2-Ethylhexanoic Acid Market Overview
The major trend witnessed in the 2-ethylhexanoic acid market is the increasing capital investments to expand the production of the compound. Since the compound is used in a wide range of applications, companies engaged in its production are working toward strengthening their production capacity through facility expansion or establishment of new plants. The infusion of fresh capital to support product development is resulting in the greater availability of the product in the market.
2-Ethylhexanoic acid is produced using butyraldehyde-based and octanol-based methods. During the forecast period, the market demand for acid produced using the butyraldehyde-based method is expected to grow at a faster pace, as a large number of manufacturers use this method owing to its cost-effectiveness.
On the basis of application, the market has been categorized into emollients, synthetic lubricants, polyvinyl butyral (PVB) plasticizers, polyvinyl chloride (PVC) stabilizers, paint dryers, and drugs. PVB plasticizers accounted for the largest share in the market during the historical period, owing to their extensive demand in the glass industry. 2-Ethylhexanoic acid is used in PVB plasticizers (which are further used in glass) to lend higher transparency and shine to the glass. The rising demand for glass from construction projects is expected to further boost the growth of the 2-ethylhexanoic acid market in the coming years.
Based on end user, the market has been categorized into the chemicals; personal care and cosmetics; paints and coatings; and pharmaceuticals industries. During the forecast period, market demand for the compound is expected to grow at a significant rate in the paints and coatings industry, owing to its eco-friendly nature that encourages its usage for the production of water-based coatings. Unlike oil-based coatings, which result in the higher emission of volatile organic compounds (VOCs), water-based coatings cause less harmful impact on the environment. Thus, the rising demand for water-based coatings is expected to boost the 2-ethylhexanoic acid market in the coming years.
On the basis of region, the 2-ethylhexanoic acid market has been classified into Europe, North America, Asia-Pacific (APAC), Latin America, and the Middle East and Africa. Among all the regions, APAC held the largest share in the market during the historical period, owing to the large-scale demand for the compound for producing glass and paints used in construction projects. Countries such as China and India are witnessing heavy investments in construction projects. The increasing use of glass and paints is, therefore, fueling the demand for 2-ethylhexanoic acid in the region.
2-Ethylhexanoic Acid Market Dynamics
The major factor driving the growth of the 2-ethylhexanoic acid market is the increasing investments in the construction industry. Globally, huge investments are being made in construction projects, including those pertaining to airports, hotels, and large commercial complexes. The construction of these structures involves the use of glass on a large scale. Since 2-ethylhexanoic-based acid is widely used in the production of glass, the development of new construction projects will continue boosting the demand for the compound in the near future.
Moreover, regulatory norms pertaining to the content of volatile organic compounds (VOCs) in paints and coatings are getting stricter and more emphasis is being laid on the use of water-based coatings. Thus, regulatory norms encouraging the adoption of eco-friendly paints in construction projects are positively affecting the growth of the 2-ethylhexanoic acid market.
The major factor restraining the growth of the 2-ethylhexanoic acid market is the rising prices of the raw materials used in the production of the acid. Moreover, the high capital cost for setting up the production facility and a large number of regulatory approvals required for product development are hindering the market growth to some extent.
Economic development in emerging economies, characterized by infrastructural development, is offering lucrative opportunities to 2-ethylhexanoic acid manufacturers. The development of new construction projects is expected to result in increased demand for glass, and paints and coatings. Since 2-ethylhexanoic-based acid is an essential raw material in the production of glass, and paints and coatings, there is ample scope for the growth of the 2-ethylhexanoic acid market in emerging economies in the coming years.
2-Ethylhexanoic Acid Market Competitive Landscape
Some of the major players operating in the global 2-ethylhexanoic acid market are The Perstorp Group, BASF SE, The Eastman Chemical Company, Dow DuPont Inc., OXEA Chemicals, Elekeiroz, and KH Neochem Co. Ltd.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.