Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Oxygenated Solvents Market size was over USD 34.3 billion in 2024 and is poised to exceed USD 77.77 billion by 2037, witnessing over 6.5% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of oxygenated solvents is estimated at USD 36.08 billion. The global oxygenated solvents market is expected to grow in the coming years as the paint and coatings industry expands due to increased demand and consumption of paint and coatings products around the world.
Furthermore, as some oxygenated solvents are used to produce insecticides, the rise in agricultural activities in emerging nations and the rising demand for crop protection products are expected to drive market growth in the coming years. Furthermore, rapid industrialization around the world, as well as increased regulations from governments to use bio and green solvents in various industries, are expected to drive market growth over the forecast time frame.
Oxygenated Solvents Sector: Growth Drivers and Challenges
Growth Drivers
- Surging Demand for Personal Care Products - the worldwide perfume industry was found to be worth approximately USD 50 billion by the end of 2022. Since oxygen molecules are present in oxygenated solvents, they are highly soluble and non-toxic. These solvents are frequently used in the manufacturing of a variety of personal care items, such as lotions, hair styling products, deodorants, and perfumes due to their low toxicity.
- Growing Usage in the Pharmaceutical Industry – Oxygenated solvents, such as ketones, are commonly used as a chemical intermediate in chemical peelings, acne treatment, and the manufacture of various pharmaceutical drugs. Thus, the pharmaceutical industry's expansion is expected to drive demand for such organic solvents in the coming years.
- Rising Traction and Popularity of Environment-Friendly Products – Based on a survey report conducted in 2021, the popularity of environment-friendly products expanded by around 75% throughout the world. The popularity of environment-friendly products and the rising consumer awareness regarding the harmful impacts of chemical-based products on the environment is propelling the demand for green solvents. Hence, the growing application of industrial solvents specifically, oxygenated solvents in several industries for a wide variety of end-use products such as home care cleaning products, industrial and institutional cleaning products, paints, inks, coatings, building, construction, and infrastructure applications, and food production applications is predicted to boost the market growth over the projected time frame.
Challenges
- Stringent Government Regulations Concerning Environment - The production of conventional oxygenated solvents generates volatile organic compounds (VOC), that cause pollution issues in the atmosphere. Organizations such as the US Environmental Protection Agency (EPA), the California Air Resource Board (CARB), and other government agencies have imposed regulations to regulate VOC emissions to avoid or reduce VOC emissions. Such regulations are expected to impede the expansion of the oxygenated solvents market as they may hinder the manufacturing of conventional oxygenated solvents.
- Associated Risk of VOC Emission
- Significant Effect of Bio and Green Solvents on Food Security
Oxygenated Solvents Market: Key Insights
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
6.5% |
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Base Year Market Size (2024) |
USD 34.3 billion |
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Forecast Year Market Size (2037) |
USD 77.77 billion |
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Regional Scope |
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Oxygenated Solvents Segmentation
Source (Conventional, Bio & Green Solvents)
The bio & green solvents segment is projected to pool the largest market share of about 68% in the year 2037. 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 (Paints & Coatings, Pharmaceuticals, Cleaners, Cosmetics)
The paints & coatings segment is estimated to garner a significant share of around 40% in the year 2037. 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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Type |
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Source |
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Application |
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Customize this ReportOxygenated Solvents Industry - Regional Synopsis
APAC Market Forecast
The market share of oxygenated solvents in Asia Pacific industry is set to hold largest revenue share of 39% by 2037. The increasing advances in urban areas in emerging economies such as China, followed by the escalation in the construction industry in the region are major factors augmenting the oxygenated solvent demand as they are widely used to enhance the effectiveness of paints& coatings, and adhesives. Construction activity in Northeast Asia was estimated to surge by approximately 4.6% to USD 4.88 trillion in 2022, up from USD 4.50 trillion in 2021.
North American Market Statistics
The North America oxygenated solvents market is foreseen to be the second largest, registering a share of about 28% by the end of 2037. The surge in the demand for organic products from various end-use industries including the pharmaceutical, agrochemicals, and beauty product industries especially in the United States is predicted to expand the size of the oxygenated solvents market in the region. As oxygenated solvents are organic solvents that include oxygen molecules, and are processed from chemical reactions from olefins their demand to enhance the efficiency and effectiveness of consumer and industrial products is elevating in developed countries of North America.
Companies Dominating the Oxygenated Solvents Landscape
- BASF SE
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Solvay SA
- OQ Chemicals GmbH
- Arkema Group
- The Dow Chemical Company
- Exxon Mobil Corporation
- LyondellBasell Industries N.V.
- Eastman Chemical Company
- Shell International B.V.
- Petroliam Nasional Berhad (PETRONAS)
In the News
- Solvay SA revealed that their oxygenated solvents Augeo Crystal and Hexylene Glycol (HGL) secured the Vegan Trademark. The company will now be advancing its offer of sustainable solutions.
- OQ Chemicals GmbH commenced a state-of-the-art pilot plant in Oberhausen, Germany to manufacture small quantities of esters. These esters will be customized as per customer needs and will be used for further assessment.
Author Credits: Rajrani Baghel
- Report ID: 2731
- Published Date: Dec 06, 2024
- Report Format: PDF, PPT
