A recent report published by Infinium Global Research on oxygenated solvents market provides in-depth analysis of segments and sub-segments in the global as well as regional oxygenated solvents market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional oxygenated solvents market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global oxygenated solvents market. According to the report, the global oxygenated solvents market is projected to grow at a CAGR of 7.8% during the forecast period of 2021-2027, growing from about USD 24.8 billion in 2021 to nearly USD 39 billion in 2027.

Market Insight

Solvents are majorly used to dilute the chemicals, and as an additive to expand the mass of chemicals. A wide variety of solvents are used in across various industries. Oxygenated solvent is a type of organic solvent that includes oxygen molecules. Generally, oxygenated solvents are produced with chemicals from sources such as petroleum, and natural sources. Chemicals such as alcohols, esters, glycols, and ketones are used as basic chemicals for oxygenated solvents. Furthermore, oxygenated solvents have found their application in several industries including paints & coatings, pharmaceuticals, personal care, crop protection, lubricants, and others.

The spread of COVID-19 has severely affected the oxygenated solvent market across the globe. COVID-19 pandemic affected the global oxygenated solvent market by hindering production and demand, disrupting the supply chain, and by its impact on firms and the financial markets. The demand for oxygenated solvent has decreased from the end-users. The COVID-19 pandemic has severely affected the sale of end-user industries. Several end-users have stopped their production or closed their production unit. The shortage of raw materials is another major challenge faced by the industry during the pandemic. Furthermore, the lower production of oxygenated solvents in countries including the US, China, and European countries has created a shortage in the global market. Other countries dependent on the import are facing a severe shortage of oxygenated solvents during the pandemic. The lower production and shortage of oxygenated solvents in the market are estimated to hamper the market growth in the short term.

The increasing demand for paints and coatings from various end-use industries is majorly driving the market growth. The paints and coatings that use oxygenated solvents have several advantages over oil-based solvents including ease of use, quick-drying, and easy to clean-up. These advantages of oxygenated solvents are anticipated to boost its adoption in various industries. Moreover, the growing pharmaceuticals, and personal care sectors are supporting the growth of the oxygenated solvent market. Pharmaceuticals, and personal care industries widely use oxygenated solvents for various applications. Thus, the growing pharmaceuticals, and personal care industries augment the growth of the oxygenated solvents market as they are the leading end-use industries. However, as oxygenated solvents are produced from petrochemicals, the fluctuating prices of crude oil are expected to hamper the market growth for oxygenated solvents. Nevertheless, the growing demand for paints, coats, and lubricants from the developing regions is anticipated to boost the market growth in the future. A large number of the paints, coats, and lubricants use oxygenated solvents as dilutant, and additive. Thus, the growing production and sale of paints, coats, and lubricants in developing economies are anticipated to augment the market growth in the future.

In terms of region, the global oxygenated solvent market is dominated by the Asia Pacific region. A large population of consumers along with improving economic conditions is augmenting the market growth in the region. Moreover, the higher sale of paints, coats, and lubricants for automobiles and industrial goods in the region augments the demand for oxygenated solvents in the Asia Pacific. Furthermore, the growing urban population in the region is further supporting the market growth for oxygenated solvents in the Asia Pacific. On the other hand, the North American region accounted for the second-largest revenue in the global oxygenated solvent market. A large pharmaceutical industry in North America is anticipated to boost the demand for oxygenated solvents. In addition, the demand for paints, coating, and lubricant applications of oxygenated solvent is high in North America because of the presence of a large industrial sector. Additionally, the increasing production and export of electronic goods in North America are further augmenting the growth of the market.

Segment Covered

The report on global oxygenated solvents market covers segments such as source, type, and application. On the basis of source, the sub-markets include conventional solvent, and bio & green solvent. On the basis of type, the sub-markets include alcohols, esters, glycols, glycol ethers, ketones, and others. On the basis of application, the sub-markets include paints & coatings, pharmaceuticals, personal care, crop protection, lubricants, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as Arkema S.A., BASF SE, The Dow Chemical Company, OXEA Corporation, Royal Dutch Shell, Exxon Mobil Corporation, LyondellBasellIndustries N.V., Eastman Chemical Company, China Petroleum & Chemical Corporation, and Petroliam NasionalBerhad.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of oxygenated solvents market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.