The oxygenated solvents market is estimated to grow from USD 22.28 Billion in 2017 to USD 32.27 Billion by 2022, at a CAGR of 7.8%. The use of oxygenated solvents in applications such as paints & coatings, pharmaceuticals, cleaning, personal care, crop protection, and lubricants is driving the market for oxygenated solvents globally. The market is expected to grow high in Asia-Pacific and the Middle East & Africa during the forecast period.
Expansions, new product launches, agreements, and mergers & acquisitions were the strategies adopted by the leading players to enhance their presence in the oxygenated solvents market between January 2014 and June 2017. Eastman Chemical Company (U.S.), LyondellBasell (Netherlands), OXEA (Germany), The Dow Chemical Company (U.S.), SINOPEC (China), Petronas (Malaysia), Royal Dutch Shell (Netherlands), ExxonMobil (U.S.), and BASF (Germany) are some of the leading players operating in the oxygenated solvents market.
BASF has a strong brand image, wide geographical reach, and well-established distribution network. The company has made several agreements recently to enhance the distribution of its products, develop innovative solutions, and increase its market share in the oxygenated solvents business. The solvent manufacturing facilities of the company are situated in the U.S., Germany, Belgium, Malaysia, and China with sales and distribution channels worldwide. In February 2016, the company signed a distribution agreement with Nexeo Solutions, which is a privately owned chemical distributor, for the distribution of BASF’s specialty high-performance solvents in the U.S. and Canada. The agreement helped the company cater to the demand for solvents in these countries. In addition to the agreement, the company also expanded its 1,4-butanediol (BDO) solvent facility in January 2015.
OXEA has focused on expansions and new product launches to strengthen its position in the oxygenated solvents market. The company has a presence in North America, Europe, and Asia, with manufacturing facilities in all these regions. It offers several oxygenated solvents that cater to the demand of various applications. In March 2017, Oxea GmbH started the expansion of its propanol manufacturing facility in the U.S., with a new propanol plant. The expansion helped the company to cater the demand of propanol in North America.
Oxygenated Solvents Market by Source (Conventional and Bio & Green), Type (Alcohols, Esters, Glycols, Glycol Ethers, Ketones), Application (Paints & Coatings, Pharmaceuticals, Cleaners, and Crop Protection), Region - Global Forecast to 2022
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