Global high purity solvents market generated revenue of US$ 36,542.0 million in 2021 and is estimated to reach valuation of US$ 64,003.7 million by 2030 at a CAGR of 6.5% during the forecast period, 2022–2030. By volume, the market is expected to reach 59,621.7 000’ MT in 2030 thus, growing with a CAGR of 5.2%.
As the world becomes increasingly industrialized, the demand for high purity solvents market has never been higher. These solvents are used in a variety of industries, ranging from pharmaceuticals to semiconductors. One of the biggest users of high purity solvents is the pharmaceutical industry. In order to create new medications, pharmaceutical companies need to be able to remove impurities from their products. This can only be done with solvents that are of the highest possible purity. The growing demand for biopharmaceuticals and injectable drugs is driving the demand for high purity solvents in this industry.
The semiconductor industry is another major user of high purity solvents. In order to create computer chips and other electronic components, semiconductor manufacturers need to be able to clean their products to an extremely high standard. Again, this can only be done with solvents that are of the highest possible purity. As the demand for these industries continues to grow, so too will the demand for high purity solvents.
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Key Dynamics of High Purity Solvents Market
Drivers
Growing Adoption of High Purity Solvents in Pharmaceutical Industries
The market for high purity solvents is growing at a rapid pace due to the increasing demand for active pharmaceutical ingredients (APIs) and other fine chemicals. Fine chemicals are defined as molecules with a molecular weight of less than 1,000 Daltons. They are used in a wide range of applications including cosmetics, detergents, food additives, and pharmaceuticals. Active pharmaceutical ingredients are the key components in drugs that are responsible for their therapeutic effects. These molecules are often very large and complex, and they must be manufactured to exacting standards of purity. In many cases, the only way to achieve the required level of purity is to use high purity solvents
In recent years, high-purity pharmaceutical grade solvents have played a key role in streamlining the production of active pharmaceutical ingredients in the global high purity solvents market. Consistent quality is essential for the production of active pharmaceutical ingredients (APIs), which demands a very high level of purity. As a result, the production of active pharmaceutical ingredients (APIs), which must adhere to the highest standards, depends significantly on high purity solvents which must have a purity of up to 99.1%. For the pharmaceutical industry, this is fundamentally important. Additionally, the solvents are used in analysis and synthesis in research and development labs and are essential in the manufacturing process for workup, crystallization, washing of purified substances, and extraction.
Restraint
There are several factors that are hampering the demand for high purity solvents market.
Opportunity
Rising application of high purity solvents in Agri-food and personal care
For fertilizers and crop protection & food production, high purity solvents help in the formulation of the most effective agrochemicals. It aids in delivering cost-effective formulations and helping to optimize the dosage of the active ingredient. As a result of their ability to spread evenly and dry slowly, which increases absorbency, they aid in reducing the amount of plant protection product needed in the high purity solvents market.
In the meantime, hydrocarbon solvents are employed in oil-based sprays to coat the crops' leaves and provide insect protection. Additionally, ultra-pure solvents are also used for food production as well which are safe for food contact due to its optimum solvency power food-grade hexane which is used all over the world to extract oil from seeds.
While in cosmetics, personal care items, ethanol-based fragrances, and perfumes, solvents serve as a carrier. They have the unique ability to disintegrate the fragrance of flowers and other fragrant plants, turning them into aerosol fragrances. Additionally, solvents dissolve oils, pigments, and more to produce cosmetics like lipstick, eye shadow, and nail polish (acetate) that highlight the best features in the high purity solvents market. Therefore, the rising use of high purity solvents in agri-food and personal care is predicted to have a medium short-term impact, but a high medium- and long-term impact.
Market Segmentation
Type Analysis:
Based on type, the global high purity solvents market is divided into ethanol, hexane, acetone, heptane, methanol, pentane, and isopropyl alcohol. Acetone segment dominated the global market in 2021 and is projected to continue holding the dominance in the years to come. At the same time, the segment is likely to continue enjoying the highest growth rate during the forecast period, 2022-2030 thanks to wide usage range across industries. Wherein, acetone is extensively used in the pharmaceutical and laboratory industries. It is used in the manufacturing of pills and liquid medications in the pharmaceutical industry as acetone is necessary for the drug's effectiveness. Acetone is also a common ingredient in skin creams, makeup, and other personal care products as well. The solvent is also used in laboratories because it can be used to rinse glass equipment, which speeds up the drying process.
On the other hand, the ethanol segment held the second largest share of the high purity solvents market as it has wide application in paints, cosmetics, detergents, and perfumes. In addition, ethanol is an essential ingredient in many products and alcoholic drinks.
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Grade Analysis:
By grade, the high purity solvents market is segmented into HPLC solvents, HPLC Isocratic solvents, HPLC gradient solvents, HPLC plus solvents, LC-MS Solvents, and UHPLC-MS solvent. Wherein, the HPLC segment to continue enjoying the highest segmental revenue on account of wide acceptance in the market especially in the pharmaceutical and chemical industries.
Whereas, the UHPLC-MS segment is anticipated to grow with the fastest CAGR during the forecast period, 2022-2030. This is explained by the segment's higher throughput and improved capacity for separation as UHPLC is extensively utilized, particularly in the pharmaceutical industry. The expanding analytical industry and laboratory R&D are additional factors contributing to the forecasted increase in demand for UHPLC-MS solvent.
Regional Analysis
Asia Pacific to continue dominating the global high purity solvents market, which is attributed to the strong demand from end industries such as paints & coatings, pharmaceuticals, and adhesives & sealants. Our study reveals that China will be a key driver of this growth, as it is already the largest market for high purity solvents and is expected to continue to grow at a rapid pace. India is another key market that is expected to see strong growth, due to the increasing demand from the pharmaceutical and paint industries. Lastly, North America and Europe will remain key high purity solvents market, although growth in these regions is expected to be more moderate than in Asia.
Asia Pacific region is the largest producer and consumer of high purity solvents. The region held over 46% share of the global high purity solvents market. This is due to the large number of industries in the region that use high purity solvents in their manufacturing processes. The Asia Pacific region has a large number of petrochemical, pharmaceutical, and semiconductor manufacturers in Taiwan, South Korea and India that use high purity solvents in their production processes. High purity solvents are used in a variety of industrial applications, such as cleaning electronic devices, removing impurities from materials, and dissolving ionic compounds. High purity solvents are also used in the food and beverage industry, as they are non-toxic and have a low boiling point.
The Asia Pacific region is expected to continue to be the largest high purity solvents market. The region's growing population and economic development are driving the demand for high purity solvents. Increasing environmental regulations in the region are also expected to boost the demand for high purity solvents, as industries look for cleaner and more environmentally friendly products.
List of Key Companies Profiled
Top Players in High Purity Solvents Market
BASF SE, Dow, Evonik Industries AG, Exxon Mobil Corporation and Asahi Kasei Corporation are top 5 players in the global high purity solvents market. In 2021, these top 5 players accounted for 59.4% market share.
Some of the leading players in the market are using a variety of tactics and expansion strategies to maintain their market dominance. In fact, the development of bio-derived products is a key focus for large companies that operate in the high purity solvent market in order to bolster their market share. For instance, in the years 2020–2021, Merck, a US-based company, introduced Cyrene, a new, more environmentally friendly solvent, a bio-derived product called cyrene, which is a safer and more environmentally friendly alternative to the solvent’s methyl-2-pyrrolidone and dimethylformamide.
Key Developments adopted by key market players are:
Segmental Overview
By Type
By Grade
By Category
By Packaging
By End User
By Distribution Channel
By Region
The global high purity solvents market size was US$ 36542.0 million in 2021.
The global high purity solvents Market is studied from 2017-2030.
Yes, the global high purity solvents Market report includes COVID-19 impact analysis.
The global high purity solvents market is projected to grow at a CAGR of 6.5% during the forecast period 2022-2030 and is expected to reach a value of USD 64,003.7 million by the end of 2030.
Factor such as increasing usage of high-purity solvents in pharmaceutical industries and varied use of high purity solvents are driving the growth of the global high purity solvents market.
The polar segment holds highest CAGR in the global high purity solvents market during the forecast period.
Asia-Pacific region is growing with the highest CAGR during the forecast period.
Health hazards associated with exposure to organic solvents is a major limiting factor for the global high purity solvents market growth.
US holds the major share in term of revenue in the North America High purity solvents market.
Rising application of high purity solvents in agri-food and personal care provide a lucrative growth opportunity in the global high purity solvents market.
Type, grade, category, packaging, end user, distribution channel, and region are the different segments in the global high purity solvents market.
Akzo Nobel N.V., American International Chemical LLC, Apchem Pvt. Ltd., Asahi Kasei Corporation, BASF SE, CABB Group GmbH, Central Drug House, Chemtronics, DAWN SCIENTIFIC INC, Dow, Evonik Industries AG, Exxon Mobil Corporation, among others.
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