Wilmington, Delaware, United States, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global dimethyl sulfoxide market was estimated to have acquired US$ 150.9 million in 2021. It is anticipated to register a 5.5% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 258.3 million.
Dimethyl Sulfoxide (DMSO) is utilized as a versatile solvent and reaction medium in various industrial processes. Its ability to dissolve a wide range of organic and inorganic compounds, coupled with its favorable physical properties, makes it a valuable component in chemical synthesis, extraction, and purification. The market is driven by the demand for efficient and high-quality chemical processes, particularly in the pharmaceutical, petrochemical, and electronics industries. DMSO's role in aiding the development of innovative materials and facilitating chemical reactions contributes to its continued growth in industrial applications.
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Global Dimethyl Sulfoxide Market: Key Players
A small number of competitors in the consolidated global dimethyl sulfoxide market holds the majority of the market share. Leading companies are making large investments to diversify their production capacities, mostly because of the rising demand for dimethyl sulfoxide across a range of industries. The following companies are well-known participants in the global dimethyl sulfoxide market:
- Arkema Group
- Gaylord Chemical Corporation
- Toray Fine Chemicals Co. Ltd.
- Hubei Xingfa Chemicals Group
- Yangmei Fengxi Fertilizer Industry (Group) Co., Ltd.
- Zhuzhou Hansen Chemicals Co., Ltd.
- Yankuang Lunan Chemicals
- Otto Chemie Pvt. Ltd.
- Honeywell International Inc.
- Sigma-Aldrich Co. LLC.
- Glentham Life Sciences
- FENGCHEN GROUP CO., LTD
- Henan GP Chemicals Co., Ltd.
Key Findings of the Market Report
- The dimethyl sulfoxide market is segmented into three segments based on grade: electronics, medicines, and industrial.
- In 2021, the medicines segment accounted for a sizable 48.4% of the global market.
- A CAGR of 5.4% is projected for the segment over the projection period.
- This is explained by DMSO's several medicinal qualities, which include anti-inflammatory and membrane penetration.
- In 2021, the pharmaceutical application sector accounted for 47% of the dimethyl sulfoxide market, making it a significant segment.
Market Trends for Dimethyl Sulfoxide
- Dimethyl Sulfoxide is experiencing increased adoption in the pharmaceutical and healthcare industries due to its versatile properties. It serves as a carrier for drug delivery, improving the permeability of certain medications. Its anti-inflammatory attributes make it useful in formulations for pain relief and wound care products.
- The market is witnessing a surge in research and development activities, exploring new pharmaceutical applications and expanding the use of dimethyl sulfoxide in healthcare products.
- There is a growing trend towards sustainability and eco-friendliness in chemical industries, including the production and use of Dimethyl Sulfoxide. Manufacturers are seeking more environmentally friendly production methods and exploring bio-based sources of dimethyl sulfoxide.
- They are developing greener formulations with reduced environmental impact, appealing to eco-conscious consumers and meeting regulatory standards. This trend reflects a broader shift towards green chemistry practices in the chemical industry.
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Global Market for Dimethyl Sulfoxide: Regional Outlook
Various reasons are propelling the growth of the dimethyl sulfoxide market in different regions. These are:
- In 2021, Asia Pacific, accounting for over 55% of the global market share, dominated the dimethyl sulfoxide market. This was mainly attributed to the region's strong dimethyl sulfoxide demand in the electronics and pharmaceutical industries. In Asia Pacific, China holds a nearly 50% market share for dimethyl sulfoxide.
- In 2021, North America held a 22.5% market share worldwide. 2021 saw a 14.2% share owned by Europe. In both of these regions, the agricultural and pharmaceutical industries have a strong demand for dimethyl sulfoxide.
- In 2021, the Middle East & Africa and Latin America accounted for approximately 8% of the global market, primarily because of the diversification of the agrochemical sector in these regions.
Key developments in the global market are:
| Company | Year | Key Developments |
| Hubei Xingfa Chemicals Group | 2022 |
|
Global Dimethyl Sulfoxide Market Segmentation
Grade
- Electronics
- Pharmaceuticals
- Industrial
Application
- Removers & Cleaners
- Electronics Component
- Plant Cleaning
- Removers
- Polymer Processing
- Pharmaceutical
- Agrochemical
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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