Octyl Acid Phosphate Market: Overview
Octyl acid phosphate is a mono- or di- ester mixture of phosphorous acid. It is a colorless, transparent, oily liquid that is primarily used as a processing solvent. It is the salt of phosphorous acid whose chemical formula is C24H51O4P. Octyl acid phosphate is commonly referred to as phosphoric acid octyl ester and phosphoric acid 2-ethylhexyl ester. It possesses low volatility and good extraction distribution coefficient; hence, octyl acid phosphate is widely used as additive in paints & coatings applications.
Octyl Acid Phosphate Market: Key Segments
Based on function, the global octyl acid phosphate market can be segmented into catalysts, additives, and others. The additives segment accounted for large share of the market in 2017. Octyl acid phosphates are widely used as additives such as curing agents and dispersants in paints and coatings applications. Octyl acid phosphates are also employed as clay stabilizing agents in mud drilling applications. Demand for octyl acid phosphates in lubricants is expected to rise in the near future owing to its corrosion and wear resistance properties. Increase in usage of octyl acid phosphates as lubricant additives is estimated to drive the global market during the forecast period.
In terms of application, the octyl acid phosphate market can be classified into textile process, paints & coatings, metal working, mining process, and others. The paints & coatings segment held significant share of the global market in 2017. Octyl acid phosphate is primarily employed as catalyst in paints and coating applications. Increase in demand for octyl acid phosphate agents in paints and coatings applications due to their polymerization and curing properties is anticipated to drive the global market. Octyl acid phosphates are also used as additives in lubricants, as they possess corrosion inhibiting and wear resisting characteristics. Furthermore, advancements in chemical properties of octyl acid phosphates in order to enhance the effectiveness of lubricants in the automotive industry is projected to create lucrative opportunities for the global octyl acid phosphate market.
Octyl Acid Phosphate Market: Regional Outlook
Based on region, the global octyl acid phosphate market can be divided into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific accounted for major share of the global market in 2017 due to the presence of large numbers of metal processing plants in the region. The market in Asia Pacific is projected to expand at a rapid pace during the forecast period owing to the significant growth in industrialization in countries such as China, Japan, and India. Increase in adoption of octyl acid phosphate as metal & surface treatment agent in chemical processing factories in the region is anticipated to drive the octyl acid phosphate market in Asia Pacific during the forecast period. Rise in capital investments in the textile industry across India and Bangladesh is anticipated to boost the demand for octyl acid phosphates. Production capacity expansions by octyl acid phosphate manufacturers in China are likely to boost the exports of octyl acid phosphate to countries in Europe in the next few years. North America constituted key share of the global market in 2017, led by the rise in demand for octyl acid phosphate in the mining industry in the region.
Octyl Acid Phosphate Market: Key Players
Eminent players operating in the global octyl acid phosphate market include Azelis, BOC Sciences, Haihang Industry Co.,Ltd., Hangzhou Qianyang Technology Co.,Ltd, IsleChem LLC, Italmatch Chemicals S.p.A., Solvay S.A., The Lubrizol Corporation, and Tokyo Chemical Industry Co., Ltd. These players focus on their core competencies of delivering products through effective distribution channels to textile and mining industries.
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