Oxygenated Solvents Market Overview:
Oxygenated solvents are produced using distillation components that help create balance and consistency between the various ingredients of the finished products. Oxygenated solvents are basically known for their high purity due to the process of refining essential solvents, which remove excess water and particles from the different stages of production.
Oxygenated Solvents Market projected to reach USD 32.25 Billion by 2022, at a CAGR of 7.6% from 2018 to 2022. The base year that has been considered for this study on the oxygenated solvents market is 2017, while the forecast period is between 2018 and 2022.
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Oxygenated Solvents Market Drivers and Restraints:
The growing construction sector in several regions will probably increase the demand for paints and coatings. This factor should have an indirect impact on the global market of oxygenated solvents, since it is one of the main components of paints and coatings. The rapid development in urban areas, the renovation of aging structures and the implementation of smart cities projects are important aspects that could stimulate the construction sector in the future, which should boost this market.
The main manufacturers of oxygenated solvents are carrying out several developments to support this global market. For example, the key players are developing environmentally friendly and economically viable solvents. These solvents are generally non-VOC and are non-flammable and have low toxicity, which makes them preferred by several industries. However, solvent recycling technology may affect the demand for new solvents, which could restrict this market. On the other hand, the increasing applications of oxygenated solvents in several sectors should offer many opportunities in the global market of oxygenated solvents.
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Market Segmentation:
The global market for oxygenated solvents can be fragmented according to type and application. By type, the market is classified into alcohols, esters, ketones, glycol ethers, glycols and bio-green solvents. By application, this market includes cleaning products, paints and coatings, lubricants, products for the protection of crops, pharmaceutical products, personal care, etc. Paints and coatings should dominate the market and should maintain this trend during the forecast period. The greater demand of paintings by the construction industry will probably have an indirect impact on the growth of the oxygenated solvent market in the coming years.
Manufacturers Covered in this Oxygenated Solvents Market Report are:
BASF, DOW Chemical Company, Oxea GmbH, Eastman Chemical Company, Lyondellbasell, Royal Dutch Shell, Exxonmobil, Ineos, China Petroleum & Chemical Corporation (Sinopec), Petroliam Nasional Berhad (Petronas), Arkema SA, Monument Chemical Inc., Celanese Corporation, Huntsman Corporation, Solvay SA, LG Chem Ltd., Sasol SA, Reliance Industries, Mitsubishi Chemical Corporation, Jilin Xingyun Chemical Co., Ltd., Mitsui Chemicals, Inc., Nan Ya Plastic Corp., Vertec Biosolvents, Petrochina Sichuan Petrochemical Company, Formosa Plastics Group
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