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Impact Assessment of COVID-19 Outbreak on Oxo-octyl Acetate Market

Oxo-octyl acetate is a colorless, clear, and oily liquid used in cosmetic products such as sunscreen and skin creams. Oxo-octyl acetate is produced by the reaction between ethylene oxide and phenol at elevated pressure and temperature. It has intermediate water solubility and exhibits moderate evaporation rate. Oxo-octyl acetate is a used as a solvent in pesticides. It is also used simultaneously with ammonium compounds as substitute for sodium azide due to its less toxic properties. Additionally, oxo-octyl acetate is non-reactive with lead and copper. It is used in numerous applications such as vaccines, cosmetics, and pharmaceutical products as preservative. Oxo-octyl acetate is necessary to enhance the shelf life of cosmetics and personal care products. It can also be used as an alternative to potentially harmful formaldehyde-releasing preservatives. The activity of the preservative oxo-octyl acetate is effective in inactivating gram-positive and gram-negative microorganisms and yeast.

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Oxo-octyl acetate is used in biological active agents such as bactericides, preservatives, fungicides, germicides, and insect repellents. It is also used as an anesthetic agent. Oxo-octyl acetate is employed in paints and coatings to improve fluidity, intensity, and luster; and reduce film forming temperature. Additionally, oxo-octyl acetate is used in perfumes as a fixative. It is also used as a solvent for inks, resins, dyes, and pharmaceuticals. It is also employed in organic synthesis. Oxo-octyl acetate is listed as an ingredient for vaccines in the U.S., the EU, and Japan. Furthermore, it is used as a solvent for nitrocellulose, waxes, oils, and some resins.

Expansion of the cosmetics industry is expected to increase the consumption of oxo-octyl acetate. Increase in standard of living, rapid urbanization, and rise in per capita income in emerging economies of Asia Pacific and Latin America are expected to boost spending on cosmetics and personal care products. Oxo-octyl acetate is popular as it is less toxic and offers an extensive spectrum of antimicrobial activity. It is approved by the FDA for use in the cosmetics industry. However, availability of substitutes and stringent government regulations could hamper market growth. The future of preservatives in the cosmetic industry is anticipated to be shaped by regulatory issues and consumer perception.

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Asia Pacific is projected to a rapidly growing market for oxo-octyl acetate due to the increasing demand for cosmetics and personal care products in the region. India and China are likely to be the key consumers of oxo-octyl acetate due to the presence of an established cosmetics industry in these countries. The Republic of Korea, Japan, Taiwan, Malaysia, and Indonesia are other prominent consumers of oxo-octyl acetate in Asia Pacific. Furthermore, the market in emerging economies in Latin America and the Middle East is anticipated to exhibit incremental growth in the near future. Europe and North America are mature markets; hence, the market for oxo-octyl acetate in these regions is anticipated to expand at a moderate pace during the forecast period.
The oxo-octyl acetate market is dominated by large and medium chemical and materials companies. Key players operating in the market include BASF, The Dow Chemical Company, E. I. du Pont de Nemours and Company, N V 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, and Mitsubishi Chemical.

Companies are investing in research and development to manufacture superior grades of oxo-octyl acetate. Furthermore, companies are adopting aggressive marketing strategies to enhance their market share and remain competitive.

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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.