Pharmaceutical Solvents Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Pharmaceutical Solvents Market grew at a CAGR of 4.6% between 2017-2021 and is estimated to be US$ 5,622.3Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.3% and is expected to reach a valuation of US$ 9,423.2Mn by 2032 end.
The growing demand for innovative formulations and secure chemical recipes for the creation of vaccines and efficient solutions will boost sales in the market. The pharmaceutical industry has grown by 150% over the last ten years due to continued technological advancements in the medical profession. This trend is anticipated to continue in the years to come.
APPLICATION OF GREEN CHEMISTRY AND INNOVATION TO BOOST PHARMACEUTICAL SOLVENTS SALES
The cost of pharmaceutical ingredients and solvents is rising, and as a result, major manufacturers are investing in green chemical processes to reduce waste. The market demand for pharmaceutical solvents is increasing due to green chemistry.
The main players are encouraged to adopt these tactics by regulatory authorities’ approval of green chemical processes. The U.S. Environmental Protection Agency (EPA) recognizes the need for green chemical processes to limit the emission of harmful chemicals used in medicine formulation.
According to the EPA, the pharmaceutical industry is expected to save US$ 65 million in production costs by using green chemical processes through 2020. Additionally, implementing these procedures can effectively lessen their use’s dangerous effects.
INCREASING OCCURRENCE OF CAUSALITIES IS HIGHLY FLAMMABLE IS PROJECTED TO RESTRICT THE USE OF SOLVENT
It is anticipated that the use of solvents will be restricted due to an increase in fire-related fatalities in the pharmaceutical business. The solvent is very flammable. This element is predicted to impede the pharmaceutical solvent’s market expansion.
The very volatile nature of pharmaceutical solvents is predicted to limit market expansion. This is due to transportation and storage issues.
STRINGENCY IN RESIDUAL SOLVENTS TO CREATE LUCRATIVE PROSPECTS FOR GREEN PHARMACEUTICAL SOLVENTS
The development of medical and drug delivery systems is receiving major attention in the pharmaceutical industry. The formulation of pharmaceuticals and vaccines is using these solvents more and more.
The environment is being harmed by releasing harmful chemicals and leftover solvents. Due to the toxicity of the used solvents, regulatory agencies set strict regulations.
Therefore, manufacturers are heavily investing in developing green chemical processes to reduce the number of solvents utilized to lessen the toxicity. Key actors working for green solvents are anticipated to benefit greatly from this, opening them numerous prospects.
Market Segments Covered in Report
By Chemical Group:
By Region and Country:
Which chemical group will remain highly sought-after for pharmaceutical solvents?
Alcohol held a 34% market share in revenue in 2021, leading the global pharmaceutical solvent market by chemical type.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The market for pharmaceutical solvents is quite consolidated, with the top companies holding close to 50% of the market. To boost their sales, major producers of medicinal solvents are concentrating on solubilization technology.
While this is happening, some players are working with universities and start-ups in developing nations to provide eco-premium solutions. To comply with the strict requirements set by the government, they are also producing novel items.
The key developments in the Global Pharmaceutical Solvents Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Chemical Group and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 5.3%.
Application of green chemistry and innovation to boost pharmaceutical solvents sales
Major global Pharmaceutical Solvents Market players are BASF SE, The Dow Chemical Company, ExxonMobil Corporation, Royal Dutch Shell PLC, Yip’s Chemical Holdings Limited, Mitsubishi Chemical Corporation, Eastman Chemical Company, Clariant AG, Merck KGaA, Procter & Gamble
Asia Pacific Region is expected to account for the largest market revenue share in the Global Pharmaceutical Solvents market.
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