Oxygenated solvents are basically produced using distilling components from chemicals, which help in creating balance and consistency between ingredients in the end-product. Oxygenated solvents are organic solvents, their molecules contain oxygen. Oxygenated solvents are known for their significantly high rate of purity owing to the critical solvent refinement processes which eliminate excess water and particulate matter which occurs in various stages of production. Various types of oxygenated solvents are available in the market. These include alcohols, glycols, ketones, esters, glycol ethers, etc. Oxygenated solvents are widely utilized in various applications, such as paints & coatings, personal care products, pharmaceutical, etc. They are also utilized as diluents as well as for chemical synthesis in various types of formulations.
Generally, oxygenated solvents are more expensive than hydrocarbons. Hence, mixtures are made whenever possible to lower the cost. However, they have stronger solvency and are utilized as active solvents for most of the synthetic resins. Their strong solvency, together with the wide range of volatilities available, makes them an extremely important group of solvents for the paints & coatings industry.
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Global Oxygenated Solvents Market: Dynamics
The growing construction industry in developing regions, such as Asia Pacific, Middle East etc. is supporting the demand for paints and coatings products, which, in turn, will boost the demand for oxygenated solvents over the near future. Rapid developments in urban areas, smart city projects and renovation of aging structures are the major reasons responsible for the growth of the construction industry in the region.
Various organizations, such as the US Environmental Protection Agency (EPA), California Air Resources Board (CARB) and Ozone Transport Commission (OTC), etc. are working to set restrictive limits on Volatile Organic Compounds (VOCs) content in industrial and architectural maintenance coatings. These environmental regulations are expected to be the key challenges for the manufacturers in the region.
Manufacturers of oxygenated solvents are working on the development of eco-friendly solvents which are also cost effective. These oxygenated solvents are non-flammable, non-VOC and also have low toxicity. Eco-friendly oxygenated solvents are an excellent alternative to the traditional solvents, such as N-Methylpyrrolidone. These green alternative solvents can be utilized in various applications, which include paint stripping, cleaning, degreasing, etc.
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Global Oxygenated Solvents Market: Regional Outlook
Globally, the oxygenated solvents market is expected to be dominated by the Asia-Pacific region. Owing to the rising investments in the construction, automotive and pharmaceutical industries, the demand for oxygenated solvents is expected to rise in these sectors. Europe and North America are anticipated to show moderate growth in the oxygenated solvents market due to the steady growth of the end-use industries in developed countries, such as U.S., Germany, etc. Middle East & Africa are expected to account for a small share in the market. However, it is anticipated, owing to the upcoming construction projects, the region will grow with a healthy growth rate over the forecast period. Latin America is expected to show slow growth in the market over the next decade
Global Oxygenated Solvents Market: Market Participants
Examples of some of the market participants identified across the value chain of the global Oxygenated Solvents market include Arkema Group, Banner Chemicals Limited, DowDuPont, Exxon Mobil Corporation, BASF SE, Royal Dutch Shell plc, LyondellBasell Industries Holdings B.V., Eastman Chemical Company, Petronas, and others.
Key manufacturers of oxygenated solvents are getting themselves involved in the manufacturing of bio-based solvents owing to the stringent environmental regulations on volatile organic compound emissions.
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