(MENAFN- America News Hour) Research Nester published a report titled “Pharmaceutical Solvent Market: Global Demand Analysis & Opportunity Outlook 2035” which delivers detailed overview of the global pharmaceutical solvent market in terms of market segmentation by product type, end user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global
pharmaceutical solvent
market is expected to grow with a CAGR of ~5% during the forecast period, i.e., 2023-2035. The market is segmented by product type into alcohol, amine, ester, ether, and chlorinated solvents.
Among them, the alcohol segment is expected to hold the biggest market share in the global pharmaceutical solvent market. This is owing to its high utilization as a direct solvent in the pharmaceutical industry.
Furthermore, the use of alcohol in over-the-counter (OTC) drugs is growing, which is projected to fuel segment growth.
Approximately 65% of adults and 70% of parents rely on OTC drug medications to treat their symptoms. The majority of physicians also consider over-the-counter medicines important to the health care system.
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Growing demand for solvents in the production of pharmaceutical drugs, vaccines,
medicines,
and others along with the rapid emergence of innovative generic drugs and increasing exports of pharma products are expected to fuel the global pharmaceutical solvent market growth during the forecast period.
Furthermore, the increasing number of people aged 65 years and over is also projected to contribute to the growth of the global pharmaceutical solvent market. A larger number of prescriptions are filed against the elderly population, which increases the demand for pharmaceutical drugs and medicines.
World Health Organization data shows that there were 1 billion people aged over 60 years old in 2019 and that number is expected to increase to 2.1 billion by 2050.
Geographically, the global pharmaceutical solvent market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is projected to generate enormous revenue by the end of 2031. This is driven by a large number of established pharmaceutical industries in the region. In addition, higher spending on pharmaceutical research and development is expected to spur the use of pharmaceutical solvents in the region. The Congressional Budget Office projects that pharmaceutical companies spent 83 billion dollars on research and development in 2019.
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The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players' competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rising Export of Pharma Products
to Drive the Market Growth
As reported by the Ministry of Commerce and Industry,
“Global drug exports totaled USD 20585.89 in 2019-2020, reflecting a growth rate of 7.59%.”
The surge in the use of
pharmaceutical solvents in the manufacturing of drugs
and medicines is expected to increase its demand during the forecast period. Likewise, the growing export of pharmaceutical
products to emerging markets is estimated to be the main growth driver of the global pharmaceutical solvent market over the forecast period.
However, Limited use of toxic and hazardous solvents is expected to operate as a key restraint to the growth of the global pharmaceutical solvent market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global pharmaceutical solvent market which includes company profiling of BASF SE, Bayer AG, Clariant International Ltd, Exxon Mobil Corporation., Dow Chemical Company, Brenntag SE, Pon Pure Chemicals Group, Mitsui Chemicals, Inc., LyondellBasell Industries Holdings B.V., and PPG Industries, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global pharmaceutical solvent market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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