The market for 2-ethyl hexanol is expected to register a CAGR of over 5% during the forecast period. The major factor driving the market growth is the increasing demand for 2-EH acrylate from various end-user industries. Moreover, the consumption of plasticizers for the manufacturing of polyvinyl chloride products is driving the demand for the product in the market. The recent outbreak of the COVID-19 is expected to impact the market and foil the growth of the market during the period of forecast.
- The 2-EH acrylate segment is expected to grow during the forecast period, owing to its applications in different end-user industries, such as paint and coatings, and adhesives.
- Asia-Pacific is expected to have the largest market share with the major consumption from countries such as China, India, and Japan.
Key Market Trends
Increasing Demand for 2-EH Acrylate to Propel the Market
- The demand for 2-EH acrylate from various end-user industries is predicted to increase the product demand in the market during the forecast period. It is used for manufacturing products in industries, such as paint & coatings, construction, and adhesives.
- In 2019, the global paints and coatings market value is assessed to be around USD 153.9 billion, and it is expected to reach a market value of USD 200 billion by 2025.
- The global adhesives market value is projected to reach a staggering value of USD 55.8 billion by the end of 2025.
- By 2020, the total construction activities spending is anticipated to be approximately USD 11.9 trillion, accounting for 13% of the world’s total GDP. It is forecasted to reach a value of USD 14 trillion by the end of 2024.
- All the aforementioned factors are expected to drive the global 2-ethyl hexanol market during the forecast period.
Asia-Pacific to be the Largest Market for 2-Ethyl Hexanol
- Asia-Pacific is expected to have the largest market share in the 2-ethyl hexanol market during the forecast period.
- In 2019, India’s paint industry was the second largest in the world, with a total trade value of approximately INR 57.1 trillion (~USD 0.75 trillion).
- China is the largest chemical producer in the world, representing over 24% of the chemicals produced. In 2019, all income generated by China from the sales of chemicals was anticipated to be worth more than USD 1,340 billion.
- It is forecasted that the real estate business in India is projected to reach a market value of USD 180 billion by the end of 2020.
- Asia-Pacific accounts for 46% of the total spending occurring globally in the building and construction industry, with China contributing the highest from the region, as well as across the world.
- Thus, the rising demand from various industries is expected to drive the market in the region during the forecast period.
The 2-ethyl hexanol market is partially consolidated. Some of the players operating in the 2-ethyl hexanol market include INEOS, Mitsubishi Chemical Corporation, SABIC, Eastman Chemical Company, and Dow.
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