Ketones are commonly used in paints and coatings due to their propensity to have a low viscosity and a high solid content. Ester solvents are commonly employed as a hardener in paints and as an industrial cleanser. In paints and coatings, bio-based solvents are used to dissolve binders and colors and provide uniformity. Some decorative paints and spray paints contain solvents such as glycol ether esters to keep them from drying in mid-air. Many building goods, such as paints, thinners, and glues, contain solvents. Increased construction activity in China, India, the United States, and Brazil is likely to drive development in the paints and coatings application category.
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Data Bridge Market Research analyses that the Pharmaceutical Solvent Market will grow at a CAGR of 4.80% in the forecast period of 2021 to 2028 and is expected to reach USD 8,119,003.82 thousand by 2028 from USD 5,579,721.00 thousand in 2020. There is a growing trend towards the adoption of green solvents, which are environmentally friendly and sustainable. This is creating new opportunities for market players, who are developing and commercializing green pharmaceutical solvents. The pharmaceutical industry is constantly investing in research and development, in order to develop new and innovative drugs. This is creating a demand for new and specialized pharmaceutical solvents, which are used in the development of these drugs.
Growing demand for pharmaceutical products is expected to drive the market's growth rate
The global pharmaceutical market is growing at a rapid pace, due to the increasing prevalence of chronic diseases and the rising demand for new and innovative drugs. This growth is creating a demand for pharmaceutical solvents, which are used in the manufacturing of these products. Solvent-based manufacturing processes are becoming increasingly popular, due to their efficiency and cost-effectiveness. This is driving the demand for pharmaceutical solvents, which are used in these processes.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2021 to 2028
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Base Year
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2020
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Historic Years
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2019 (Customizable to 2013- 2018)
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Quantitative Units
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Revenue in USD Thousand, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Alcohol, Amine, Esters, Ethers, Aromatic Hydrocarbons, Chlorinated Solvents, Ketones, And Others), Applications (Pharmaceutical, Research Laboratories, Chemical, And Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Shell (U.K.), BASF SE (Germany), Brenntag S.E. (U.S.), LyondellBasell Industries Holdings B.V (U.S.), Merck KgaA (Germany), DuPont (India), CLARIANT (Switzerland), Exxon Mobil Corporation (U.S.), Mitsui Chemicals, Inc (Japan)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand
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Segment Analysis:
The global pharmaceutical solvent market is segmented into two notable segments which are based on product and application.
- On the basis of product, the pharmaceutical solvent market is segmented into alcohol, amine, esters, ethers, aromatic hydrocarbons, chlorinated solvents, ketones, and others.
The alcohol segment of product type is anticipated to dominate the pharmaceutical solvent market
The alcohol segment is expected to dominate the pharmaceutical solvent market with a CAGR of 5.4% in the forecast period of 2021 to 2028 due to the widespread use of alcoholic solvents as a direct solvent in pharmaceuticals along with the increasing usage of alcoholic solvents in OTC drugs.
- On the basis of application, the pharmaceutical solvent market is segmented into pharmaceutical, research laboratories, chemical, and others.
The pharmaceutical segment of application type is anticipated to dominate the pharmaceutical solvent market
The pharmaceutical segment is expected to dominate the pharmaceutical solvent market with a CAGR of 5.1% in the forecast period of 2021 to 2028 due to the increasing pharmaceutical and healthcare industry.
Major Players
Data Bridge Market Research recognizes the following companies as the major market players: Shell (U.K.), BASF SE (Germany), Brenntag S.E. (U.S.), LyondellBasell Industries Holdings B.V (U.S.), Merck KgaA (Germany), DuPont (India), CLARIANT (Switzerland), Exxon Mobil Corporation (U.S.), Mitsui Chemicals, Inc (Japan).
Market Development
- In 2021, Sandoz acquired GlaxoSmithKline's cephalosporin antibiotic business to emphasize Novartis's global position in the antibiotic segment. Cephalosporin antibiotics are a class of drugs that are used to treat a variety of bacterial infections. They are typically manufactured using industrial solvents, such as methylene chloride and ethyl acetate. The acquisition of GlaxoSmithKline's cephalosporin antibiotic business by Sandoz gave Novartis a larger market share in the global antibiotic market. This acquisition also gave Novartis access to new industrial solvents that could be used to manufacture cephalosporin antibiotics.
- In 2020, Teva Pharmaceuticals announced the launch of the first US FDA-approved generic version of Truvada called Atripla. Truvada is a combination drug that is used to prevent HIV infection. It is manufactured using industrial solvents, such as isopropyl alcohol and acetonitrile. The launch of the first generic version of Truvada by Teva Pharmaceuticals increased the availability of this drug and made it more affordable for patients. This also led to an increase in the demand for industrial solvents that are used to manufacture Truvada.
- In 2019, OmniChem Private Limited was acquired by Ajinomoto Bio-Pharma Services. The acquisition was completed in June 2020. OmniChem Private Limited is a company that manufactures industrial solvents. It is a leading supplier of solvents for the pharmaceutical industry. The acquisition of OmniChem Private Limited by Ajinomoto Bio-Pharma Services gave Ajinomoto access to a new portfolio of industrial solvents that could be used to manufacture pharmaceutical products. This acquisition also strengthened Ajinomoto's position in the global pharmaceutical solvent market.
Regional Analysis
Geographically, the countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in the pharmaceutical solvent market during the forecast period 2021-2028
North America dominates the solid phase extraction market in terms of market share and revenue, and this dominance is expected to continue during the forecast period. This is owing to the presence of significant players and the region's high disposable income.
Asia-Pacific is estimated to be the fastest growing region in the pharmaceutical solvent market in the forecast period 2021-2028
Asia-Pacific, on the other hand, is expected to develop at the fastest rate throughout the projection period due to rising demand from a variety of end-users in this area.
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