Pharmaceutical Solvent Market size is set to gain significant momentum between 2023 and 2032 attributed to the increasing use of the compounds in the crystallization, processing, extraction, and cleaning of purified active pharmaceutical substances.
Likewise, a strong focus on the adoption of advanced technologies to increase pharmaceutical manufacturing flexibility and cater to drug shortage issues will further drive the demand for pharma solvents.
A solvent refers to a liquid substance capable of dispersing or dissolving one or more substances. These liquids are considered an indispensable building block in the pharmaceutical industry owing to varied advantages, such as no sensitivity to oxidation and high stability in storage for a longer period. In addition, pharmaceutical solvents act as a reaction medium and provide molecules for drug manufacturing.
A significant increase in pharma exports and the rapid production of innovative generic drugs in emerging countries are the key trends expediting the pharmaceutical solvent market share across developing regions. For instance, India's pharmaceutical exports increased by 4.22% from April to October 2022, reaching USD 14.57 billion. The expanding elderly population and the subsequent growth of the healthcare sector, particularly in the U.S., will also push the industry demand in the forthcoming years. However, rising concerns regarding the toxicity of solvents, which can cause breathing problems and temporary nervous system symptoms among humans, may limit substance usage to a certain extent.
By chemical group, the market is segmented into amine, chlorinated solvents, ester, ether, alcohol, and others. The alcohol segment accounts for the major revenue share of the pharmaceutical solvent market and is further subdivided into propanol isopropanol, propylene glycol, and ethanol. Alcohol-based pharmaceutical solvents are extensively used in OTC syrups and medications, which is expected to complement the segment expansion through 2032.
With regards to application, the global market value from the chemical applications segment is poised to depict a commendable growth rate through 2032. This can be credited to the high contributions of solvents to the cradle-to-gate life cycle of fine chemical and agrochemical products.
Regionally, the North America pharmaceutical solvent market will garner considerable revenue by 2032 on account of the robust presence of medical device manufacturers in the region. Moreover, increased spending on the research and development of pharmaceutical products will also stimulate the deployment of medical solvents in the region, predominantly in the U.S.
Parchem Fine & Specialty Chemicals, Brenntag (DB US Holding Corporation), Yip's Chemical Holdings Limited, Merck KGaA, Procter & Gamble Chemicals, Alfa Aesar (Thermo Fisher Scientific), Clariant AG, The Dow Chemical Company, Sigma-Aldrich Company LLC, Avantor Performance Materials, and BASF SE are major key players operating in the pharmaceutical solvent market. Strategic mergers and acquisitions and business expansions are among the key initiatives being employed by these firms to broaden their stance in the global market.
To cite an instance, in February 2023, Clariter, a global cleantech business, and TotalEnergies Fluids, a subsidiary of TotalEnergies based in Paris, launched their first sustainable ultra-pure solvent created from plastic trash. Clariter and TotalEnergies Fluids collaborated for 18 months for this technological and industrial accomplishment.