The High Purity Solvent Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s High Purity Solvent Global Market Report 2024, The high purity solvent market size has grown strongly in recent years. It will grow from $55.59 billion in 2023 to $60.77 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to stringent quality standard, growing electronic manufacturing, pharmaceutical industry growth, increasing analytical chemistry applications, globalization of chemical industries.
The high purity solvent market size is expected to see rapid growth in the next few years. It will grow to $90.44 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to emergence of green chemistry, increasing demand in nanotechnology, bio-based solvents, focus on specialty chemicals manufacturing, environmental and safety regulations. Major trends in the forecast period include increasing adoption in clean energy technologies, technological innovations in solvent purification, increasing use in research and analytical chemistry, technological advancements in production processes, emergence of customized solvent solutions.
The increasing demand for paints and coatings is expected to propel the growth of the high purity solvent market going forward. Paints and coatings refer to a liquid, liquefiable, or solid mastic material that solidifies after being applied to a substrate in a thin layer. High purity solvents are used to dissolve various components used in paint and coating formulations. For instance, in June 2021, according to the American Coatings Association, a US-based non-profit organization, the United States coating industry is contributing significant revenues to the US economy by exporting over $2.2 billion in coating products. Therefore, the increasing demand for paints and coatings is driving the growth of the high purity solvent market.
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The high purity solvent market covered in this report is segmented –
1) By Type: Acetone, Acetonitrile, Dimethyl Sulfoxide, Other Types
2) By Category: Polar Solvent, Non-Polar Solvent
3) By Applications: Liquid Crystal Displays, Lithium-Ion Batteries, Electroplating, Polymer Resins, Catalysts, Other Applications
4) By End-User: Pharmaceutical, Chemicals, Cosmetics and Personal Care, Food and beverages, Agriculture, Paints and Coatings, Biotechnology, Electrical and Electronics, Other End Users
Major companies operating in the antiviral and high purity solvents market are focusing on facility expansions, such as manufacturing facility, to better meet the needs of their existing consumers. A manufacturing facility is a building or group of buildings where raw materials are transformed into finished goods. For instance, in August 2021, Nova Molecular Technologies, Inc., a US-based chemical processing and specialty chemicals company, announced the construction of a new facility in Sumter, South Carolina. Racetrack Road (RTR) is a new expansion site that will significantly improve capabilities that promote Nova’s principles of protection, integrity, quality, dedication, sustainability, and innovation. The RTR facility will allow Nova to develop the techniques and technologies required to create the best-grade biopharmaceutical and scientific solvents currently available, and novel solvents and chemicals to fulfill the rising demands of Nova’s existing and prospective markets.
The high purity solvent market report table of contents includes:
1. Executive Summary
2.High Purity Solvent Market Characteristics
3.High Purity Solvent Market Trends And Strategies
4.High Purity Solvent Market analysis
5.High Purity Solvent Market Size And Growth
6.High Purity Solvent Segmentation
7.High Purity Solvent Regional And Country Analysis
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27. High Purity SolventCompetitive Landscape And Company Profiles
28.High Purity Solvent Key Mergers And Acquisitions
29.High Purity Solvent Future Outlook and Potential Analysis
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