Octyl Alcohol Market Size Is Projected To Surpass $9 Bn By 2033

The octyl alcohol market size is projected to be worth US$ 6.7 billion in 2023, as per a recent.

It is expected that the market is likely to surpass US$ 8.9 billion by 2033 at a CAGR of 2.9 per cent during the assessment period 2023 to 2033.

According to research by a Future Market Insights (FMI) analyst, the market is projected to exhibit an absolute dollar growth of US$ 2.2 billion through 2033.

The development of the market is due to its use in diverse sectors, including cosmetics, pharmaceuticals, cleaning chemicals, paints, and coatings, and others. Octyl alcohol can be used as a transitional material in perfumery production. Here it is used to yield several esters branded for their sweet taste, fruit, and flowers.

Octanol is used in the pharmaceutical sector as a tool to evaluate the hydrophilicity of drugs and several compounds and as a solvent in manufacturing procedures. It is likewise used in the manufacture of several surfactants, used in the making of detergents, shampoos, and other cleaning products.

2-ethyl hexanol is a precursor in the production of plasticizers such as dioctyl phthalate (DOP). Plasticizers are additives that give flexibility and softness to several materials, including plastics and rubber. The use of 2-ethyl hexanol as an underdone material for the production of plasticizers is further driving its need in the market.

Furthermore, it is also a raw material for the production of acrylic esters, which are extensively used in the production of surface coatings and emulsion paints. Acrylic esters offer excellent adhesion, weather resistance, and toughness to paint and coating preparations, making them appropriate for a wide range of applications.

According to the European Federation of Pharmaceutical Industry and Associations (EFPIA), North America accounted for about 49.1 per cent of pharmaceutical sales in 2021. Among the North American countries, the United States holds the leading market share, accounting for 64.4 per cent of all new drug sales worldwide.

The pharmaceutical sector uses a wide range of compounds and chemicals for drug development and manufacturing. Octyl alcohol, with its several applications and uses, finds itself suitably used in this industry as an assessment tool for intermediates, solvents, and hydrophilic properties.

2018 to 2022 Octyl Alcohol Sales Analysis Compared to Demand Forecast from 2023 to 2033

As per the Future Market Insights (FMI) analysis, sales of octyl alcohol rose globally between 2018 and 2022 at a CAGR of 4.5% per cent. The global market for octyl alcohol is expected to surge at a moderate CAGR of 2.9% by 2033.

During the historical period 2018 to 2022, the octyl alcohol market has witnessed steady growth because of its applications in several industries such as plastics, chemicals, cosmetics, and pharmaceuticals.

The plasticizer sector in particular has played an important role in driving demand for octyl alcohol, as it is the key ingredient used to improve the properties of plastics. Global economic growth and growing industrialization in emerging markets have contributed to a further increase in demand for octyl alcohol.

Regulatory considerations, counting environmental and safety issues, have begun to gain more attention. This has led to changes in product formulations and courses, which have impacted demand for several chemicals, including octyl alcohol.

The growing awareness of environmental sustainability and customer preference for natural and eco-friendly products has also affected the chemicals business. This has positively affected demand for some chemicals.

The market continues to surge with an emphasis on sustainability, green chemistry, and bio-based alternatives. The COVID-19 pandemic outbreak in late 2019 had a significant impact on businesses and supply chains.

Continuous advances in chemical manufacturing and process technology can lead to developments in the efficiency and cost-effectiveness of octyl alcohol production.