In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
June 17, 2020: Dow, a world leader in materials science, announced their new commitments in the form of new sustainability targets, keeping both the current climate change and plastic waste in mind, to become the supreme advanced, customer-centric, inclusive, and ecological materials science company across the globe.
June 9, 2020: In a joint collaboration, BASF SE and ExxonMobil introduced a new amine gas treating technology – OASE sulfexx, which is aimed at helping petroleum refiners and gas processors in order to meet future regulatory necessities, lesser operating costs, and increased capacity. It selectively eliminates hydrogen sulfide, while reducing co-absorption of carbon dioxide from the gas streams.
Oxygenated solvents are organic solvents whose chemical assembly contains oxygen atoms. These solvents are created through chemical reactions from olefins, providing us the sub-groups of alcohols, ketones, esters, ethers, glycol ethers, and others. Oxygenated solvents are branded for their considerably high rate of purity on account of the critical solvent refinement processes which remove excess water and particulate matter, occurring in several stages of production. These solvents are widely used in numerous applications, such as paints & coatings, personal care products, pharmaceuticals, among others. They are also employed as diluents besides for chemical synthesis in different types of formulations.
The oxygenated solvents market is expected to observe an attainable high CAGR during the forecast period, i.e., 2020-2028. The market is segmented by type, source, application, and region. Among product source, the conventional segment is accounted for the major share as they are more readily available and are also available in developing nations, where the demand is soaring and regulations are very low. The bio & green segment on the other hand is expected to witness a remarkable boost in the much-developed countries owed to stringent environmental protocols, more awareness about green substitutes, and greater capacity to purchase.
Rapid industrial development in developed and developing nations coupled with increasing demand for organic solvent from the pharmaceutical industry are key attributes boosting the market growth of the global oxygenated solvents. The biggest demand has been observed in the Asia-Pacific region, specifically in the developing nations owed to huge industrial and construction projects taking place.CLICK TO DOWNLOAD SAMPLE REPORT
Furthermore, the burgeoning cosmetic industry in developed nations, which has increased their utilization of oxygenated solvents, owing to low toxicity property is another end-use industry supporting the growth.
Additionally, the booming agronomy segment in developing countries and the wide application of oxygenated solvents in the protection of crops is another aspect likely to support the growth of the global market.
Manufacturers in the field of oxygenated solvents are operating upon the development of green solvents which are also cost-effective. These oxygenated solvents are non-flammable, non-VOC, and also have low toxicity which makes them a superb alternative to the traditional solvents. These green alternative solvents can be consumed in various applications, which include paint stripping, cleaning, degreasing, and others.
Several organizations, such as the U.S. Environmental Protection Agency (EPA), California Air Resources Board (CARB) and Ozone Transport Commission (OTC), and many other small scale organizations are working to set preventive limits on Volatile Organic Compounds (VOCs) present in industrial and architectural maintenance coatings. These conservational regulations are anticipated to be one of the key challenges for manufacturers.
Our in-depth analysis of the oxygenated solvents market includes the following segments:
Geographically, the oxygenated solvents market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America and Europe are projected to observe a moderate growth in the oxygenated solvents market owed to the sturdy growth of the end-use industries in developed countries, such as the U.S. and Germany. Additionally, growing demand from the cosmetic industry, the occurrence of dominant players operating in the countries, and rising merger and acquisition undertakings among regional and international players is anticipated to further sustain the growth of the target market in these regions.
Oxygenated solvents demand is distinctly evident in the Asia Pacific region, where increasing economic prosperity is hosting new opportunities for manufacturers and tremendous openings are coming up in the distribution of the oxygenated solvents market. Rapid advances in urban areas, smart city projects, and revamp of aging structures are the main reasons responsible for the growth of the construction business in the region. Owing to all these factors, Asia-Pacific is expected to witness the fastest growth during the forecast period.
The oxygenated solvents market is further classified based on region as follows: