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"The demand for pharmaceutical solvents was estimated at USD ~3.5 billion in 2019. It is projected to witness a CAGR of 4.3% during the forecast period (2028-2028)."
Pharmaceutical solvents market is expected to grow at a moderate rate on the back of increasing production of pharmaceutical medicines and active pharmaceutical ingredients (API). A combination of factors including rising geriatric population, increasing consumption of pharmaceutical solvents, increasing number of diseases such as asthma, cancer, chronic liver disease among others are factors proliferating the demand of pharmaceutical solvents market. Furthermore, rapidly growing pharmaceutical and healthcare sectors in the developing regions such as Asia Pacific is expected to further enhance the market growth of pharmaceutical solvent market globally. The stringent government regulations due to rising environmental concerns have forced the adoption of green chemistry and manufacturers are now participating to develop their products accordingly.
Additionally, the development of new drug manufacturing methods and technologies and initiatives by government to boost the medical sector are factors bolstering the market growth. However, the occurrence of fatalities in manufacturing units may hamper the growth of the market. Moreover, the high cost of production and stringent regulatory norms are factors hindering the pharmaceutical solvent market growth.
By chemical group, propanol is expected to witness highest growth in the pharmaceutical solvents market across the globe. It is expected to hold XX% of the total market.
Based on alcohol chemical group, the pharmaceutical solvents market is further classified into ethanol, isopropanol, propanol, and propylene glycol. Ethanol segment anticipated to expand with the highest rate. This can be attributed to the various applications of ethanol including antibacterial hand sanitizer and anti-fungal applications in the healthcare domain. The increasing bacterial & viral infections and rising concerns of health and safety among consumers are propelling the growth of the segment.
Propanol segment dominates and holds a major share in the pharmaceutical solvent market. This can be attributed to its properties and applications including treatment of angina, hypertension, treat tremors, heart rhythm disorders among others. Thus bolstering the growth of pharmaceutical solvent market.
By diethyl ether segment is anticipated to dominate the pharmaceutical solvents market
Based on ether chemical group the global pharmaceutical solvents market is bifurcated into diethyl ether, anisole, and polyethylene glycol. The diethyl ether segment dominated the global pharmaceutical solvents market and contributed XX% of revenue share. This can be attributed to its applications such as production of cellulose acetate, aprotic solvent, and its anesthetic use among others.
On the other hand, the polyethylene glycol segment is expected to witness highest growth throughout the forecast period. This can be associated with the increasing application of it in pharmaceutical solvents, polymerization process and electronics industry due to its properties such as high solubility in water.
Asia Pacific region led the global pharmaceutical solvents market in terms of revenue share.
Asia Pacific region dominated the global pharmaceutical solvents market and accounted for US$ XX Bn in terms of market share and is projected to expand at a CAGR of XX% during the forecast period. Owing to availability of raw materials, presence of large number of manufacturers in the region, and advancements in the healthcare industry of counties such as China, India, and Japan among others. China holds the major share and contributed more than 35% of revenue share in the Asia Pacific region owing t presence of major API manufacturers in the region.
Asia Pacific region is trailed by North America and Europe. Both North America and Europe are anticipated to register sluggish growth owing to saturated pharmaceutical industry in these regions.
The major players in the pharmaceutical solvents market include BASF SE, Exxon Mobile Corporation, Eastman Chemical Company, The Dow Chemical Company, Yips Chemical Holding Limited, Procter & Gamble Chemicals, Alfa Aesar, Clariant AG, Merck KGaA, Finar Limited, Bayer AG, DuPont Inc., and Mitsubishi Chemical Corporation among others are few of the key players in the global pharmaceutical solvents market. The market is considered to be moderately fragmented due to presence of large number of players in the global pharmaceutical solvents market.
Segmentation of Global Pharmaceutical Solvents Market:
Pharmaceutical Solvents Market by Chemical Group:
- Propylene Glycol
- Methyl ethanolamine
- Ester Chemical
- Acetyl Acetate (Acetic Anhydride)
- Ethyl Acetate
- Butyl Acetate
- Ether Chemical
- Diethyl Ether
- Polyethylene Glycol
- Chlorinated Chemical
- Carbon Tetrachloride
- Chelating Agents
Pharmaceutical Solvents Market by Region:
- North America
- Latin America
- Middle East & Africa