Surging demand for plasticizers and solvents is one of the significant factors influencing the market growth.
Alcohols Market Size – USD 13.65 billion in 2018, Growth - CAGR of 5.3%, Trends – Growth of the end-user industries in the APAC region
The global Alcohols Market is expected to reach USD 21.91 Billion by 2027, according to a new report by Reports and Data. The growth of the market is owing to the growing application of Alcohols among the end-user industries.
The Alcohols market is expected to grow in the future due to increasing demand for specialty chemicals, particularly in end-use industries such as plastics, coatings, and personal care. Additionally, the growth of the global economy and increasing consumer spending on personal care and cosmetic products is also driving the demand for Alcohols.
Furthermore, the increasing demand for bio-based chemicals, such as bio-based Alcohols, is also expected to drive market growth. This is due to the growing concern for environmental sustainability and the need for more environmentally-friendly alternatives to traditional chemicals.
Technological advancements and innovations in production processes are also expected to contribute to the growth of the Alcohols market. In addition, the growth of the downstream industries, such as the plastic and paint industries, is expected to create new opportunities for the Alcohols market.
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Top Companies: Dow Chemical Company, Arkema, Eastman Chemical Company, Qatar Petroleum, BASF, ExxonMobil Chemical Company, LG Chem, Mitsubishi Chemical Corporation, and PETRONAS, among others.
Further Key Finding from the Report Suggestion:
- By product type, 2-ethylhexanol contributed to the largest market share in 2018. 2-Ethylhexanol is commonly used as feedstock for end-use applications, including di-2-Ethyl Hexyl Phthalate (DEHP), plasticizers, and 2-Ethyl Hexyl Acrylate. In these downstream applications, it is significantly used in several high-performance characteristics like flexibility, lower emissions, good adhesion, and fuel performance enhancement.
- By application, plasticizers held a considerable market share in 2018 and is likely to grow at a rate of 5.1% in the forecast period. Plasticizers finds widespread application in industries such as construction and plastics.
- By distribution channels, offline channels contributed to a larger market share in 2018.
- The market in the Asia Pacific region contributed to the largest market share in 2018 and is estimated to grow at the fastest rate of 5.8% in the period 2019-2027. The market dominance of the Asia Pacific region is owing to increasing demand from the emerging economies including, India and China, and a rise in the level of disposable income in the region.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Alcohols market is segmented into:
Product Type Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
Applications Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Glycol Ethers
Distribution Channel Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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