Pharmaceutical Solvents Market Surges Amid Green Initiatives, Future Market Insights
16 Jul, 2020, 14:30 BST
DUBAI, UAE, July 16, 2020 /PRNewswire/ -- Award winning research firm Future Market Insights, in its recently published pharmaceutical solvents market research report, concludes that a revenue threshold of US$ 3.43 Bn will be crossed by 2030-end.
Pharmaceutical companies have exploited several chemical compositions to develop important formulations. As the desired compositions may not necessarily form chemical bonds, solvents are used to induce uniformity in these formulations.
Solvents are used to segregate, suspend, extract or dissolve different chemicals. They are used as excipients, active substances or building blocks during drug formulations. Additionally, solvents are also used as disinfectants in rinsing fluids.
These aforementioned applications of solvents is what catapults the market northwards. However, regulatory authorities have highlighted concerns regarding the residue which is left behind post-consumption.
These are generally toxic in nature, having detrimental impacts on human health should they come in contact. Excessive residues are also known to fast track the decomposition process of drugs. Therefore, manufacturers are exploring alternatives, particularly organic solvents as well as reduce the proportion of existing residual components to retain their market footing.
Growth of the market is slated to remain afloat during the COVID-19 pandemic. This is because pharmaceutical solvents are being extensively utilized to manufacture hand sanitizers.
As people become more wary of contracting the deadly infection, they are taking measures to ensure basic hygienic practices such as regular handwashing and cleaning of exposed surfaces. This has generated a tailwind in the demand for hand sanitizers, in households as well as business settings.
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"Strict compliance with regulatory standards has spurred research into green chemistry. To that end, organic solvents based on acetone, ethanol and methanol formulations are being extensively used for tablet coatings. Market players are leaving no stone unturned to take advantage of this opportunity to enhance their revenue pools," infers an FMI analyst.
Key Takeaways from FMI's Pharmaceutical Solvents Report
- Alcohol-derived solvents are gaining maximum traction, attributed to increased usage for manufacturing hand sanitizers amidst the COVID-19 pandemic
- Ester and Ether based solvents collectively constitute nearly 30% of the pharmaceutical solvents market
- Green solvents are anticipated to significantly lower operational costs for manufacturers and improve process yields, generating revenue ecosystems throughout the forecast period of 2020-2030
- The global pharmaceutical solvents market shall surge at 4.4% CAGR during the forecast period
- Manufacturers are concentrating on solvent recovery designs in order to substantially reduce their operating costs, allowing them to devote more time on important drug formulations
Pharmaceutical Solvents Market- Key Trends
- Increasing medical health expenditure by governments is slated to open up potential investment avenues in the pharmaceutical solvents market during the upcoming forecast period
- The AKVANO technology platform which is based on water-free lipid formulations is generating fertile ground for expansion of the pharmaceutical solvents market. This lipid-based formulation accelerates treatment and recovery process post-surgery
- The incorporation of vegetable oils and glycerol into drug formulation solvents is boosting prospects for the green chemistry initiative, expected to bring in lucrative revenue opportunities
Pharmaceutical Solvents Market- Region-wise Analysis
- Asia-Pacific, particularly East Asia, will remain the vanguard of the pharmaceutical solvents market. Most of the demand will be generated from the Korean, Japanese and Chinese markets
- Increasing investments by active pharmaceutical ingredient (API) manufacturers as a result of rising healthcare expenditure by the governments is broadening the pharmaceutical solvents market scope across the East Asian region
- Europe is trailing close behind, with Germany accounting for 25% of the total pharmaceutical solvents demand across the region
- In volume terms, the Indian pharmaceuticals market ranks 3rd in the global landscape. Naturally, adoption of pharmaceutical solvents has increased
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Pharmaceutical Solvents Market- Competitive Landscape
The global pharmaceutical solvents market is fairly consolidated, with prominent players developing advanced solubility technologies to augment revenue pools. Some of the leading players in the industry include Lyondell Basell Industries Holdings, the Dow Chemical Company, BASF SE, Bayer Group, Mitsui Chemicals and PPG Industries among others.
BASF SE is a pioneer in the pharmaceutical solvents market, producing solvents of the highest quality customized to specific needs. An example of its solvent includes the THF Pharma Super Dry which contains a maximum of 50 ppm water content, suitable for operations with high water-sensitive reactions.
The Dow Chemical Company offers propylene glycol pharmaceutical solvents having a production capacity of 900 kilo tons. The company has been conferred with awards which has enhanced its prestige and consequently monetary value in the global market. The company won the 2017 Green Chemistry Challenges by the US Environmental Protection Agency for producing greener chemicals.
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Pharmaceutical Solvents Market Taxonomy
Chemical Group
- Alcohol
- Ethanol
- Isopropanol
- Propanol
- Propylene Glycol
- Amine
- Aniline
- Diphenylamine
- Methylethanolamine
- Trimethylamine
- Ester
- Acetyl Acetate
- Ethyl Acetate
- Butyl Acetate
- Ether
- Diethyl Ether
- Anisole
- Polyethylene Glycol
- Chlorinated Solvents
- Carbon Tetrachloride
- Dichloromethane
- Others (Chelating Agents, Acetone, etc.)
Region/Country
North America
- U.S
- Canada
Latin America
- Brazil
- Mexico
- Rest of Latin America
Europe
- EU-5
- Russia
- BENELUX
- Rest of Europe
East Asia
- Japan
- China
- South Korea
South Asia
- India
- ASEAN
- Rest of South Asia
Oceania
- Australia
- New Zealand
Middle East & Africa
- South Africa
- Turkey
- GCC
- Rest of MEA
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More Valuable Insights on Pharmaceutical Solvents Market
FMI, in its new market research study, offers an unbiased analysis of the pharmaceutical solvents market which comprises global industry analysis for 2015–2019 and opportunity assessment for the 2020–2030. The report offers complete analysis on global pharmaceutical solvents market through two different categories – by chemical group and region. The study provides information on pricing through different application analysis, product life cycle, capacity assessment, key market trends and technologies which are being implemented in the deployment of pharmaceutical solvents and product adoption in varied end use industries.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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