Oxygenated Solvents Market

Oxygenated Solvents Market Size-(2023-2028):

Oxygenated Solvents Market size was worth USD 20.85 Billion in 2022. It is estimated to reach USD 32.87 Billion by 2028, at a CAGR of 8.2% over the forecast period. 

The growing construction sector in developing regions, such as the Asia-Pacific region, the Middle East, etc., supports the demand for paints and coatings, which will increase the demand for oxygenated solvents at the same time. Rapid developments in urban areas, smart city projects, and the renovation of aging structures are the main reasons for the growth of the construction sector in the region.

What are Oxygenated Solvents?

An oxygenated solvent is an organic solvent that has oxygen molecules. It is highly employed in paints, pharmaceuticals, inks, fragrances, adhesives, cosmetics, detergents, food, agrochemicals, and cleaning products. Oxygenated solvents are alcohols, glycol ethers, methyl acetate, ethyl acetate, ketones, esters, and glycol ether/esters. They can also be employed for chemical synthesis. Moreover, they can be used as diluents, coupling agents, or other functional additives in different kinds of formulations. Oxygenated solvents are primarily obtained utilizing distilling components from chemicals that assist in creating balance and consistency between ingredients in the end product. Oxygenated solvents are organic solvents, and their molecules have oxygen. Usually, oxygenated solvents are costlier than hydrocarbons. Therefore, mixtures are made whenever possible, to lower the price. 

Drivers and Restraints in the Oxygenated Solvents Market

• Oxygenated solvents are known for their importantly high rate of purity due to the significant solvent refinement procedures that eliminate more water and particulate matter that occurs in different levels of production. Different kinds of oxygenated solvents are present in the market. These are alcohols, glycols, ketones, esters, glycol ethers, etc. Oxygenated solvents are broadly used in different applications, like paints & coatings, personal care products, pharmaceuticals, etc. They are also used as diluents and even for chemical synthesis in various types of formulations. Oxygenated solvents such as alcohols, glycol ethers, methyl acetate, ethyl acetate, ketones, esters, and glycol ether/esters are highly employed in paints, and pharmaceuticals, inks, fragrances, adhesives, cosmetics, detergents, food, agrochemicals, and cleaning products. 
• Expansion in businesses like paints & coatings, pharmaceuticals, personal care, lubricants, and crop protection is estimated to drive the oxygenated solvents market across the world. Advantageous properties like low toxicity and high solvency power are also fueling the global oxygenated solvents market. Fast industrialization in developed and emerging countries and the rising call for organic solvents from the pharmaceuticals business are vital factors estimated to drive the expansion of the global oxygenated solvents market. In addition to that, increasing construction and reconstruction activities across the world are leading to increasing demand for paint and coating products, together with rising adoption of oxygenated solvents, due to their high solvency power is another factor estimated to support the enlargement of the global market. Nevertheless, they have higher solvency and are used as active solvents for most of artificial resins. Their strong stability, coupled with the broad range of volatilities present, makes them a very significant group of solutions for the paints & coatings business.
• Furthermore, the flourishing cosmetic business in developed countries, together with the rising adoption of oxygenated solvents by the cosmetic industry, due to low toxicity properties is another factor estimated to support the expansion of the global market to some extent. In addition to that, the rising agriculture segment in growing countries and broad applicability of oxygenated solvents in crop protection is other factors estimated to support the development of the global oxygenated solvents market. Implementation of rules on VOC emissions is estimated to restrain the oxygenated solvents business growth throughout the foreseen period

Opportunities in the Oxygenated Solvents Market

Broad applicability in different businesses like automotive, construction, and customer goods is another factor estimated to support the expansion of the market in the outlook period.

Challenges in the Oxygenated Solvents Market

• Strict government rules regarding VOC emission is a key factor estimated to be a challenge to the expansion of the global oxygenated solvents market in the coming years

• On the basis of region, in the Asia Pacific, North America, and Western Europe, the most significant businesses are situated that are related to the applications of oxygenated solvents. The call for oxygenated solvents is more in China and India. The Asia Pacific has become the biggest importer of oxygenated solvents. The APAC oxygenated solvents market is probable to grow at a rapid pace, mainly driven by the high GDP expansion rate and increasing population with higher disposable income. The call for personal care products and paints & coating agents is more which in turn leads to a high call for oxygenated solvents in North America and Europe.

• Europe and North America are estimated to show average expansion in the oxygenated solvents market owing to the continuous development of the end-use businesses in developed regions, like the U.S., Germany, etc.
• The Middle East & Africa oxygenated solvents market is estimated to account for a small share in the market. Nevertheless, it is estimated, that due to the upcoming construction projects, the region will develop with a healthy expansion rate in the foreseen period. Latin America's oxygenated solvents market is expected to show slow expansion in the market over the next ten years. The traditional solvents sector is estimated to grow at a rapid pace in developing countries like India and Indonesia, wherein there is a lack of rules, due to the relatively low price of solvents.

OXYGENATED SOLVENTS MARKET REPORT COVERAGE:

Segmentation of the Oxygenated Solvents Market.

According to the source:

• Conventional solvents

• Organic and green solvents.

In terms of product type:

• Alcohols

• Glycol ethers

•  acetates

• Glycol ethers

• Acetates

• Ketones

• Esters

• Aldehydes

• Others.

Depending on the key property:

• Coupling agents

• Flotation foam building blocks

• Shrinkage reduction additives.

In terms of end-user

• Automobiles
• Transportation
• Construction
• Construction
• Chemicals
• Plastics
• Consumer goods
• Food
• Agrochemicals

Regional Analysis:

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• Middle East and Africa

The Asia Pacific has become the largest importer of oxygenated solvents. It is expected that the market for oxygenated solvents in the region will grow at an accelerated rate, mainly due to the high GDP growth rate and the increase in the population with the highest disposable income. The demand for personal care products, paints and coatings are durable, generating strong market demand for oxygenated solvents in North America and Europe.

Recent Developments:

• The Dow chemical company declared cost escalates on oxygenated solvent products. Starting from June 1, 2019, the Dow Chemical Company increased prices.

• Arkema will escalate oxygenated solvents product range costs from €70 to €120 per ton. The latest prices will be effective June 1, 2018, or as contracts permit.

Key players in the market:

1. BASF (Germany)

2. The Dow Chemical Company (United States)

3. OXEA (Germany)

4. Royal Dutch Shell (Netherlands)

5. ExxonMobil (United States)

6. LyondellBasell (The Netherlands)

7. Eastman Chemical Company (United States)

8. SINOPEC (China)

9. Petronas (Malaysia)