The oxygenated solvents market is estimated to grow from USD 22.28 billion in 2017to USD 32.27 billion by 2022, at a CAGR of 7.8%. Oxygenated solvent shave strong solvency and volatility. Hence, these solvents are preferred in applications such as paints & coatings and personal care. The common types of oxygenated solvents include alcohols, ketones, esters, glycols,bio & green solvents and glycol esters. With the regulations on the use of volatile organic compounds (VOCs), the bio & green solvents type isincreasingly preferred by end users.
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The bio &green solvents segment is projected to be the fastest-growing source segment during the forecast period. The use of renewable sources as raw materials, and non-toxic and environmental friendly nature of bio & green solvents are expected to boost the demand during the forecast period.
The glycol etherssegment is projected to be the fastest-growing type in the oxygenated solvents market.Glycol ethersolvents possess low vapor pressures and are exempted from VOC-regulations. Furthermore, the non-toxic nature of these solvents enables them to be used in applications such as pharmaceuticals and crop-protection.Â
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The crop protectionsegment is projected to be the fastest-growing application of oxygenated solvents during the forecast period. Increasing food demand and cultivable lands is expected to drive the market for oxygenated solvents in this segment.
Asia-Pacific is projected to be the fastest-growing market for oxygenated solvents globally. The increaseddemand for oxygenated solventsfrom Asia-Pacificcan beattributed to the shifting of the manufacturing sector from North America and Europeto Asia-Pacific. Moreover, increased government spending on the agricultural and building & construction sectorsin the region is also fueling the growth of the oxygenated solvents market. The demand for conventional oxygenated solvents is driven by the low crude oil prices. In case of bio & green solvents, regulations on the VOC emissions are expected to drive the market.The major players in the market have presence in high growth markets such as Asia-Pacific and Middle East & Africa, which serve the market players with better opportunities.
