The global 2-ethylhexanol market set to exhibit an impressive CAGR of 6.2% During the forecast period (2020–2027) reports Market Research Future (MRFR). In 2020, the market has valued at more than USD 4 Bn. 2-ethylhexanol is a sought-after industrial material. Because of its low volatility, the product is used in baking enamels that require easy gloss and flow. As solvent it has excellent compatibility, displaying features of high reactivity as a chemical intermediate.
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Increased use of waterborne acrylic products as an alternative to solvent-based products dur too the stricter emission regulation is reflecting favourably on the global 2-ethylhexanol market. Moreover, waterborne coatings are also gaining traction owing to their superior characteristics. They have several advantages such as reduced solvent exposure, less hazardous waste disposal & associated costs and soap clean-up.
2-ethylhexanol’s impressive reactivity as an intermediate and characteristics such as quick dispersing, wetting, defoaming and slow evaporation makes it a preferred ingredient for adhesives, sealants, paint, construction chemicals, lubricants, plasticizers among others. End-use industries such as construction, automotive and paints & coatings are posting a higher demand for 2-ethylhexanol. The chemical sector is one of the largest consumers of 2-ethylhexanol. Growth of the chemical industry is providing an impetus to the global demand for 2-ethylhexanol. In 2020, the size of chemical sector reached USD 5,000 Bn.
MRFR’s report includes a detailed segmental analysis of the global 2-ethylhexanol market on the basis of application and region.
By application, the market has been segmented into 2-ethylhexyl nitrate, ethylhexyl acrylate, plasticizers and others. Of these, the plasticizers segmented is likely to witness a relative higher growth during the forecast period. Much of the growth for the segment is expected to come from the extensive usage of plasticizers in additive. Moreover, the plasticizers are also used for polyvinyl chloride (PVC) applications. Plasticizer for PVC accounts for nearly 90% of overall 2-ethylhexanol production.
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Some of the prominent players in the global 2-ethylhexanol market are BASF SE (Germany), Sinopec (China), Eastman Chemical Company (US), Formosa Plastics Corporation (Japan), LG Chem (South Korea), OXEA GmbH (Germany), Mitsui Chemicals, Inc. (Japan), China National Petroleum Corporation (China), Elekeiroz (Brazil), SABIC (Saudi Arabia), Nan Ya Plastics Corporation (Japan), INEOS (UK), and Arak Petrochemical Corporation (Iran).
Global 2-Ethylhexanol Market: Regional Segmentation
On the basis of region, the market has been segmented into Europe, North America, Asia-Pacific, the Middle East & Africa (MEA) and Latin America. In terms of revenue, the APAC is expected to lead the global 2-ethylhexanol market during the projection period. Industrial growth, economic boom and urbanization are the key forces propelling the market in the region. The massive plasticizer industry in the region is the primary driver. The shift towards China for manufacturing needs has channelized the global supply in the same direction. APAC is followed by North America and Europe respectively. These regions are expected to present highly profitable markets for 2-ethylhexanol during the forecast period. Widespread application of 2-ethylhexanol in industries such as plastic, chemicals and paints and coatings remains a major driver. The market is the Middle East is also expected to witness an impressive growth but from a lower base.
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Industry News Updates
German chemical giant BASF SE is reportedly planning a massive investment in India in association with a home-grown player Adani Group. Both the companies have recently signed a MoU to assess the potential of the joint investment in acrylics value chain. If everything goes well, BASF and Adani would become shareholders of a €2 billion worth joint venture with the former holding the majority stake.
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