The new report from Expert Market Research titled “Global Oxo-Octyl Acetate Market Report and Forecast 2021-2026”, provides an in-depth analysis of the global Oxo-octyl acetate market, evaluating the market based on its segments such as applications, manufacturing process and large regions. The report tracks the latest industry trends and studies their impact on the global market. It also assesses market dynamics, covering key demand and price indicators, as well as analyzing the market based on Porter’s SWOT and Five Forces models.
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Highlights of the report include:
Market overview (2016-2026)
- Historical market size (2020): $ 392 billion
- CAGR forecast (2021-2026): 6%
- Forecast market size (2026): $ 558 billion
The growing demand for octyl acetate by the pharmaceutical industry and its use as a solvent are two main factors driving the market. Oxy-octyl acetate is mainly used in cosmetics production due to its physical properties, such as volatility, moderate solubility, colorless appearance and chemical properties, such as lower toxicity and use as a preservative for drugs, pharmaceuticals and cosmetics. The rise of the cosmetics industry is expected to increase the demand for oxy-octylacetate. Due to rising incomes, better industrialization and rapid urbanization, the demand for cosmetics has increased. Oxo-octyl acetate, in a variety of products, including vaccines and pharmaceuticals, is applied as a preservative. Oxo-octyl acetate can also be used as an alternative to preservatives that release formaldehyde, which can be toxic. Oxo-octyl acetate is good for killing gram-positive and gram-negative bacteria and yeast. Additionally, because oxy-octyl acetate is a good preservative for vaccinations, the demand for octyl acetate has increased due to the COVID-19 pandemic.
Definition of the sector and main segments
Octyl acetate, also known as octyl etanoate, is a carboxylic acid with the formula CH3 (CH2) 7O2CCH3. Oxo-octyl acetate is produced by reacting phenol and ethylene oxide at high temperatures and pressure. It is present in the liquid state at room temperature and pressure and is clear, oily and colorless. Oxo-octyl acetate is not completely soluble in water and is subject to evaporation. It is used in the production of cosmetic products such as skin creams and sun lotions.
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The product finds wide applications in:
- Cosmetics and personal care
- Painting and coating
By region, the sector is classified into:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
Oxy-octyl is less toxic than nature and has a wide range of antimicrobial properties. Due to this feature, it is prevalent in the industry. This combination has been approved for use in the cosmetic industry by the US Food and Drug Administration. However, the availability of alternatives and strict government regulations can stifle market expansion. Regulatory challenges and market awareness are expected to impact the future of preservatives in the cosmetics industry. Among other organic active agents, oxy-octyl acetate is used in insect repellents, antiseptics, fungicides, preservatives and bactericides. It is also used in organic synthesis and has anesthetic properties. Oxy-octyl is used in coatings and paints to improve gloss, strength and fluidity. It can also be used as a perfume fixative. It is used as a solvent in pharmaceuticals, dyes, resins, inks, oils, waxes and nitrocellulose. The demand is expected to grow in the coming years due to the different industrial applications.
North America dominates the market, with a solid growth rate for these high-end luxury products. Developing economies with a massive population, such as India and China, and countries such as the Republic of Korea, Taiwan, Malaysia and Indonesia, are expected to drive growth in the Asia Pacific region over the forecast period. . Latin America and MEA markets are expected to experience substantial growth, while North America and Europe are expected to remain saturated.
Main market players
The main competitors identified in this market are BASF, The Dow Chemical Company, EI du Pont de Nemours and Company, NV Organics Pvt. Ltd, Triveni Interchem Private Limited, Hangzhou Uniwise International Co., Ltd, Zhejiang Weishi Biotechnology Co., Ltd. , Liaoning Kelong Fine Chemical Co., Ltd., Yingkou Tanyun Chemical Research Institute Corporation, Eastman Chemical Company, Chemsynth Corporation, Mitsubishi Chemical, among others. The report covers market shares, capabilities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread around the world, our analysts are constantly monitoring the impact of this rapidly changing situation on markets and consumer purchasing behavior. Therefore, our latest estimates and analyzes on current market trends and forecasts will comprehensively reflect the effects of this emerging pandemic.
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