Expert Market Research’s new report 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 such as applications, manufacturing process and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
Note 1: For an overview of primary and secondary market data (2016-2026), along with business strategies and detailed market segmentation, please click on the sample demand report. The sample report will be delivered to you within 24 hours.
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Key highlights of the report include:
Market Overview (2016-2026)
- Historical market size (2020): USD 392 billion
- Forecast CAGR (2021-2026): 6%
- Forecasted market size (2026): 558 billion USD
Growing demand from the pharmaceutical industry for octyl acetate and its use as a solvent are two major factors driving the market. Oxy-octyl acetate is mainly used in the manufacture 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 drugs, pharmaceuticals and cosmetics. The booming cosmetics industry is expected to increase the demand for oxy-octyl acetate. Due to 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 effective in killing gram-positive and gram-negative bacteria as well as yeast. Additionally, since oxy-octyl acetate is a good preservative for vaccines, the 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 made by reacting phenol and ethylene oxide at high temperatures and pressure. It is liquid at room temperature and pressure and is clear, oily and colorless. Oxo-octyl acetate is not completely soluble in water and tends to evaporate. It is used in the manufacture of cosmetic products like skin creams and sunscreen lotions.
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The product finds many applications in the following areas:
- Cosmetics and personal care
- Painting and coating
By region, the industry 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 characteristic, it is widespread in the industry. This combination has been approved for use in the cosmetics industry by the United States Food and Drug Administration. However, the availability of alternatives and strict government regulations may 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 gloss, strength and flow. It can also be used as a perfume fixer. 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 various industrial applications.
North America dominates the market, with a solid growth rate for these high-end luxury products. Highly populated developing economies, like India and China, and countries like the Republic of Korea, Taiwan, Malaysia, and Indonesia are expected to drive growth in the Asia-Pacific region during 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 major market players 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, 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 globe, our analysts are continuously monitoring the impact of this rapidly evolving situation on markets and consumer buying behaviors. Thus, our latest estimates and analysis on current market trends and forecasts will comprehensively reflect the effects of this emerging pandemic.
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