NEW YORK, Dec. 28, 2017 (GLOBE NEWSWIRE) -- The global oxygenated solvents market is expected to grow at a CAGR of 7.3% during 2017 – 2023 to reach USD 32.34 Billion by 2023. Factors propelling the growth of oxygenated solvents market include increasing applications of conventional solvents and growing demand for bio and green solvents to reduce VOCs. The report segments the oxygenated solvents market by Source (Conventional Solvents and Bio & Green Solvents), by Type (Alcohols, Esters, Ketones, Glycol Ethers, Glycols, and Bio & Green Solvents), by Application (Paints and Coatings, Pharmaceuticals, Crop Protection, Personal Care, Cleaners, Lubricants, and Others), and by Region (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The report studies the global oxygenated solvents market over the forecast period (2017-2023).
Oxygenated solvent is an organic solvent, containing oxygen molecules. These types of solvents are produced by extracting elements from other chemicals to attain the desired consistency and balance of components. Generally, oxygenated solvents have a very high rate of purity, as the product is refined in the final stages of production due to solvent refinement process. Minute particles including excess water are extracted before the solvent is considered complete and ready for use. Oxygenated solvents are widely used in the paints, inks, pharmaceuticals, adhesives, cosmetics, detergents, and food industries.
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Key Findings of the Global Oxygenated Solvents Market
- On the basis of source, conventional oxygenated solvent is anticipated to dominate the oxygenated solvents market, during the forecast period. The growth of this segment is attributed to the relatively low cost of solvents along with lack of regulation in emerging economies
- On the basis of type, bio and green solvents is anticipated to be fastest growing segment of oxygenated solvents, during the forecast period, owing to its non-toxic and eco-friendly characteristics along with the usage of renewable sources as raw materials
- On the basis of application, paints and coatings is anticipated to be the largest segment of oxygenated solvents, over the forecast period, attributed to the growth of the end-use industries such as automotive and construction. Oxygenated solvents used in paints and coatings improve the flow and enable quick drying making them a preferred choice
- Geographically, Asia-Pacific is projected to be the fastest growing market for oxygenated solvents and is anticipated to register the highest CAGR, by 2023. Growth of oxygenated solvents market in this region is attributed to the growth of the paints and coatings, pharmaceutical and agriculture industries
- Key players in oxygenated solvents market are DowDuPont Inc., BASF, Oxea GmbH, LyondellBasell Industries N.V., Ineos, Eastman Chemical Company, ExxonMobil Corporation, Royal Dutch Shell Plc, China Petroleum & Chemical Corporation, Petroliam Nasional Berhad, among others
Oxygenated Solvents- High-Solids Coatings
A popular approach taken by coating manufacturers to reduce solvent emissions was the development of high-solids coatings. Choosing the correct solvent balance, however, is crucial to the successful application of high-solids coatings. It requires the increased use of oxygenated solvents such as ketones to achieve the proper application viscosity within the required VOC limits. These proper solvents are effective in minimizing the association of functional groups on the resin, thereby attaining lower solution viscosity. Oxygenated solvents having low density and high activity are the most useful in reducing the VOC level of a coating and are suitable for meeting the more restrictive VOC limits.
Oxygenated Solvents Market- Regional Insight
Asia-Pacific region is anticipated to dominate the oxygenated solvents market. China accounted for the largest share of oxygenated solvents in Asia-Pacific, in 2016. In China and India, the demand for oxygenated solvents is expected to increase, during the forecast period. The market growth in the aforementioned countries is primarily attributed to the increasing investments by the private sector in industries such as automotive, pharmaceuticals, construction, and agriculture. North America and Europe are expected to register moderate growth in the oxygenated solvents market, during the forecast period. The market growth in these regions is mainly due to the steady growth of the end-use industries in developed countries, such as the U.S. and Germany. The Middle East & Africa region is forecasted to account for a smaller share in the market. However, the oxygenated solvents market in MEA is expected to grow at a progressive rate during the forecast period, owed to the increasing construction activities and upcoming construction projects. South America is forecasted to witness slow market growth, in the coming years.
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