Global Oxygenated Solvents Market Is Expected To Reach Around USD 68.60 Billion By 2032

Zion Market Research has published a new report titled “Oxygenated Solvents Market by Type (Alcohols, Esters, Ketones, Glycol Ethers, Glycol, and Bio & Green Solvents) and by Application (Paints & Coatings, Crop Protection, Pharmaceuticals, Cleaners, Personal Care, Lubricants, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024 - 2032’’. According to the report, the global oxygenated solvents market reached around USD 35.19 billion in 2023 and is expected to reach approximately USD 68.60 billion by 2032, growing at a CAGR of slightly above 7.70% between 2024 and 2032.

Oxygenated solvents are produced by using distilling components that help in creating balance and consistency between various ingredients of end-products. These solvents are basically organic in nature and their molecules contain oxygen. The oxygenated solvents are known for their high purity due to critical solvent refinement processes, which eliminate excess water and particulate matter from various production stages.

Browse the full “Oxygenated Solvents Market by Type (Alcohols, Esters, Ketones, Glycol Ethers, Glycol, and Bio & Green Solvents) and by Application (Paints & Coatings, Crop Protection, Pharmaceuticals, Cleaners, Personal Care, Lubricants, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024 - 2032” Report at https://www.zionmarketresearch.com/report/oxygenated-solvents-market

The flourishing construction sector in various regions is likely to increase the demand for paints and coatings. This factor is indirectly expected to positively impact the market for oxygenated solvents globally, as it is one of the major components in paints and coatings. Rapid development in urban areas, renovation of aging structures, and implementation of smart city projects are important aspects that are likely to boost the construction industry in the future, which, in turn, is predicted to fuel this market. The key manufacturers of oxygenated solvents are making various developments to support this global market.

For instance, the key players are working on the development of environment-friendly solvents that are also cost-effective in nature. These solvents are usually non-VOC and non-flammable and have low toxicity, which makes them preferred by various industries. 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 global oxygenated solvents market can be fragmented based on type and application. By type, the market is classified into alcohols, esters, ketones, glycol ethers, glycol, and bio-green solvents. By application, this market includes cleaners, paints and coatings, lubricants, crop protection, pharmaceuticals, personal care, and others. Paints and coatings are expected to dominate the market and are 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.

By region, the market is segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. 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 period.

Some major players operating in the oxygenated solvents market are 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), and Petroliam Nasional Berhad (PETRONAS), among others.

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
• Middle East and Africa

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