and coverings. Plasticizers are chemicals that are used in manufacturing plastic and rubber to increase their flexibility during the process and allow for efficient material handling.
 

Speaking of regional scope, the United States oxo alcohols industry accounted for USD 3 billion in 2019 and is anticipated to showcase significant growth over the estimated timeline, due to flourishing construction, food & beverage packaging, and consumer goods sectors across the region leading to rise in demand for rubbers and plastics. Also, surge in resin production causing an increase in manufacturing of plasticizers will boost oxo alcohols consumption.
 

Prominent players influencing North America oxo alcohols industry trends are Bax Chemicals B.V., Arkema S.A., OXEA Holding GmbH, LG Chem Ltd., Eastman Chemical Company, The Perstorp Group, Exxon Mobil Corporation, Evonik Industries AG, Dow Chemical Company, and BASF Petronas Chemicals.