Oxygenated solvent is an organic solvent, which contains oxygen
molecules. It is extensively used in paints, pharmaceuticals, inks, fragrances,
adhesives, cosmetics, detergents, food, agrochemicals, and cleaning products.
Oxygenated solvents include alcohols, glycol ethers, methyl acetate, ethyl
acetate, ketones, esters, and glycol ether/esters. They can also be
used for chemical synthesis. Furthermore, they can be employed as
diluents, coupling agents, or other functional additives in various types of
formulations.
Growth in
industries such as paints & coatings, pharmaceuticals, personal care,
lubricants, and crop protection is expected to drive the oxygenated solvents
market across the globe. Beneficial properties such as low toxicity and
high solvency power are also boosting the oxygenated solvents market. However,
implementation of regulations on VOC emissions is expected to restrain the oxygenated
solvents market during the forecast period.
Based on
source, the oxygenated solvents market can be segmented into conventional
solvents and bio & green solvents. In terms of product type, the market can
be divided into alcohols, glycol ethers, acetates, glycol ether acetates,
ketones, esters, aldehydes, and others. Based on key property, the oxygenated
solvents market can be segregated into coupling agent, floatation froth
building blocks, and shrinkage reduction admixture. In terms of end-user
industries, the market can be split into automotive & transportation,
building & construction, chemical & plastic, consumer goods, food &
agrochemicals.
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The bio
& green solvent segment is expected to expand at a rapid pace in the near
future. This growth can be ascribed to the usage of renewable sources as raw
materials. Bio & green solvents are estimated to replace conventional
oxygenated solvents in regions with stringent regulations on VOC emissions.
However, this can be achieved through reduced cost of solvents. The
conventional solvents segment is anticipated to expand at fast pace in
developing countries such as India and Indonesia, wherein there is lack of
regulation, owing to the relatively low cost of solvents.
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In terms
of region, in Asia Pacific, North America and Western Europe, the most number
of major industries are located which are related to the applications of
oxygenate solvents. Demand for oxygenated solvents is high in China and India.
Asia Pacific has become the largest importer of oxygenated solvents. The
oxygenated solvents market in the region is likely to expand at a fast pace,
primarily driven by the high GDP growth rate and rising population with higher
disposable income. Demand for personal care products and paints & coating
agents is high which in turn leading to high demand for oxygenated solvents in
the North America and Europe.
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Key
players operating in the oxygenated solvents market include BASF
(Germany), OXEA (Germany), The Dow Chemical Company (the U.S.), ExxonMobil
(the U.S.), Eastman Chemical Company (the U.S.), ARKEMA (France), Royal Dutch
Shell (the Netherlands), lyondellbasell (the Netherlands), SINOPEC
(China), and PETRONAS (Malaysia).
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