The octyl alcohol market size is projected to be worth USD 6.7 billion in 2023. The market is likely to surpass USD 8.9 billion by 2033 at a CAGR of 2.9% 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 USD 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% of pharmaceutical sales in 2021. Among the North American countries, the United States holds leading market shares, accounting for 64.4% 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.
| Key Attributes | Values |
|---|---|
| Octyl Alcohol Market Estimated Size (2023) | USD 6.7 billion |
| Projected Market Value (2033) | USD 8.9 billion |
| Value-based CAGR (2023 to 2033) | 2.9% |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
As per the Future Market Insights (FMI) analysis, sales of octyl alcohol rose globally between 2018 and 2022 at a CAGR of 4.5%. 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.
Principal Consultant
| Country | The United States |
|---|---|
| Market Size (USD billion) by End of Forecast Period (2033) | USD 1.6 billion |
| CAGR % 2023 to End of Forecast (2033) | 2.9% |
The octyl alcohol market in the United States is projected to reach USD 1.6 billion by 2033, growing at a CAGR of 2.9%.
The United States is a leading consumer of goods infused with octyl alcohol. This is accredited to the growth of application sectors such as perfumes and fragrances, flavors, cosmetics, and pharmaceuticals in this country.
Factors driving the market in the United States are nearly consistent with those previously mentioned. These include industrial development, regulatory concerns, customer preferences consumption, and economic factors.
Domestic demand for octyl alcohol end products, coupled with the availability of raw materials and advances in technology, could influence the market.
Octyl alcohol in the United States has several domestic and global manufacturers and suppliers. pricing strategies, competition, and product offerings vary between companies operating in this industry.
Chemical manufacturing, safety, effect, and compliance regulations affect the production and custom of octyl alcohol in the United States.
Trends in the United States octyl alcohol industry include a shift toward sustainable and bio-based sources, advances in production technology, and innovations in product preparations. These developments have been instrumental in responding to changing customer preferences.
| Country | China |
|---|---|
| Market Size (USD billion) by End of Forecast Period (2033) | USD 2.1 billion |
| CAGR % 2023 to End of Forecast (2033) | 2.8 % |
China is expected to reach a market share of USD ;2.1 billion, expanding at a CAGR of 2.8% during the forecast period.
According to the International Trade Administration, China's beauty and personal care sector recorded massive revenues of USD 88 billion in 2021. This was a 10% increase from a year earlier.
The advancement of end-use businesses in China, India, and Japan is likely to drive a positive mandate for octyl alcohol through the forecast period.
China is the world's leading chemicals market and very active in the production and consumption of several compounds, including octyl alcohol. The demand for octyl alcohol in China is influenced by aspects such as economic growth, industrialization, and consumer preferences.
Octyl alcohol is used in the production of plasticizers, which are essential additives in the production of plastics and composites. The growth of China's manufacturing sector and the growing demand for plastics could affect the demand for octyl alcohol.
Octyl alcohol is also used in the formulation of cosmetics, perfumery, and personal care products. The development of China's middle class and changing consumer preferences for cosmetics and personal care products could drive demand for octyl alcohol in this segment.
Environmental regulations and sustainability concerns can affect the production and use of chemicals, including octyl alcohol. China's efforts to address environmental issues can affect production processes and demand for some chemicals.
China's octyl alcohol market may be affected by international trade dynamics, including the import and export of this chemical. Changes in global supply chains and trade agreements may affect the availability and price of octyl alcohol in the China market.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
Based on the type, the industrial grade segment is expected to continue dominating octyl alcohol sales with a CAGR of 2.8% from 2023 to 2033.
Industrial grade refers to a specific type or grade of octyl alcohol primarily intended for industrial applications rather than consumer or pharmaceutical applications. Industrial-grade octyl alcohol is typically manufactured to meet the requirements of several industrial processes and applications where higher purity levels and tight specifications are not be required.
Applications
Industrial-grade octyl alcohol generally meets the basic requirements for its intended industrial applications.
It is not as refined as the higher grades used in pharmaceuticals or personal care products, but still meets the necessary standards for its intended use. The degree of purity, specific gravity, viscosity, and other properties vary depending on the specific industrial application.
Industrial-grade octyl alcohol is typically manufactured with an emphasis on cost-effectiveness, making it the right choice for non-critical applications at the utmost levels of purity. This could make it a more economical option for industrial processes.
Standards and regulatory compliance play a role in the production and distribution of industrial-grade chemicals, including octyl alcohol. Manufacturers and users of industrial-grade octyl alcohol must follow applicable safety, handling, and environmental regulations.
Demand for industrial-grade octyl alcohol is influenced by the growth and trends of several industries, including plastics, chemicals, coatings, and manufacturing. Economic factors, technological advances, and changes in industrial practice can affect demand for industrial-grade chemicals such as octyl alcohol.
Based on application, the 1-Octanol segment is expected to continue dominating the octyl alcohol industry with a CAGR of 2.7% from 2022 to 2033.
In the food and beverage sector, 1-octanol gives products a characteristic flavor and aroma. It is commonly used in the production of artificial fragrances and flavors, helping to develop unique and interesting flavors in several food and beverage goods.
Similarly, in the cosmetic sector, 1-octanol is used to make perfumes and perfumes. Its chemical assets allow it to act as a key ingredient in giving a pleasant smell to perfumes, perfumes, body sprays, and other cosmetic goods.
The octyl alcohol industry is considered by fierce competition, with a noteworthy number of manufacturers and suppliers functioning in the industry. Large market participants often focus on innovation, product development, and mergers, while smaller participants tend to contend primarily by pricing strategy.
Players enter into mergers, partnerships, product innovations, and price increases to establish their position and stay profitable.
For instance
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 6.7 billion |
| Projected Market Valuation (2033) | USD .9 billion |
| Value-based CAGR (2023 to 2033) | 2.9% |
| Forecast Period | 2023 to 2033 |
| Historical Period | 2018 to 2022 |
| Market Analysis | Value (USD billion) |
| Key Regions Covered | Latin America; North America; Europe; South Asia; East Asia; Oceania; and the Middle East & Africa |
| Key Market Segments Covered | Type and Application |
| Key Companies Profiled | Sasol; BASF; SABIC; Bharat petroleum; KLK OLEO |
The industry is expected to hit a value of USD 6.7 billion by 2023.
The industry demand is set to expand by a CAGR of 2.9% by 2033.
The industry is predicted to exceed USD 8.9 billion by 2033.
Japan's octyl alcohol industry is projected to exhibit a CAGR of 2.8% by 2033.
South Korea is anticipated to create an absolute dollar opportunity of USD 102.1 million through 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Industrial grade 5.2. Food grade 5.3. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. 1-Octanol 6.1.1. Flavors & Fragrances 6.1.2. Pharmaceutical 6.1.3. Others 6.2. 2-Octanol 6.2.1. Flavors & Fragrances 6.2.2. Agrochemicals 6.2.3. Resins 6.2.4. Others 6.3. 2-Ethylhexanol 6.3.1. Plasticizers 6.3.2. 2-EH Acrylate 6.3.3. 2-EH Nitrate 6.3.4. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Sasol 17.2. BASF 17.3. SABIC 17.4. Bharat Petroleum 17.5. KLK OLEO 17.6. The Andhra Petrochemicals Limited 17.7. Ecogreen Oleochemicals 17.8. Arkema 17.9. Axxence Aromatic GmbH 17.10. Liaoning Huaxing Group Chemical 18. Assumptions & Acronyms Used 19. Research Methodology
Explore Chemicals & Materials Insights
View Reports
Octyl Alcohol Market
