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.
The global pharmaceutical solvent market is segmented into product type such as alcohol, amine, esters, ethers and other solvents, out of which alcohol segment accounted for the largest market of overall pharmaceutical solvent market in 2016. In addition, by the end of 2026, more than 700 kilotons of alcohols will be consumed for global production of pharmaceutical solvents which is expected to strengthen the growth of alcohol segment.
Additionally, increasing healthcare concerns along with continuous advancement of pharmaceutical industry is expected to flourish the growth of global pharmaceutical solvent market.
Global pharmaceutical solvent market is expected to showcase a tremendous CAGR of 4.5% over the forecast period i.e.
2017-2024. Additionally, the market is riding on the back of growing awareness regarding the benefits of pharmaceutical solvent. Moreover, the global pharmaceutical solvent market is anticipated to account noteworthy revenue of USD 3.8 Billion by 2024.
The pharmaceutical industry segment by end-use application is predicted to capture the dominating market of overall pharmaceutical solvent by 2024. In terms of regional platform, North America is slated to account for a leading share in the global pharmaceutical solvent market.
Moreover, U.S. is the dominating country in this region owing high demand for pharmaceutical solvent. Moreover, U.S. health care spending increased 5.8% to reach USD 3.2 trillion which is also expected to impel the growth of pharmaceutical solvent market in the North America region.
Wide Scale Application of Pharmaceutical Solvent
Rising application of pharmaceutical solvent in pharmaceutical industry, cosmetic industry and others is expected to boost the growth of pharmaceutical solvent market during the forecast period. Moreover, growing usage of pharmaceutical solvent for filtration and extraction of medicine is expected to trigger the growth of pharmaceutical solvent market during the forecast period.
Increasing Spending on Healthcare Infrastructure
Rising healthcare infrastructure and increasing government initiatives for better health care facilities is bolstering the pharmaceutical solvent market. Additionally, introduction of innovative pharmaceutical solvent for cosmetic and home disinfectant purposes are likely to allow the pharmaceutical solvent market to grow at remarkable pace in near future.
On the contrary, rising prevalence of casualties reported in pharmaceutical solvent manufacturing plants is anticipated to be one of the major factors dampening the global pharmaceutical solvent market.
The report titled “Pharmaceutical Solvent Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global pharmaceutical solvent market in terms of market segmentation by product type, by end-use-application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global pharmaceutical solvent market which includes company profiling of BASF SE, The Dow Chemical Company, LyondellBasell Industries Holdings B.V., Mitsui Chemicals , Alfa Aesar, Avantor® Performance Materials, LLC, Merck KGaA, OSCAR CHEMICALS PVT. LTD., PHARMCO-AAPER, and A&C.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global pharmaceutical solvent market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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