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CHEMICALS AND ADVANCED MATERIALS

Pharmaceutical Solvent Market : Global Demand Analysis & Opportunity Outlook 2024

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Extensive insights into the Growth of Pharmaceutical Solvent Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Pharmaceutical Solvent Market Overview

Pharmaceutical solvents are involved in all process (reaction, separation and formulation) of drug manufacturing. These solvents accounts for more than half of the material used during the drug manufacturing process. Organic solvents are gaining popularity in pharmaceutical industries as they offer better mixing, reaction rate, scalability, isolation and safety features.  

Market Size and Forecast

Global pharmaceutical solvent market is anticipated to flourish at a CAGR of 4.5% over the forecast period. Additionally, the market is expected to reach USD 3.8 Billion by the end of 2024. Increasing utilization of solvent in pharmaceutical factories is the key growth driver of global pharmaceutical solvent market.

pharmaceutical solvent market

In the regional platform, North America is the largest market in the term of market share in overall pharmaceutical solvent market. Additionally, North America is expected to continue to its dominance over the forecast period. The market of pharmaceutical solvent is majorly driven by the presence of major pharmaceutical industries in the region. Rising healthcare expenditure is augmenting the growth of pharmaceutical industries which further is likely to drive the growth of pharmaceutical solvent in the region. U.S. is expected to contribute significant revenue to global pharmaceutical solvents market during the forecast period.

North America is forecasted to be followed by Europe and Asia-Pacific. Europe region is expected to behold positive growth over the forecast period. Apart from this, Asia-Pacific region is anticipated to witness lucrative growth during the forecast period. Further, rising sale and demand for pharmaceutical products is likely to spur the growth of pharmaceutical solvent market in the Asia-Pacific region. China, India and South Korea are expected to be a major contributor to the growth of pharmaceutical solvent market due to the presence of various solvent manufacturing companies.

On the basis of product type, the market is segmented into alcohol, amine, esters, ethers and other solvents.  The alcohol pharmaceutical solvent is anticipated to hold largest share of pharmaceutical solvent market and grow at a CAGR of 4.9% during the forecast period. Further, this segment is likely to achieve an incremental opportunity of USD 586 Million between 2017 and 2024.CLICK TO DOWNLOAD FREE SAMPLE

Market Segmentation

Our in-depth analysis has segmented global pharmaceutical solvent market into the following segments:

By Product Type

  • Alcohol
  • Amine
  • Esters
  • Ethers
  • Other Solvents

By End User

  • Pharmaceutical Industry
  • Research Laboratories
  • Chemical Industry

By Region

Global pharmaceutical solvent market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers and Challenges

Growth and expansion of pharmaceutical industry is driving the pharmaceutical solvent market. Increasing healthcare expenditure by population is fostering the growth of global pharmaceutical solvent. Additionally, rise in healthcare budget by the government of various countries is driving the growth of pharmaceutical industries which is further increasing the demand for pharmaceutical solvent. This factor is expected to spur the growth of pharmaceutical solvent during the forecast period.

Apart from this, research and development is expected to be one of the key growth drivers for global pharmaceutical solvent market. Increasing demand for environment friendly and low volatile organic compound has been witnessed in recent years. Further, developments such as less time consuming solvents, low volatile organic compound emission is projected to drive the growth of global pharmaceutical solvent market over the forecast period.

In contrast, stringent regulations in developed countries are expected to dampen the growth of global pharmaceutical solvent market during the forecast period. Further, limited use or banned toxic and hazardous solvents are anticipated to limit the growth of pharmaceutical solvent market.

Key Players

  • BASF SE
    • Company Overview
    • Key Product Offerings
    • Business Strategy
    • SWOT Analysis
    • Financials
  • Bayer Group
  • Akzonobel N.V.
  • The Dow Chemical Company
  • LyondellBasell Industries Holdings B.V.
  • E.I. duPont de Nemours and Company
  • Mitsui Chemicals
  • Braskem SA
  • PPG Industries
  • Eastman Chemical Company

 


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