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The 2-Ethylhexanoic Acid Market size is forecast to reach US$568.3 million by 2027 after growing at a CAGR of 1.2% during 2022-2027. 2-ethylhexanoic acid is a chemical intermediate with a mild odor that is used in the processing of synthetic lubricants, polyvinylbutyral plasticizers, alkyd resins, safety glass, and paint driers. 2-ethylhexanoic acid finds its extensive use in the production of safety glass in the construction sector. The construction industry is expanding globally with increasing investment and construction activities and this is expected to influence the market’s growth during the forecast period. For instance, according to the 2021 report by India Brand Equity Foundation, demand for residential properties in India has surged owing to increased urbanization in the country. Furthermore, 2-ethylhexanoic acid is used massively in the automotive sector where it is utilized in the production of various automotive products such as windshields, side glazing, and coolants. The automotive industry is booming globally with increasing production and sales of vehicles and this is projected to drive the growth of the market during the forecast period. For instance, according to the August 2020 report by the China Association of Automobile Manufacturers, the Chinese passenger vehicle segment is anticipated to touch 30 million units by 2029 which stood at 21.44 million units in 2019. The strict regulations regarding the use of 2-ethylhexanoic acid might hamper the market’s growth during the forecast period.
COVID-19 Impact
The 2-ethylhexanoic acid market was deeply hit due to the COVID-19 pandemic. The business in the market suffered due to challenges like disruption in the supply chain and procurement of raw material amid the pandemic. Market players had to adopt new working strategies to withstand the severity of the pandemic. Furthermore, the stagnant growth in several end-use industries such as construction and automobile further affected the business in the market. The market had decent growth only towards the end of 2020. Going forwards, the market is projected to witness robust growth owing to the massive expansion in the construction and automotive sectors globally.
2-Ethylhexanoic Acid Market Segment Analysis – By Application
The plasticizers application segment dominated the 2-ethylhexanoic acid market in 2021 and is growing at a CAGR of 3.3% during the forecast period. 2-ethylhexanoic acid is massively utilized in the processing of plasticizers, especially polyvinylbutyral plasticizers which are later used in several applications in multiple end-use industries such as construction and automobile. Owing to such robust applications, market payers and research organizations are focused on the higher uses of 2-ethylhexanoic acid in the market. As per the September 2019 report by European Patent Office (EPO), oligoester plasticizer was obtained by using 2-ethylhexanoic acid and xylene as a catalyst. Such development of plasticizers through 2-ethylhexanoic acid is expected to stimulate the growth of the market during the forecast period.
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2-Ethylhexanoic Acid Market Segment Analysis – By End Use
The construction sector dominated the 2-ethylhexanoic acid market in 2021. This acid substance is used in several applications in the construction sector. 2-ethylhexanoic acid is utilized in the production of polyvinylbutyral plasticizers which are later used in sheets and safety glass in the construction industry. The construction sector is expanding globally and this is expected to stimulate the market’s growth during the forecast period. For instance, according to the stats by Federal Reserve Economic Data, total spending in the US residential construction was recorded at USD 657,608 in September 2020 which was USD 642,031 in August 2020. Similarly, according to the 2021 Statistical Report by European Construction Industry Federation, Germany witnessed a growth of 1.5% in 2020 in real terms in total investment in construction. Such a massive boost in the global construction sector is expected to increase the use of 2-ethylhexanoic acid, thereby influencing the market’s growth during the forecast period.
2-Ethylhexanoic Acid Market Segment Analysis – By Geography
The Asia-Pacific region held the largest share in 2-ethylhexanoic acid market in 2021, up to 34%. The high demand for 2-ethylhexanoic acid is attributed to the booming construction sector in the region. 2-ethylhexanoic acid is utilized in the production of numerous components in the construction sector such as sheets and safety glasses. The construction sector in the region is exhibiting exceptional growth and this is projected to increase the demand for 2-ethylhexanoic acid in the region during the forecast period. For instance, according to the stats by trade.gov, China’s construction industry revenue value will reach USD 1.1 trillion in 2021 which was USD 968 billion in 2019. Similarly, as per the report by India Brand Equity Foundation, India will become the third-largest construction market in the world by 2022. Such a huge growth in the region’s construction sector is expected to bolster the demand for 2-ethylhexanoic acid.
2-Ethylhexanoic Acid Market – Drivers
Rising automotive sector will drive the market’s growth
The automotive industry is one of the important markets for 2-ethylhexanoic acid. This acid is used massively in the automotive sector for the production of numerous automobile products such as windshields, side glazing, and coolants. The automotive industry is rising globally with increasing production and sales of vehicles and this is anticipated to drive the growth of the market during the forecast period. For instance, according to the data by India Brand Equity Foundation, India became the fifth-largest automobile sector in 2020 as a massive 3.49 million units of automotive sold combinedly in the commercial and passenger vehicles segment. Similarly, as per the stats by the European Automobile Manufacturers Association, in 2020, hybrid electric vehicles accounted for 11.9% of total cars sold which was 5.7% in 2019. Such massive growth in the automotive sector is expected to augment the higher requirement for 2-ethylhexanoic acid, thereby contributing to the market’s growth during the forecast period.
Booming construction sector will drive the market’s growth
The construction sector is one of the largest markets for 2-ethylhexanoic acid. This acidic substance is used in several applications such as synthetic lubricants, paint driers, and alkyd resins globally, however, it finds its highest use in the construction sector for the production of polyvinylbutyral plasticizers which are later used in the manufacturing of safety glass and sheet materials for buildings and construction activities. The construction sector is booming globally with increasing construction activities and this is projected to influence the market’s growth during the forecast period. For instance, according to the report by Federal Reserve Economic Data, total residential construction spending in the US stood at US$ 599,665 million in June 2020 compared to US$ 548,306 million in June 2019. Similarly, as per the data by India Brand Equity Foundation, the Indian residential sector will grow significantly in the coming years as the central government announced the plan to build 20 million affordable homes across the country by 2022. Such a massive boost in the construction sector globally is expected to augment the market’s growth during the forecast period.
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2-Ethylhexanoic Acid Market – Challenges
The strict regulations regarding 2-ethylhexanoic acid might hamper the market’s growth
2-ethylhexanoic acid is associated with an adverse impact on human health owing to which its use in the market is strictly monitored by various governing bodies. This has been a major challenge in the market and might hamper the market’s growth during the forecast period. As per the data by Inchem.org, too much exposure to 2-ethylhexanoic acid might lead to skin irritation, coughing, and pain in the eye. Similarly, Occupational Safety and Health Administration has set a permissible exposure limit of 5 mg/m³ for 2-ethylhexanoic acid. Such regulations regarding the use of 2-ethylhexanoic acid might hamper the market’s growth during the forecast period.
2-Ethylhexanoic Acid Industry Outlook
Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the 2-Ethylhexanoic Acid Market. Global 2-Ethylhexanoic Acid top 10 companies include:
1. BASF SE
2. Dow Inc.
3. Perstorp Holding AB
4. The Eastman Chemical Company
5. OQ Chemicals Corporation
6. KH Neochem Co. Ltd
7. JXDC Chemicals Co., Ltd
8. TCI Chemical India Pvt Ltd
9. Elekeiroz S.A.
10. Shenyang Zhanming Chemical Co. Ltd.
Recent Developments
In October 2021, BASF and PETRONAS Chemicals Group Berhad announced the plan to expand the production capacity of 2-Ethylhexanoic Acid annually from 30,000 to 60,000 metric tons by 2024.
In June 2021, Perstorp announced that it will increase its production capacity of 2-Ethylhexanoic Acid from 2022 to meet the rising demand for 2-Ethylhexanoic Acid in the market.
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Key Takeaways:
The construction sector is expected to drive the market’s growth during the forecast period. For instance, according to the 2021 data by Eurostat, the building construction sector in the Euro Area and European Union grew by 3.1% and 3.8% respectively in June 2021.
The automotive sector is projected to drive the market’s growth during the forecast period. For instance, as per the data by the European Automobile Manufacturers Association, the registrations in passenger cars jumped by +10.4% in June 2021 compared to the registrations in June 2020.
The Asia-Pacific region is anticipated to witness the highest demand for 2-ethylhexanoic acid owing to expanding construction sector in the region. For instance, according to the stats by India Brand Equity Foundation, Foreign Direct Investment received in construction (infrastructure) activities recorded at US$ 25.38 billion between April 2000 and June 2021.
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