Geographically, the isononanol market spans across Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
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Considering the global scenario, the Asia Pacific is considered to command the largest market share due to the booming plastic and chemical industry in the region. Countries like India and China are likely to emerge as the primary driving force due to soaring government support in order to boost domestic manufacturing capabilities. The surging consumption of isononanol for manufacturing and processing of chemicals in Japan, India, South Korea, and China will influence the market growth to a large extent.
Europe will acquire the second spot in the global market, mainly due to the surging demand for isononanol from agrochemicals, chemical, plastic, and personal care industries. North America will emerge as a prominent regional market for isononanol and is likely to register moderate growth due to the growth in the automotive and construction industries.
Global Isononanol Market: Segmental Analysis
The isononanol market has been segmented on the basis of the application and end use industry.
By application, the isononanol market is segmented into chemical intermediate, plasticizer, additive, solvent,and others. Of these, the plasticizer is a prominent application in the market as it is extensively used in the chemical industry, specifically in the manufacturing of plastics.
The end user industry comprises a polymer, chemicals, polymer, personal care, automotive, building & construction, and others. Of these, the chemical segment is likely to gain prominence, mainly due to the surging use of iso-nonanol in the production of commercial products like diethylhexyl phthalate.
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Some of the key players operating in the global isononanol market are The Dow Chemical Company (US), Johnson Matthey (UK), Evonik Industries AG (Germany), Exxon Mobil Corporation (US), BASF SE (Germany), Sinopec (China), KH Neochem Co., Ltd (Japan), CPC Corporation (Taiwan), Nan Ya Plastics Corporation (China), OXEA GmbH (Germany), Petronas Chemicals Group Bhd (China), and others.
The global Isononanol Market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 3.5%, surpassing a valuation of USD 1.5 billion during the forecast period (2020-2027).
Isononanol (INA) can be defined as an isomer of the c9 family and is also acknowledged as isononyl alcohol or oxo-alcohol. It is generally produced by using hydroformylationdistillation, and hydrogenation. Soaring demand for plasticizers in the plastic and chemical industries is predicted to fuel market growth across the globe.
The isononanol will witness substantial growth during the foreseeable future, mainly due to the extensive demand for the manufacturing of plasticizers. The recent trend in the plasticizer market involves the replacement of low molecular weight plasticizers by high molecular weight phthalates such as DINP. The feedstock demand for DINP, isononanol will surge in the long run. The consumption and demand for isononanol are highly encouraged by the development of the chemical industry, plastic manufacturing industry, and polymers. The market is gaining momentum due to the surging construction activities, coupled with the growth in the electrical industry.
The recent boom in end user industries like PVC manufacturing is estimated as the prime force behind the growth of the market. The product also finds popularity across chemicals, agrochemicals, footwear, apparel, and personal care, which will influence its growth in the coming years.
On the contrary, the market is highly affected due to strict laws imposed on the use of isononanol. It requires extreme caution when transported or handled as it is a volatile product. This further increases the complication level for the buyers as well as suppliers and makes shipping expensive owing to the inclusion of advanced equipment and safety systems. Such concerns are estimated to restrict the market growth in the coming years.
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