Oxygenated solvents find their application across a wide range of industries such as pharmaceuticals, personal care, paints & coatings, lubricants, and agriculture, among others. Moreover, in light of increasing environmental concerns regarding conventional solvents, the market has witnessed significant demand for bio-based solvents. The aforementioned factors are likely to boost the market demand over the forecast period. Asia oxygenated solvents market is expected to grow from USD 1,057.20 million to USD 1,552.66 million by 2027, at a CAGR of 5.1% from 2020-2027 according to QuantAlign Research.
Accompanied with a continued increase in the demand from countries such as India and China, lower crude prices are expected to offer key investment opportunities in the chemical sector in these economies. Thus, oxygenated solvents being a derivative of acetone (propanone) is likely to boost the market for them in the Asian region. The region has become a global manufacturing hub that is attracting major players to set up their manufacturing plants. However, solvent recycling technologies often affecting the demand for new solvents along with associated health hazards may restrain the market growth to some extent.

Furthermore, with the growing need for greener and sustainable chemicals, there has been a considerable rise in the demand for bio-based or green solvents over the past few years. High-end research has been conducted into the processing of renewable feedstocks to obtain downstream end use products. Plant crops, rinds of fruits, as well as other varieties of waste can be exploited in order to yield desired bio-based chemicals. Also, since the feedstocks for bio-based solvents are readily available, these can be manufactured in a large quantity.

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Key insights:
• Based on the source, Conventional solvents held the major share of the market in 2019. however, bio-based solvents are expected to grow at the fastest CAGR over the coming years
• Based on the type, Alcohol solvents held the majority share of the market in 2019, and the trend is expected to continue over the forecast period
• Paints & coatings segment accounted for the largest share of the market in 2019, and is likely to witness a significant CAGR from 2020-2027
• China held the majority share of the market in 2019, however South East Asia is expected to grow at the fastest CAGR over the forecast period

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Segment overview
On the basis of source, the conventional solvent segment held the largest share of the market in 2019. Despite, the environmental issues associated with conventional solvents these are widely used by manufacturers due to their low cost. One of the key applications of conventional solvents is in paints & coatings, where solvents dissolve the components used in the paint formulation to achieve the desired consistency and avoid clumps. However, bio-based solvents are garnering considerable attention with the increasing environment issues.

On the basis of type, the alcohol solvent segment accounted for the largest share of the market in 2019, and the trend is expected to continue over the coming years. Alcohols are the most widely used and versatile solvents as these stay in liquid form well below the freezing point, have high evaporation properties, and are easily miscible in water. Moreover, growing use of alcohol solvents in the pharmaceutical and personal care industries as cleaners is likely to fuel their demand over the coming years in view of the COVID-19 pandemic.

On the basis of region, China dominated the market for Asia oxygenated solvents in 2019 on account of increasing applications and growing research and development activities by key market players. Also, increasing chemical sales coupled with potential growth in industrial value added over the past few years is a key driving factor in China. However, South East Asia is expected to grow at the fastest CAGR over the forecast period.

Key players operating in the market include DowDuPont Inc.; BASF SE; LyondellBasell Industries Holdings B.V.; China Petrochemical Corporation; OXEA GmbH; Eastman Chemical Company; Royal Dutch Shell plc; and Exxon Mobil Corporation; among others.

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