New York, NY, Dec. 26, 2018 (GLOBE NEWSWIRE) -- 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, 2017—2024’’. According to the report, the global oxygenated solvents market reached around USD 21.05 billion in 2017 and is expected to reach approximately USD 40.05 billion by 2024, growing at a CAGR of slightly above 11.15% between 2018 and 2024.
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 basically known for their high purity due to critical solvent refinement processes, which eliminate excess water and particulate matter from various production stages.
Browse through 55 Tables & 26 Figures spread over 110 Pages and in-depth TOC on “Global Oxygenated Solvents Market: By Type, Size, Industry Share, Segments, Demand, Analysis, and Forecast 2017-2024”.
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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 the 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 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.
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The regional segmentation of the global oxygenated solvents market is categorized into Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. The Asia Pacific oxygenated solvents market is projected to witness major growth in the upcoming years. The region leads in the manufacture and consumption of oxygenated solvents. Moreover, the region is expecting high growth in the construction sector, particularly in China, India, and Japan. The construction sector largely makes use of paints and coatings with oxygenated coatings as one of its major components. This factor is likely to indirectly affect this regional market’s future.
North America is likely to witness substantial growth in the oxygenated solvents market in the years to come, due to the steady developments in the end-user industries. Developed countries, such as the U.S. and Canada, are likely to account for a significant share in the regional oxygenated solvents market. Moreover, the growing consumer demand for environment-friendly oxygenated solvents in the region is another major factor that is anticipated to support the oxygenated solvents market in this region.
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, 2017—2024” Report at https://www.zionmarketresearch.com/report/oxygenated-solvents-market
Europe is likely to witness sluggish growth in the oxygenated solvents market during the forecast time period. The demand for oxygenated solvents is high in this region and the regional government is making various amendments to promote the use of environment-friendly oxygenated solvents. The key regional players in the oxygenated solvents market are also making various product developments to enhance the market’s presence in the region. Various key developments are made in the manufacturing of oxygenated solvents by major players so that the products are easily decomposable and do not cause any environmental hazards.
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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.
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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
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