OQ, through our OQ Chemicals division, is one of the world's largest producer of oxo-chemicals that comprises more than 60 products. Our oxo-products include aldehydes, alcohols, amines, carboxylic acids, polyols and esters – used in a wide variety of applications, including coatings, plasticizers, paints and inks. The coatings market represents one of the largest end-markets for oxo chemicals.
The oxo process, also known as the hydroformylation process, transforms olefins, which are unsaturated hydrocarbons such as propylene and ethylene, to aldehydes by adding syngas. Our legacy company has been amongst the market leaders of oxo chemicals, with nearly a century of experience in chemicals manufacturing. Our legacy company has been a pioneer of the oxo process and been among the market leaders with nearly a century of experience.
The quality of our oxo chemicals is of the utmost importance. But equally important is reliability and our ability to deliver on time. As a dedicated solution provider, OQ's aim is to supply our customers with the best possible chemical products to ensure their success. Our focus on excellence and quality provides value all along the supply chain.
We're proud to be an agile supplier of reliable oxo chemicals to customers across the globe. Our products are enabling the growth and efficiency of partners in a myriad of industries such as packaging, industrial applications, construction, compounding, agriculture, and healthcare to answer rapidly changing markets due to megatrends like climate change and a fast-growing world population.
With the inauguration of our sixth world-scale production plant for carboxylic acids in Oberhausen, Germany, in 2021, we will be poised to increase our production capacity for carboxylic acids by more than 30 percent.
Through this significant investment into our carboxylic acids growth projects, we are gearing up for long-term success in the field of specialty chemicals. We're here to listen to our customers' needs and to provide solutions beyond products.