Austin, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that The Dimethyl Sulfoxide Market Size was valued at USD 237.8 million in 2023 and is expected to reach USD 408.6 million by 2032, and grow at a CAGR of 6.2% over the forecast period 2024-2032.
The high demand for Dimethyl Sulfoxide in the pharmaceutical industry added to its environmentally friendly aspects, has been a cause for the rapid growth of the Dimethyl Sulfoxide Market. Companies like Cayman Chemical have scaled up production to meet global demand, underlining the rising importance of Dimethyl Sulfoxide, particularly as a solvent in drug delivery systems. High solubility and low toxicity have also driven its adoption in agricultural chemicals, where it finds its place as an environmentally benign agent. Apart from that, the electronics industry was also one of the wide users of Dimethyl Sulfoxide because of its efficiency when it comes to cleaners and strippers of varnishes, especially to sensitive parts, thus securing its lead in the market. With an estimated market share of over 55% in the pharmaceutical sector alone, Dimethyl Sulfoxide enhances the efficacy of nonsteroidal anti-inflammatory drugs. It acts as a carrier for APIs, leading to improved drug delivery and better patient outcomes.
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Key Players :
- Gaylord Chemical Corporation
- Arkema Group
- Parchem Fine & Specialty Chemicals
- Hubei Xingfa Chemicals Group
- Sigma-Aldrich Co. LLC.
- Zhuzhou Hansen Chemicals Co., Ltd
- Otto Chemie Pvt. Ltd.
- Honeywell International Inc.
- Yankuang Lunan Chemicals
- Toray Fine Chemicals Co. Ltd.
- and other
The market growth is also driven by product innovations, such as Gaylord Chemical's latest product line of Dimethyl Sulfoxide-based solvents for high-performance coatings and adhesives, indicative of sustained efforts at base expansion of its application areas. The market nonetheless faces some challenges, especially in the form of regulatory approvals and stringent quality control, particularly for applications in pharmaceuticals. With all these hurdles, the developments require relentless research and development, as even global chemical majors integrate to collaborate on the innovation of next-generation Dimethyl Sulfoxide formulation, brewed to the best regulatory standards. Against such challenges, the market moves in a continuum with positive growth backed by novelty and wide applications of DMSO in various industries.
Dimethyl Sulfoxide Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 237.8 Million |
| Market Size by 2032 | US$ 408.6 Million |
| CAGR | CAGR of 6.2% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Drivers | • Increasing demand from the pharmaceutical industry for effective solvent solutions and drug delivery systems • Rising adoption of Dimethyl Sulfoxide in environmentally friendly agricultural chemicals due to its low toxicity and high solubility |
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Segment Analysis
In 2023, the Sulphur segment dominated the Dimethyl Sulfoxide Market with an estimated market share of over 50%. This segment's dominance can be attributed to its availability and cost-effectiveness; hence, it is preferred for most of the feedstock used to produce Dimethyl Sulfoxide. The abundance of sulfur, particularly as a byproduct of petroleum refining, allows it to be produced regularly and on large scales quite vital to meeting its increasing demand in various industries such as pharmaceuticals and electronics. As an example, Dimethyl Sulfoxide based on sulfur in pharmaceutical manufacturing is an essential part when synthesizing active pharmaceutical ingredients of APIs, whose applications need high purity levels. Besides this, the chemical properties of sulfur make it very suitable for the solvent uses required in the electronics industry, such as cleaning and maintenance in semiconductor devices. These factors together give a reason for the segment occupying the leading position within the market both economically and about wide application scope.
Key Segments:
By Raw Material
- Raw Cotton
- Black Liquor
- Sulphur
- Lignin
By Grade
- Pharmaceutical
- Industrial
- Electronic
By Application
- Polymer Processing
- Pharmaceuticals
- Removers & Cleaners
- Agrochemicals
- Coatings
- Fine Chemicals
- Others
Recent Developments
June 2023: Toray Fine Chemicals introduced DMSO-StG, a cryopreservation liquid for cells.
August 2022: Arkema, a global leader in specialty materials for paints and coatings, presented SYNAQUA 9511, a novel waterborne binder specifically formulated to meet the needs of industrial paints with VOC levels as low as 150 g/l.
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Regional Analysis
The Asia-Pacific region dominated the Dimethyl Sulfoxide Market with more than a 50% share. This is primarily due to the well-established pharmaceutical and electronics manufacturing industries, specifically in China and India. For example, the pharmaceutical sector in China is an emerging business; it accounts for a significant quantity of the total global consumption of Dimethyl Sulfoxide, thereby driving market growth. It also consists of regional growth in the increasing electronic industry for cleaning and maintenance of semiconductor devices, which cements the top position of the Asia Pacific in the Dimethyl Sulfoxide market.
Key Takeaways:
- The Dimethyl Sulfoxide Market is fast-growing, considering the magnitude of its applications in pharmaceuticals, agriculture, and electronics.
- Companies have invested in research and development for the next generation of Dimethyl Sulfoxide formulation, making sure they meet the strict regulatory standards.
- The largest regional share in the Asia-Pacific can be attributed to strong demand from industries such as pharmaceuticals and electronics.
- Continuous innovation along with the environmental benefits associated with Dimethyl Sulfoxide is expected to keep this market going despite various regulatory challenges.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization Analysis by Region
5.2 Feedstock Prices Analysis by Region
5.3 Regulatory Impact: Effects of regulations on production and usage.
5.4 Environmental Metrics Analysis by Region
5.5 Innovation and R&D
6. Competitive Landscape
7. Dimethyl Sulfoxide Market Segmentation, by Raw Material
8. Dimethyl Sulfoxide Market Segmentation, by Grade
9. Dimethyl Sulfoxide Market Segmentation, by Application
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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