New York (US), July 19, 2023 (GLOBE NEWSWIRE) -- High Purity Solvents Market Overview
The study papers by MRFR imply that in the “High Purity Solvents Market Research Report Information by Type, End User, Grade, Region, Application, and Category - Forecast Till 2032”, the High Purity Solvents market is forecast to cultivate considerably over the valuation period from 2022 to 2032 at a substantial CAGR of nearly 6.90%. The study papers even offer predictions related to the global market's expanding revenue numbers, which will likely attain a market of USD 67.8 Billion by the end of 2032. As per the reports, the market was valued at nearly USD 37.2 Billion in 2022.
Due to their extensive use across numerous industries, including pharmaceuticals, electronics, and analytical laboratories, the high purity solvents market is expanding significantly. Due to their crucial function in manufacturing, quality control, and other processes where contaminants can have a big impact, high purity solvents are in high demand.
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Competitive Analysis
The listing of the prominent participants across the global Market for High Purity Solvents incorporates players such as:
- Mitsubishi Chemical Corporation (a subsidiary of Mitsubishi Chemical Holdings Corporation)
- Exxon Mobil Corporation
- High Purity Laboratory Chemicals Pvt. Ltd.
- BASF SE
- Dow, Apchem Pvt. Ltd.
- Asahi Kasei Corporation
- Evonik Industries AG
- Linde
- Merck KGaA
- Thermo Fisher Scientific Inc.
- Akzo Nobel N.V.
- Spectrum Chemical Manufacturing Corp.
- Tedia
- Central Drug House
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 67.8 Billion |
| CAGR | 6.90% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Technology, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Key Market Drivers | Rapidly increasing demand for anti-fingerprint coatings in solar panels, the building & construction sector, and the automotive industry and the rising penetration of consumer goods like mobile phones, tablets, and laptops |
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Market U.S.P. Covered
Market Drivers
The global High Purity Solvents industry has progressed extremely in recent years. The primary parameters causing a surge in market performance are the growing use of n-heptane solvent as a test fuel component in anti-knock engine testing, the rising use of high-purity solvents in the production of lab supplies for the life sciences sector, and the increased use of high purity solvents in perfumes.
Market Restraints
On the other hand, several parameters may have an adverse impact on the development of the global market for High Purity Solvents. One of the primary parameters restricting the advancement of the market's performance of the global market is the high prices associated with raw materials.
COVID-19 Impact
The global health crisis of COVID-19 has affected more than 200 countries around the world. The pandemic severely impacted the majority of the industry sectors as it led to several governments imposing partial or complete lockdowns across the majority parts of the world. The shortage of labor, disruption in the supply chain network, shortage of raw materials, and fluctuation in the prices of transport choices have caused a major revenue loss in the global market for High Purity Solvents. However, the rapid expansion in the population and fast vaccination rates around the globe is anticipated to positively affect the development of the global market for High Purity Solvents over the coming years.
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Segment Analysis
Among all the types, the spectrophotometric Solvent segment ensured the top spot across the global market for high-purity solvents in 2022. The main aspect causing a surge in the performance of the market segment is the healthcare industry's increased usage of spectrophotometric solvents.
Among all the grades, the ACS segment ensured the top spot across the global market for high-purity solvents in 2022. The main aspect causing a surge in the performance of the market segment is the growing requirement for high-purity ACS-grade solvents.
Among all categories, the polar solvent segment ensured the top spot across the global market for high-purity solvents in 2022. The main aspect causing a surge in the performance of the market segment is the growing utilization of polar solvents in end-user industries is blamed for this rise.
Among all the application areas, the liquid crystals segment ensured the top spot across the global market for high-purity solvents in 2022. The main aspect causing a surge in the performance of the market segment is the growing requirement for high-purity solvents in liquid crystals can be linked to this.
Among all the end-users, the paints & coatings segment ensured the top spot across the global market for high-purity solvents in 2022. The main aspect causing a surge in the performance of the market segment is the development of infrastructure and building projects in developing countries like China, Japan, and India.
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Regional Analysis
The global market for high-purity solvents is studied across five major geographies: the Middle East & Africa, Europe, Asia-Pacific, Latin America, and North America.
The study papers by MRFR imply that The North American Region ensured a prominent place across the global High Purity Solvents industry in 2022, with a maximum contribution of nearly 45.80%. The region is known for the presence of vital expansion contributors such as Mexico, the U.S., and Canada. The main aspect backing the regional High Purity Solvents market expansion is the growing manufacturing output and anticipated recovery in construction activities.
The European Region projects ensuring the second spot across the global High Purity Solvents industry over the coming years. The region is known for the presence of vital expansion contributors such as France, Germany, and the U.K. The region's main parameter supporting regional market expansion is the escalating demand from several end-use sectors such as automobile, aviation, and other end users.
The Asia-pacific Region ensured a prominent position across the global High Purity Solvents industry in 2022. The regional market is projected to display the maximum expansion rate over the assessment era. The region is known for the presence of vital expansion contributors such as India, China, and Indonesia. The main parameter supporting regional market expansion is the escalating demand for the manufacture of paints & coatings and adhesives & sealants.
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