Oxygenated Solvents Market - Growth, Trends, and Forecast (2020-2025)
The market for oxygenated solvents is expected to register a CAGR of over 7% during the forecast period. The major factors driving the growth of the market studied include its growing applications across various enduser industries. On the flip side, unfavorable conditions arising due to the COVID19 outbreak have been hindering the growth of the market studied.
The paints and coatings segment is predicted to be the largest application of oxygenated solvents over the forecast period. It is used to maintain the desired consistency and flow characteristics of paints and coatings.
The AsiaPacific region is expected to be the largest market for the oxygenated solvents, owing to the growing consumption from countries, such as China, India, and Japan.
Key Market Trends
Paints & Coatings Segment to Propel the Demand
Oxygenated solvents find their broad range of applications in the paint and coatings industry. These solvents are used in paints and coatings to disperse the components used in formulations to maintain the desired consistency and to avoid clumps and globs. Also, some spray paints are added with glycol ether esters to prevent them from drying in midair.
Solvents are volatile components that are used to adjust the viscosity and curing properties of the paints and do not become part of the paint film. It only controls flow and application properties while in the liquid state. They impart their properties to paints temporarily and once the solvents get evaporated their properties cease.
The global spending of the construction industry is projected to approximately reach USD 11.9 trillion by the end of 2020 and is forecast to reach a staggering value of about USD 14 trillion by 2025.
The paints and coatings market was valued at USD 153.9 billion in 2019 and is anticipated to cross more than USD 200 billion by the end of 2024.
All the aforementioned factors are expected to drive the oxygenated solvents market during the forecast period.
AsiaPacific Region to Dominate the Market
The AsiaPacific region holds the largest share in the oxygenated solvents market globally and is expected to dominate the market over the forecast period.
By 2025, China and India together have been forecast to have the largest market share in the global construction industry, accounting for about 40% share. China from the region leads the construction industry with the largest share in the AsiaPacific market currently.
Japan is projected to accumulate USD 150.44 billion in revenue by 2022 from the sales of pharmaceuticals, which is highest in the AsiaPacific region, hence, propelling the studied market's growth.
The cosmetics segment revenue from the AsiaPacific region is estimated to be USD 38.22 billion by 2020 and is expected to grow annually by 6.2%.
Thus, rising demand from various industries is expected to drive the market in the region during the forecast period.
The oxygenated solvents market is partially fragmented. Some of the companies operating in the business include BASF SE, Exxon Mobil Corporation, Eastman Chemical Company, Arkema, and Royal Dutch Shell Plc.
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