What Has Been the Progress and Growth of the High Purity Solvent Market in Recent Years?
The high purity solvent market has seen considerable growth due to a variety of factors.
• The market size of high purity solvents has seen robust growth in the past few years. It is projected to increase from $60.38 billion in 2024 to $65.82 billion in 2025, reflecting a compound annual growth rate (CAGR) of 9.0%.
The significant growth during the historical period is owing to factors such as strict quality standards, expansion in electronic manufacturing, growth of the pharmaceutical industry, a rise in applications for analytical chemistry, and the worldwide spread of chemical industries.
What are the Market Size and Expected Growth Rates for the High Purity Solvent Market?
The high purity solvent market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for high purity solvents is projected to experience a swift expansion in the coming years, with an expected value of $102.6 billion in 2029 and a compound annual growth rate (CAGR) of 11.7%.
The predicted surge during the forecast period is linked to the rise of green chemistry, a growing demand in the nanotechnology sector, the use of bio-based solvents, emphasis on the production of specialty chemicals, and environmental and safety laws. Key trends for the projected period encompass an increasing acceptance in clean energy technologies, innovations in solvent purification technology, a higher utilization in research and analytical chemistry, technological progression in manufacturing procedures, and the introduction of tailored solvent solutions.
What Are The Essential Drivers Behind The Growth Of The High Purity Solvent Market?
The growth trajectory of the high purity solvent market is projected to rise, driven by the escalating demand for paints and coatings. Paints and coatings, which are either a liquid, liquefiable, or solid mastic substances, congeal after being thinly applied to a surface. High purity solvents have a pivotal role in dissolving a range of ingredients in paint and coating mixtures. For instance, the American Coatings Association, a non-profit entity based in the US, reported in October 2023 that there had been an estimated growth in value of 25% in the coatings industry from 2021 to 2023. Consequently, the soaring demand for paints and coatings fuels the expansion of the high purity solvent market.
What Are The Key Segments Within The Global High Purity Solvent Market?
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
Subsegments:
1) By Acetone: High-Purity Acetone, Acetone For Laboratory Use
2) By Acetonitrile: High-Purity Acetonitrile, Acetonitrile For HPLC (High-Performance Liquid Chromatography)
3) By Dimethyl Sulfoxide (DMSO): High-Purity DMSO, DMSO For Pharmaceutical Applications
4) By Other Types: Ethanol, Methanol, Tetrahydrofuran (THF), Isopropanol
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How Are New Trends Impacting The Size Of The High Purity Solvent
Key players in the high purity solvents industry are striving for innovation in bio-derived products to strengthen their market position. Bio-based solvents, which can serve as substitutes for those based on crude oil, are equally effective and often pose less safety risks. For example, in February 2022, Clariant, a premium chemicals firm based in Switzerland, introduced its novel range of Vita 100% bio-based surfactants and polyethylene glycols (PEGs), aimed at directly tackling climate change by eliminating fossil carbon from the value chain. Vita's product range, made from renewable raw materials, boasts a Renewable Carbon Index of not less than 98%. Engineered for natural formulations with high renewable carbon indices, these new Vita products aid manufacturers in augmenting the bio-based carbon content of consumer products like detergents, shampoos for hair and body, paint, industrial lubricants, and crop formulations.
Who Are the Key Players in the High Purity Solvent Market?
Major companies operating in the high purity solvent market include:
• Exxon Mobil Corporation
• MP Biomedicals LLC
• BASF SE
• Dow Inc.
• Thermo Fisher Scientific Inc.
• Honeywell International Inc.
• 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
• Kanto Chemical Co. Inc.
• Alfa Aesar
• Spectrum Chemical Mfg. Corp.
• J.T.Baker
• Tokyo Chemical Industry Co. Ltd.
• GFS Chemicals Inc.
• Tedia Company Inc.
• 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.
What are the Regional Insights into the High Purity Solvent Market?
Asia-Pacific was the largest region in the high purity solvent market in 2024. Asia-Pacific is expected to be the fastest-growing region in the market. The regions covered in the high purity solvent market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
