New York, Nov. 21, 2019 (GLOBE NEWSWIRE) -- Market Size – USD 650.3 Million in 2018, Market Growth - CAGR of 4.5%, Market Trends – Increased applications and Innovation of alternatives
According to the current analysis of Reports and Data, the global dimethylformamide market was valued at USD 650.3 Million in 2018 and is expected to reach the value of USD 923.9 Million by the end of the year 2026, at a CAGR of 4.5%. Dimethylformamide (DMF), is a colorless, absorbent liquid with a slight fish like odor. Due to its high aprotic nature, wide liquid range, and low volatility, it is primarily used as a solvent. It is primarily applicable largely in several industries, such as textile, chemical, agriculture, electronics, energy, automotive, pulp and paper. Due to strong applications of dimethylformamide, the solvent is well known as a Universal Solvent across the industries.
The major driving factors for dimethylformamide market are growing its demand from various end-use industries, including electronics, agrochemicals, textile, pharmaceuticals, and chemical, among others. The applications of the dimethylformamide in itself are the driving force for the solvent. Due to its high solubility of polyacrylonitrile properties and having good mixing ability in the water makes dimethylformamide a major solvent to produce acrylic fibers, which are primarily used in the clothing material in the textile market. is used as a solvent for the production of surface coatings or synthetic leather creation. In the pharmaceutical industry, it is used solvent and crystallization agent. In the electronics industry, the dimethylformamide acts as an inorganic substance that helps in the production of high voltage capacitors.
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Apart from this, there are some risks associated with the use of dimethylformamide. It is instantly flammable and involves toxic content which affects the human body. The solvent could affect the skin and creates problem-related with skin or, if inhaled unknowingly, could damage the liver portion of the body and create problems in the breathing. Therefore, the organizations dealing with dimethylformamide take large care, and this major risk is the hindrance factor of growth for the substance.
Geographically, the Asia Pacific market is expected to dominate the market during the forecast period. The driving factor in the region is the growing demand for DMF from end-use industries like agrochemical, electronics, pharmaceutical, and chemical. Due to the ever-increasing demand for pesticides to improve crop yield, the industry is expected to witness healthy gains in the forecast timeline. These trends are also expected to increase the demand for dimethylformamide. Apart from this, growing consumer demand from the pharmaceutical industry will be a key contributor to the Asia Pacific market in the forecast period as a solvent for the preparation of many drugs. Growing population, increasing urbanization, and improving consumer spending are the drivers for the growth of market.
Further key findings from the report suggest
- Dimethylformamide market is growing at a CAGR of 8% in the Asia Pacific, followed by North America and Europe with 4.6% and 3.9% CAGR, respectively. High industrial applications of the dimethylformamide is the key factor to accelerate the market growth during forecast period across all regions.
- The Asia Pacific is expected to account for 58.4% of the global dimethylformamide market. The large number of manufacturers are in developing nations, such as China and India.
- The solvent is the dominating dimethylformamide application, which holds 31.4% of the global market. The Asia-Pacific market is the chief revenue-generating source for this product segment, followed by North America and Europe regions
- The chemical end-use segment is expected to be the fastest-growing market segment during the forecast period 2019-2026 with a CAGR of 4.8% in the end-use segment. The large number use of chemicals to develop dimethylformamide and the risk associated with the chemicals is a challenge.
- Other applications segments, such as construction, personal care products, manufacturing rubber, paint, textiles, was valued at USD 154.8 Million in 2018 and is expected to reach the value of USD 218.4 Million by the end of the year 2026.
- The risk of toxicity associated while producing and the availability of alternatives is likely to hinder the market growth during the forecast period.
- Key participants include Eastman Chemical Company (U.S.), BASF SE (Germany), Merck & Co., Inc. (U.S.), J.N. Chemicals (India), DuPont de Nemours, Inc. (U.S.), Mitsubishi Gas Chemical (Japan), Zhejiang Jiangshan Chemical Co, Ltd. (China), The Chemours Company (U.S.), Pharmco-Aaper (U.S.), and Luxi Group Co., Ltd. (China).
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Dimethylformamide market on the basis of Type, Application, End Use, and Region:
Type (Volume in Metric Tons; Revenue in USD Million; 2016–2026)
- Reactant
- Feed-Stock
- Others
Application (Volume in Metric Tons; Revenue in USD Million; 2016–2026)
- Solvents
- Polymers Fiber
- Films
- Adhesive
- Wire Enamels
- Surface Coatings
- Other Applications
End Use (Volume in Metric Tons; Revenue in USD Million; 2016–2026)
- Chemical
- Electronics
- Pharmaceutical
- Agrochemical
- Others
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Regional Outlook (Revenue in USD Million; Volume in Kilo Tons, 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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