Oxygenated Solvents Market Segmentation:
Source Segment Analysis
The bio & green solvents segment is projected to pool the largest market share of about 68% in the year 2035. The radically increasing demand for bio & green solvents in various end-use industries such as paint and coatings, cosmetics, printing inks, and others as they are environmentally friendly is expected to skyrocket the segment growth shortly. It is forecasted that the worldwide demand for green solvents is expected to rise from nearly USD 4.5 billion in 2018 to around USD 7 billion in 2023.
Furthermore, these solvents are non-toxic, non-carcinogenic, non-corrosive, and biodegradable in nature which is why their application is widening in many sectors.
Application Segment Analysis
The paints & coatings segment is estimated to garner a significant share of around 40% in the year 2035. The growth of the segment can be attributed to the worldwide escalation in the paint & coatings industry, coupled with the radically escalating consumption of solvents like glycol ether esters in decorative paints and spray paints to prevent them from drying in mid-air.
On the other hand, the cosmetics segment is expected to witness an impressive CAGR during the forecast period, owing to the exceptionally rising demand for several types of cosmetic products across the globe, followed by the increasing utilization of these solvents in the formation of various types of pigments of color cosmetics.
Our in-depth analysis of the global market includes the following segments:
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