Global Oxygenated Solvents Market Overview –
These organic solvents are known as oxygenated solvents because of the presence of oxygen in their chemical structure. Chemical reactions from olefins yield alcohols, ketones, esters, ethers, glycol ethers, and other types of solvents. These highly pure oxidized solvents are a result of extensive solvent refining methods that remove superfluous water and particle debris at various stages of the manufacturing process. Paints and coatings, personal care items and pharmaceuticals are just some of the industries where these solvents are commonly utilized. They are also used as diluents in a variety of formulations besides chemical production.
During the forecast period, the global oxygenated solvents market is expected to grow at a CAGR of over 7%. Increasing applications in a wide range of end-user industries are among the primary drivers fueling the market’s expansion. Unfavorable market conditions resulting from the outbreak of COVID-19 have stifled market expansion.
Market Size and Forecast –
During the projected period of 2020-2028, the oxygenated solvents market is expected to see a significant CAGR. A number of factors influence the size of the market, including product type, supplier, end use, and geographic location. Conventional products make up the majority of the supply, as they are more easily accessible and may be found in poorer countries, where demand is high and regulations are minimal, as well. A significant increase in demand for bio and green products is anticipated in the more developed countries due to stricter environmental regulations, increased public awareness of green alternatives, and increased purchasing power.
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Market Scope –
The “Global Oxygenated Solvents Market Analysis to 2028” is a specialized and in-depth study of the chemicals and materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the oxygenated solvents market with detailed market segmentation by source, type, application, and geography. The global oxygenated solvents market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading oxygenated solvents market players and offers key trends and opportunities in the market.
Some of the companies that are profiled in this report are –
Royal Dutch Shell
China Petroleum & Chemical Corporation (Sinopec)
Petroliam Nasional Berhad (Petronas)
By Type –
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By Application –
Paints & Coatings
By Region –
The North American market is expected to increase at a rate of over 2.5 percent through 2024, driven mostly by the size of the American market. The outlook for the cosmetics business in the region will be boosted by an increase in disposable income and cosmetics consumption. To soothe and improve skin structure, these are used in a wide range of products, including creams, sunscreens, lotions, and ointments. This is supporting regional industry growth.
Green industrial solvents market demand in Europe, driven by the UK, France, and Germany, may reach USD 1.5 billion by 2024. In cosmetics, bio-glycols are utilized as humectants since they attract water. Flaking is reduced, and skin suppleness is restored, which is why it can be found in many different creams and moisturizers. As a viscosity-reducing agent and other functions, the product may increase demand over the anticipated period.
China, India, and Japan are expected to lead the Asia Pacific market in terms of market size by the end of the forecast period. Increasing sales of passenger cars may lead to an increase in the automotive paint sector, which in turn will lead to an increase in the need for industrial solvents in the region.