Global Oxygenated Solvent Market is valued at USD 27.63 Billion in 2020 and expected to reach USD 47.65 Billion by 2027 with a CAGR of 8.1% over the forecast period.
Global Oxygenated Solvent Market: Global Size, Trends, Competitive, Historical & Forecast Analysis 2021-2027– Increasing production and demand of organic solvents and rising number of construction and reconstructions activities are the significant factors which are driving the growth of the Global Oxygenated Solvent Market.
Solvents are compounds used to dissolve, extract and suspend other materials. Oxygenated solvents are organic solvents that contain oxygen molecules and are made from olefins by chemical processes. These are the solvents whose chemical structure contains carbon atoms, hydrogen atoms and oxygen atoms. They offer high solvency and low toxicity. There are four groups of oxygenated solvents alcohols, esters, ketones and glycol ethers. The oxygenated solvents used in industry are usually of high purity, have a high solvency power, and are partially or completely miscible with water. Oxygenated solvents contains oxygen molecule, with high solvency and low toxicity. These solvents are used in many types of industries like paints, pharmaceuticals, perfumes, cosmetics, detergents, adhesives, constructions, and infrastructure and also in food processing industries. Alcohols solvents are used for producing protective coatings, inks, dyes, flavorings, perfumes, pharmaceuticals, polishes, cleaners and cosmetics. Carboxylic acid solvents are used in stabilizers, lubricants, coating additives, preservatives, chemical intermediates and plasticizers. Esters offer good solvency power and are used in synthetic resins, lacquer thinners, printing inks, aerosol sprays and pharmaceutical products. Glycol ethers have good chemical stability and compatibility with water. These are used in cleaners, cosmetics and textiles.
The COVID-19 outbreak has shown a mixed impact on the global oxygenated solvent market. It is extensively used in paints, pharmaceuticals, inks, fragrances, adhesives, cosmetics, detergents, food, agrochemicals, and cleaning products but due to lockdown in the various economies in the world, supply chain network has been disturbed which has affected the market and created a gap between supply and demand.
The oxygenated solvent market is divided into source, types, application and region & country level. Based on source, the oxygenated solvent market is segmented into conventional solvents and bio solvents and green solvents. Also based on types, the oxygenated solvent market is segmented into alcohols, esters, glycols, glycol ethers, ketones, bio & green solvents and others. On the basis of application, the oxygenated solvent market is segmented into Paints & coatings, pharmaceuticals, personal care, crop protection, lubricants, foods and beverages, cosmetics and others.
The regions covered in oxygenated solvent market report are North America, Europe, Asia-Pacific, and Rest of the World. Based on country level, the market of oxygenated solvents is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some key players for Global Oxygenated Solvent Market are OXEA, BASF, The Dow Chemical Company, Royal Dutch Shell, ExxonMobil, Eastman Chemical Company, LyondellBasell, SINOPEC, Petronas, Arkema Group, lneos, Petroliam Nasional Berhad, Oxea and others.
News: Braskem Launched New Partially Renewable Solvent
On April 2nd, 2019; Braskem announced the launch of first renewable solvent made from sugarcane ethanol. The name of product is HE-70S and with raw materials containing bio based carbon, it is part of oxygenated solvent group which represents company’s chemical products portfolio. This solvent is used for footwear, furniture and ceramics industries also ink and thinner manufacturers. As this solvent is comes under oxygenated solvents, the solvent has high solvency power and high evaporation rate. It has greater applications and lower environmental impacts. This was first solvent developed by Braskem Laboratory which was established in 2018. This solvent was represented at two events held in February in Novo Hamburgo, Rio Grande do sul, Brazil.
Increasing production and demand of organic solvents is one the major factor for driving the growth of global oxygenated solvent market. For instance; according to Ministry of Chemicals and Fertilizers of India Report 2020, the production of organic chemicals in 2017-2018 was 1799 MT and in 2018-2019 it was 1884MT in India. In addition, increasing production of pesticides, detergents, petrochemicals and others are also supplementing the demand of oxygenated solvents. Furthermore, growing number of construction and reconstructions activities worldwide are also supplementing the growth of the global oxygenated solvent market. For instance, according to Global M&A Construction Monitor Report 2018-2019, they mentioned that European and North American construction companies have been the most active buyers on the trans regional construction market in 2018. In America M&A activities shows significant rise with 131 deals in construction in 2018. Also Amazon enters construction industry aiming to spur smart home business. Amazon joined Obvious venture and private investors in a larger investment of $6.7 million in Plan Prefab. In construction sector there is wide applications of oxygenated solvents for various purposes.
Moreover, the rapid industrialization, booming agriculture sector, and wide applicability in various industries are some other factors augmenting the market growth. However, strict government regulations may limit the growth of oxygenated solvent market. In spite of that, increasing advancements and R&D activities are expected to create new opportunities for the further growth of the oxygenated solvent market.
Geographically; North America is expected to dominated the global oxygenated solvent market over the forecast period. due to increase in merger and acquisition activities between chemical companies and increasing growth of biotechnology & pharmaceutical players in this region. Asia Pacific is expected to grow faster in this market due to increasing production of personal care and cosmetic products. For instance, according to Inter Charm Korea 2019, in March 2018 there are 31,721 companies involved in the market among which 31.7% by skincare, 19.2% hair care and 16.6 by color cosmetics. In case of domestic production, basic skin care products take up to 58%, followed by color cosmetics 18% and hair care products 11%. Oxygenated solvents have applications in cosmetic industries i.e. various types of solvents are used for the preparation of cosmetics products.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2027|
|Market Size in 2020:||USD 27.63 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2027:||USD 47.65 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||OXEA, BASF, The Dow Chemical Company, Royal Dutch Shell, ExxonMobil, Eastman Chemical Company, LyondellBasell, SINOPEC, Petronas, Arkema Group, lneos, Petroliam Nasional Berhad, Oxea and others|
|Segments Covered||By Type, By Application, By Source|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|