Oxygenated solvents with carbon atoms & oxygen atoms have a high solvency rate with low toxicity owing to which they are majorly used in the building & construction sector for paints & coatings, plasticizers and concrete additives. The versatile solvency, emolliency and coupling abilities of these solvents such as alcohol, improve the effectiveness and efficiency of the building materials. The building & construction sector has witnessed significant growth over the years resulting from the undertaking of various construction projects and the development of sites. For instance, in 2021, the building & construction sector in Oman saw a boom owing to the announcement made by the government for integrating five new residential construction projects that would provide 4800 housing units for people. Additionally, Mexico’s National Institute of Statistics and Geography stated that in Q2 of 2021, Mexico’s construction industry posted 33.8% growth. Owing to such rapid growth in the building & construction sector, the demand for oxygenated solvents is also expected to increase which is considered a primary factor for driving the market growth of oxygenated solvents. The oxygenated solvents market is observed to grow at a CAGR of 7.8% during the forecast period 2022-2027 and will reach an estimated revenue of US$45.2 billion by 2027.
Oxygenated Solvents Market: Leading Segment is Building & Construction
Based on the end-use industry, the Oxygenated Solvents market can be segmented into agriculture, aerospace, building & construction, automotive, cleaning industry, electrical & electronics, cosmetics & personal care, pharmaceuticals, mining industry, metallurgy and others. Building & construction is being evaluated to be the leading segment of the oxygenated solvents market. During the forecast period 2022-2027, the building & construction sector is expected to grow with a CAGR of 8.2%. This can be attributed to various factors such as the growing investments, rapid urbanization and project launches which have increased the scale of building construction on a global level.
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Oxygenated Solvents Market: Leading Segment in North America
Based on geography, the Oxygenated Solvents market can be segmented into North America, South America, Europe, APAC and the Rest of the World. According to the analysis, in 2021, the North American region emerged as the most profitable region in the market and held a 39% share of the total revenue earned by the market globally. Construction spending and investment in the building & construction sector of major North American countries such as the U.S. and Canada have shown a significant increase over the years. For instance, according to the 2022 report of Statistics Canada, the investment in industrial construction saw a 2.1% increase in January. Additionally, according to U.S Census Bureau, construction spending in July 2022 increased by 8.5% than 2021 for the same month. The increase in investment and expenditure in the building & construction sector is expected to boost oxygenated solvents demand in North America, thereby driving their market growth in the region.
Oxygenated Solvents Market: Competitive Landscape
Key companies holding a major share in the Oxygenated Solvents market are Arkema Group, Dow Chemical Company, Exxon Mobil Corporation, BASF SE, Eastman Chemical Corporation, Lyondell Basel Industries holding, Royal Dutch Shell PLC, Solvent Industry Association, Solvay, Banner Chemicals Limited.
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