Oxo Alcohols Industry - Regional Synopsis
APAC Market Forecast
Oxo Alcohols market in Asia Pacific is predicted to account for the largest share of 49% by 2037, impelled by the growing agriculture industry. India's agriculture industry has been expanding rapidly owing to the increasing population, rising demand for agricultural products, and rising consumer demand for a wide variety of nutrient-dense food options. For instance, between 2022–2023, the Indian agriculture sector increased by more than 3%. This may significantly drive the demand for oxo alcohols as they can be used for making crop protection products, and pesticides.
In addition, China is the largest domestic provider and user of oxo-alcohol, and the country is seeing significant expansion in the market as Chinese producers are looking for ways to turn a profit on oxo-alcohol sales.
North American Market Statistics
The North America Oxo Alcohols market is estimated to be the second largest, during the forecast timeframe led by growing urbanization. Since over 74% of Americans now reside in metropolitan areas, American cities are now the main engines of the country's economic expansion. This has led to an increase in construction activities, which is expected to drive the demand for oxo alcohols.
