Dimethyl Sulfoxide (DMSO), a dipolar aprotic solvent with high flash and boiling points, has excellent miscibility with polar and non-polar solvents.
The global DiMethyl Sulfoxide (DMSO) market is estimated to showcase a steady growth rate throughout the projection period from 2022 to 2032 with a CAGR of about 5.4%. The market was valued at US$ 495.6 Million in 2022 and is estimated to be worth US$ 838.6 Million in 2032. According to the historical forecast (2016 to 2021), the global DiMethyl Sulfoxide (DMSO) Market sales witnessed significant growth, registering a CAGR of 4.2%.
Dimethyl Sulfoxide (DMSO), is known as a dipolar aprotic solvent containing high flash and boiling points, it also has excellent miscibility with polar and non-polar solvents. Black liquor is used to make DMSO which is a by-product of paper mills. There are several applications of DMSO in various industries including healthcare, agrochemicals, fine chemicals & materials. With continuous research and development in this field, utilization of DMSO in the pharmaceutical sector has seen an impressive hike in the global demand over the assessment period.
Being a solvent with several medicinal applications, DiMethyl Sulfoxide (DMSO) is used as a key component in many medicinal and agrochemical products. In recent years, several government restrictions have been loosened, due to which the worldwide DiMethyl Sulfoxide (DMSO) market is expected to expand rapidly over the projected period.
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Key Takeaways
Competitive Landscape
The prominent competitors in the worldwide DMSO market are developing new technologies that enable biopharmaceutical businesses to accelerate clinical manufacturing while decreasing process development time and costs
The Major Keyplayers are Arkema Group, Gaylord Chemical Corporation, Toray Fine Chemicals Co. Ltd., Hubei Xingfa Chemicals Group, Sigma-Aldrich Co. LLC., and Parchem Fine & Specialty Chemicals are some of the prominent competitors in the worldwide DMSO market.
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More Insights into the DiMethyl Sulfoxide (DMSO) Market
The North American region is expected to dominate the global DiMethyl Sulfoxide (DMSO) market by accounting for 27.2% of the worldwide market in 2022. Owing to its widespread application and it is favored by many end users due to its ecologically friendly production technique and low toxicity.
Due to its employment in various medicinal and agrochemical applications in the region, the Dimethyl Sulfoxide (DMSO) is predicted to exhibit robust growth over the years. It is also well-acclaimed for its anti-inflammatory qualities and is commonly utilized in drugs that aid in body absorption.
The Asia Pacific is expected to witness positive growth opportunities throughout the assessment period due to its large demand in the pharmaceutical and electronics sectors. Developing economies like China have a hold over half of the Asia Pacific dimethyl Sulfoxide market. Thus, Asia Pacific is expected to procure a 20% market share for DiMethyl Sulfoxide (DMSO) market in the assessment period 2022-2032.
DiMethyl Sulfoxide (DMSO) Market Key Segments
DiMethyl Sulfoxide (DMSO) Market by Raw Materials:
DiMethyl Sulfoxide (DMSO) Market by Application:
DiMethyl Sulfoxide (DMSO) Market by Region:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
May 19, 2023