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Pharmaceutical Solvent Market Size
Pharmaceutical Solvent Market is set to expand at a notable CAGR between 2024 and 2032 attributed to the increasing use of compounds in crystallization, processing, extraction, and cleaning of purified active pharmaceutical substances. Additionally, the strong focus on the adoption of advanced technologies to increase pharmaceutical manufacturing flexibility to cater to drug shortage issues will drive the demand for pharma solvents.
Pharmaceutical solvents are mainly liquids, considered indispensable building blocks in the pharmaceutical sector owing to varied advantages, such as no sensitivity to oxidation and high stability in storage for a longer period. These solvents act as a reaction medium to provide molecules for drug manufacturing. Furthermore, the ongoing advancements in solvent technologies to cater to the unique requirements of bioprocessing are helping in ensuring efficiency and purity. Several key players are focusing on developing solvents compatible with biopharmaceutical manufacturing. With the continuous development of innovative biologics and biosimilars, the demand for pharmaceutical solvent will benefit significantly from the growth of the biopharmaceutical industry worldwide.
However, the rising concerns regarding the toxicity of solvents leading to breathing problems and temporary nervous system symptoms among humans may limit the product usage to a certain extent.
Pharmaceutical Solvent Market Trends
A significant increase in pharma exports and the rapid production of innovative generic drugs in emerging countries are the key trends expediting the preference for pharmaceutical solvents across developing regions. For instance, as per the EY FICCI Report, the Indian pharmaceutical sector was estimated to be worth $130 billion by the end of 2023, owing to the growing consensus of the availability of new, innovative medications to patients. Additionally, the expanding elderly population and the subsequent growth of the healthcare sector, particularly in the U.S., will push the industry expansion through 2032.
Pharmaceutical Solvent Market Analysis
By chemical group, the market is segmented into amine, chlorinated solvents, ester, ether, alcohol, and others. The alcohol segment, further subdivided into propanol isopropanol, propylene glycol, and ethanol, is estimated to account for a major revenue share by the end of 2032. Alcohol-based pharmaceutical solvents are extensively used in OTC syrups and medications. The rise in drug manufacturing, especially in developing countries is also boosting the demand for alcohol solvents. Additionally, the COVID-19 pandemic is surging the demand for alcohol-based disinfectants, further propelling the segment growth.
With regards to application, the pharmaceutical solvent market value from the chemical segment is slated to depict commendable growth from 2024 to 2032 driven by the high contribution of solvents to the cradle-to-gate life cycle of fine chemical and agrochemical products. Solvents like acetone, methanol, and ethyl acetate are essential for various chemical processes in drug synthesis and purification as they play a pivotal role in extracting, separating, and synthesizing pharmaceutical compounds. The expanding pharmaceutical sector coupled with the higher need for efficient and cost-effective chemical reactions will fuel the product demand.
North America pharmaceutical solvent market will garner considerable revenue between 2024 and 2032 on account of the robust presence of medical device manufacturers in the region. Moreover, increased spending on the R&D activities of pharmaceutical products will stimulate the deployment of medical solvents in the region, predominantly in the U.S. The prevalence of chronic diseases and the aging population is making way for the rising R&D investments and stringent regulatory standards. Additionally, the growing focus on sustainable practices and green chemistry is also expected to fuel the demand for eco-friendly solvents across the region.
Pharmaceutical Solvent Market Share
Strategic mergers & acquisitions and business expansions are among the key initiatives employed by pharmaceutical solvent firms to broaden their stance in the global market. To illustrate, Merck KGaA has emerged as a key industry player for its wide range of high-quality solvents used in drug formulation and manufacturing.
Some of the major key players operating in the pharmaceutical solvent industry are:
- 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
- BASF SE
Pharmaceutical Solvent Industry News
In February 2023, Clariter, a global cleantech business, and TotalEnergies Fluids, a Paris-based subsidiary of TotalEnergies, launched their first sustainable ultra-pure solvent created from plastic trash.