Oxygenated Solvents Market Size, Share & Growth Report 2032

Oxygenated Solvents Market: Industry Perspective

The global oxygenated solvents market size was worth around USD 35.19 billion in 2023 and is predicted to grow to around USD 68.60 billion by 2032 with a compound annual growth rate (CAGR) of roughly 7.70% between 2024 and 2032.

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The report covers a forecast and an analysis of the oxygenated solvents market on a global and regional level. The study provides historical data for 2018 to 2022 along with a forecast from 2024 to 2032 based on both volume (Kilotons) and revenue (USD Billion).

Oxygenated Solvents Market: Overview

Oxygenated solvents are acetone derivatives widely used in various applications, such as cosmetics, aromas, and fragrances, cleaning products, paints, and coatings, etc. They are also used for chemical synthesis or as diluents in various formulation processes. Furthermore, these oxygenated solvents can be used as additives for concrete or froth flotation as well.

The growth in the end-user industries, such as paints and coatings, pharmaceuticals, and personal care, is the major factor that is likely to support the oxygenated solvents market in the future. The oxygenated solvents have low toxicity and high solvency power that is expected to boost the product demand in the upcoming years. Bio and green solvents are likely to dominate and slated to grow at the highest rate due to the high demand for eco-friendly products. Moreover, stringent regulations toward VOC emissions are likely to boost market development in the upcoming period. However, the solvent recycling technology can affect the demand for new solvents, which might restrain this market. On the other hand, the growing applications of oxygenated solvents in various industries are predicted to provide several opportunities for the participants operating in the oxygenated solvents market globally.

The study includes drivers and restraints for the oxygenated solvents market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the oxygenated solvents market on a global level.

This report offers a comprehensive analysis of the global oxygenated solvents market along with market trends, drivers, and restraints of the oxygenated solvents market. This report includes a detailed competitive scenario and product portfolio of the key vendors. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the market has also been included. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

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Oxygenated Solvents Market: Segmentation

The study provides a decisive view of the oxygenated solvents market by segmenting the market based on type, application, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

Based on the type, the market is segmented into alcohols, esters, ketones, glycol ethers, glycol, and bio and green solvents.

The application is segmented into paints and coatings, crop protection, pharmaceuticals, cleaners, personal care, lubricants, and others. Paints and coatings are expected to dominate the market and projected to maintain this trend over the forecast time period. The increase in the demand for paints by the construction industry is likely to indirectly impact the oxygenated solvents market growth in the upcoming years.

Oxygenated Solvents Market: Report Scope

Oxygenated Solvents Market: Regional Analysis

The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East, and Africa. Each region has been further segmented into major countries, such as the U.S., UK, France, Germany, China, India, Japan, and Brazil. The Asia Pacific held the most significant share of the oxygenated solvents market in terms of volume in 2023, due to the growing consumption of oxygenated solvents in developing countries, such as China and India. The North American oxygenated solvents market is likely to witness a noteworthy rate of growth over the forecast time period.

Oxygenated Solvents Market: Competitive Analysis

The global oxygenated solvents market is dominated by players like:

• BASF SE
• The Dow Chemical Company
• OXEA GmbH
• Eastman Chemical Company
• LyondellBasell Industries N.V.
• Royal Dutch Shell PLC
• ExxonMobil
• INEOS
• China Petroleum & Chemical Corporation (Sinopec)
• Petroleum Nasional Berhad (PETRONAS)

This report segments the global oxygenated solvents market into:

Oxygenated Solvents Market: Type Analysis

• Alcohols
• Esters
• Ketones
• Glycol Ethers
• Glycol
• Bio and Green Solvents

Oxygenated Solvents Market: Application Analysis

• Paints and Coatings
• Crop Protection
• Pharmaceuticals
• Cleaners
• Personal Care
• Lubricants
• Others

Oxygenated Solvents Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa