Oxygenated Solvents Market size was valued at USD 31.98 Billion in 2023 and is projected to exceed USD 73.4 Billion by 2036, expanding at over 6.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of oxygenated solvents is evaluated at USD 33.96 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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.6% |
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Base Year Market Size (2023) |
USD 31.98 Billion |
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Forecast Year Market Size (2036) |
USD 73.4 Billion |
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Regional Scope |
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Source (Conventional, Bio & Green Solvents)
The bio & green solvents segment is projected to pool the largest market share of about 68% in the year 2036. 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 2036. 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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APAC Market Forecast
The market share of oxygenated solvents in Asia Pacific is projected to be the largest with a share of about 39% by the end of 2036. 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 2036. 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.
Author Credits: Rajrani Baghel
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