The new report by Expert Market Research titled, ‘Global Oxo-Octyl Acetate Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global oxo-octyl acetate market, assessing the market based on its segments like applications, manufacturing process and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 392 billion
- Forecast CAGR (2021-2026): 6%
- Forecast Market Size (2026): USD 558 billion
The pharmaceutical industry’s growing demand for Octyl acetate and its use as a solvent are two main factors driving the market. Oxy-octyl acetate is primarily used in the manufacturing of cosmetics 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 medications, pharmaceuticals, and cosmetics. The rise of the cosmetics industry is expected to increase the demand for oxy-octyl acetate. Because of rising incomes, improved 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 formaldehyde-releasing preservatives, which can be toxic. Oxo-octyl acetate is good at killing gram-positive and gram-negative bacteria as well as yeast. Furthermore, since oxy-octyl acetate is a good preservative for vaccinations, demand for Octyl acetate has increased due to the COVID-19 pandemic.
Industry Definition and Major Segments
Octyl acetate, also known as octyl ethanoate, is a carboxylic acid with the formula CH3(CH2)7O2CCH3. Oxo-octyl acetate is manufactured 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 prone to evaporation. It is employed in the manufacturing of cosmetic products like skin creams and sunscreen lotions.
The product finds wide applications in the following:
- Cosmetics and Personal Care
- Paint and Coating
By region, the industry is categorised into:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
Oxy-octyl is less toxic than nature and has a wide range of antimicrobial properties. Because of this feature, it is prevalent in the industry. This combination has been approved for use in the cosmetics 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 affect 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 luster, strength, and fluidity. It may also be used as a scent fixative. It’s used as a solvent in pharmaceuticals, dyes, resins, inks, oils, waxes, and nitrocellulose. The demand is expected to grow in the coming years as a result of the various industrial applications.
North America dominates the market, with a solid growth rate for these high-end luxury products. Developing economies with massive populations, such as India and China, and countries like 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 the MEA markets are expected to see substantial growth, while North America and Europe are expected to remain saturated.
Key Market Players
The major players in the market are BASF, The Dow Chemical Company, E. I. du Pont de Nemours and Company, N V 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 the market shares, capacities, 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 across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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