The Global Pharmaceutical Solvents Market was estimated to be valued more than US$ 5.1 billion in terms of revenue in 2030 and is predicted to grow at a CAGR of 5.2% during the forecast period (2023 to 2030).
The solvent used in various pharmaceutical applications is known as a pharmaceutical solvent. They easily get suspended, dissolved, and extract other products without altering the property of other materials. Pharmaceutical solvents are used in the manufacturing of drugs, extraction, and purification processes. Sometimes solvent also act as a reaction medium. They are widely used in the manufacturing of Active Pharmaceutical Ingredients (APIs), which require alcoholic solvents such as propylene glycol, ethanol, isopropanol, and propanol.
- Drivers
Growth in the pharmaceutical industry across the developing region of Asia Pacific, such as China and India, is expected to drive the pharmaceutical solvent market growth. The growing prevalence of various chronic diseases has propelled the demand for a novel drug which is again expected to foster the market growth. Increasing investments by the government in the pharmaceutical industry to develop more drugs in order to meet the rising demand worldwide is further expected to boost the market growth. For instance, in June 2023, charlotte, the unique new moisture-adsorbing packets are created with bio-based paper derived from sustainably farmed raw materials and only utilize water-based dyes and glue.
- Market Opportunities
Growth in the chemical industry due to the increasing production of various chemicals supported by favorable government policies is expected to provide potential growth opportunities for the market. For instance, From April to October 2022, India's pharmaceutical, exports climbed by 4.22%, reaching USD 14.57 billion.
- Market Restraints
Strict rules and regulations regarding the manufacture of solvents are expected to hinder the pharmaceutical solvent market growth.
- Key Takeaways
On the basis of chemical type, alcohol dominated the pharmaceutical solvent market in 2022 with around 34% of market share in terms of revenue, followed by others and ester respectively.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/pharmaceutical-solvents-market-3925
- Market Trends
There is a growing trend of recycling pharmaceutical solvents used in the production of medical marijuana. This is also attributed to the growing market of medical marijuana. According to the Marijuana Business fact book, the marijuana market reached US$ 44 billion in 2020. Solvents, such as propane, hexane, isopropyl alcohol butane, and ethanol, are mainly used in the manufacturing of medical marijuana. All these solvents are recycled by using a distillation process where they are filtered out from waste solvents.
- Impact of Coronavirus (COVID-19) Pandemic
There was a steep increase in the demand for higher production rate of Active Pharmaceutical Ingredients (APIs) during Coronavirus (COVID-19) pandemic. This is expected to fuel the growth global pharmaceutical solvent market during 2019-2021 period.
- Competitive Section
Global pharmaceutical solvent market having some competitor like BASF SE, The Dow Chemical, Alfa Aesar, Clariant AG, Merck KGaA, and Yip’s Chemical Holdings Limited
