The high purity solvent market is seeing significant growth, projected to rise from $55.59 billion in 2023 to $60.77 billion in 2024, at a CAGR of 9.3%. This growth is driven by stringent quality standards and the expanding pharmaceutical sector. By 2028, the market is anticipated to reach $90.44 billion, with a CAGR of 10.4%, influenced by the emergence of green chemistry and bio-based solvents. Major trends include technological innovations in solvent purification.
Major Driver In The High Purity Solvent Market
The escalating demand for paints and coatings is set to drive the growth of the high-purity solvent market. Paints and coatings, whether liquid, liquefiable, or solid mastic material, play a crucial role in various applications and industries. High-purity solvents are essential components in dissolving various elements used in paint and coating formulations. As per the American Coatings Association's June 2021 report, the United States coating industry contributes significantly to the economy, exporting over $2.2 billion in coating products. The persistent demand for paints and coatings emphasizes the critical role of high-purity solvents, positioning the market for growth in 2023, 2024, and 2028.
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High Purity Solvent Market Competitive Landscape
Exxon Mobil Corporation, MP Biomedicals LLC, BASF SE, Dow Inc., Bayer AG, Thermo Fisher Scientific Inc., Honeywell International Inc., Linde Corporation, The Merck Group, Asahi Kasei Corporation, Evonik Industries AG, DuPont de Nemours Inc., Akzo Nobel N.V., Mitsubishi Chemical Corporation, Avantor Inc., VWR International LLC, Sigma-Aldrich Co. LLC, Mallinckrodt Pharmaceuticals, Kanto Chemical Co. Inc., Alfa Aesar, Spectrum Chemical Mfg. Corp., J.T.Baker, Tokyo Chemical Industry Co. Ltd., GFS Chemicals Inc., Tedia Company Inc., Acros Organics, High Purity Laboratory Chemicals Pvt. Ltd., Apchem Life Science Pvt. Ltd., Pharmco-AAPER, EMD Millipore Corporation, Ricca Chemical Company, Fisher Scientific, Macron Fine Chemicals, Chem-Supply Pty. Ltd.
Key High Purity Solvent Market Trend
The introduction of bio-derived products has emerged as a key trend gaining popularity in the high purity solvent market. Major companies operating in the high purity solvents sector are focused on developing bio-derived products to reinforce their position. For instance, in February 2022, Clariant, a Switzerland-based specialty chemicals company, launched its new Vita 100% bio-based surfactants and polyethylene glycols (PEGs) to help directly address climate change by removing fossil carbon from the value chain. Vita products are made with renewable feedstocks and have a Renewable Carbon Index of at least 98%. Designed for natural formulations with a high Renewable Carbon Index (RCI), the new Vita products assist manufacturers in increasing the bio-based carbon content of consumer goods such as detergents, hair and body shampoo, paint, industrial lubricants, and crop formulations.
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High Purity Solvent Market Segmentation
The high purity solvent market covered in this report is segmented –
1) By Type: Acetone, Acetonitrile, Dimethyl Sulfoxide, Other Types
2) By Category: Polar Solvent, Non-Polar Solvent
3) By Applications: Liquid Crystal Displays, Lithium-Ion Batteries, Electroplating, Polymer Resins, Catalysts, Other Applications
4) By End-User: Pharmaceutical, Chemicals, Cosmetics and Personal Care, Food and beverages, Agriculture, Paints and Coatings, Biotechnology, Electrical and Electronics, Other End Users
By Geography:The regions covered in the high purity solvent market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the high purity solvent market in 2023.
The High Purity Solvent Global Market Report 2024 furnishes information about the global high purity solvent market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
