Pharmaceutical Solvents market Size Analytical Overview, Growth Factors, Demand and Trends Forecast to 2026
The pharmaceutical companies use several chemicals in different combinations and proportions. All the desired chemical compositions may not always form sought after chemical bonds with each other. Therefore, in order to extract perfectly blended mixtures, solvents are used. Solvents are chemical substances which can dissolve, segregate, suspend or extract other chemicals.
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Depending upon the particular reaction requirement, a solvent can be used in either of the solid, liquid or gas form. Pharmaceutical solvent may act as a catalyst or as a reaction medium for obtaining the desired composition drugs. Apart from being used as a chemical reactant, solvents are also used as disinfectants and rinsing fluids in the pharmaceutical industry. Many pharmaceutical solvents cannot be removed completely from the final drugs. It is, however, desired that a pharmaceutical solvent should not change properties of either of the chemicals involved in the reaction. High growth in the global pharmaceutical industry, driven by innovation in drug manufacturing process, is expected to create significant demand growth opportunity for pharmaceutical solvents over the forecast period of 2016-2024.
Pharmaceutical Solvents Market: Dynamics
The pharmaceutical solvents market, in general, rely on demands from pharmaceutical industry and the quantity of drugs to be produced. Research and development activities and government drug regulatory authorities also affect the overall demand of particular solvents in a particular region. It is observed that organic solvents are gaining traction globally due to non-toxic nature as compared to their inorganic counterpart.
Adoption of new methods and manufacturing technologies in pharmaceutical industries is considered as one of the main driving factors of global pharmaceutical solvents market. Also, on political scale, increasing budgets and expenditure for medical and health sectors by various governments is also expected to contribute high demand for solvents in across various pharmaceutical manufacturing firms globally.
Whereas, environmental concerns related to toxicity and volatility of some hazardous solvents put the global pharmaceutical solvents market under scrutiny. Some solvents are found hard to condense or precipitate, moreover, they might also form flammable environment in the laboratory or blending area. Various governments or drugs directorates have either banned or limited the use of such solvents which are found either toxic or carcinogenic. For example, carbon tetrachloride is advised to be banned as it is toxic and hazardous for the environment. Whereas, solvents such as chloroform and cumene are advised for their limited use, i.e. 60 and 70 concentrations (ppm) respectively.
Developments such as research activities to manufacture new solvents which are easy to prepare and have very rare negative effects on drug conditioning and workers’ health are expected to create significant growth opportunity over the coming years.
Pharmaceutical Solvents Market: Segmentation
Global pharmaceutical solvents market is segmented on the basis of chemical group to which they belong and region. On the basis of chemical group, the market is segmented into esters, ethers, amines, alcohols, aromatic hydrocarbons, chlorinated solvents, ketones and others. Each of the mentioned category contains several solvents widely used in pharmaceutical manufacturing industries.
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Pharmaceutical Solvents Market: Region-wise Outlook
Depending on geographic regions, the global pharmaceutical solvents market is segmented into seven key regions: North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan, and Middle East & Africa. Due to developed pharmaceutical industries in the region, North America and Western Europe are expected to hold significant market shares by 2016 end, while APEJ is expected to emerge as one of fastest growing region in the global pharmaceutical solvents market.
Pharmaceutical Solvents Market: Key Players
Some of the key players reported in this study of global pharmaceutical solvents market include BASF SE, Bayer Group, Akzonobel N.V., The Dow Chemical Company, LyondellBasell Industries Holdings B.V., E.I. duPont de Nemours and Company, Mitsui Chemicals, Braskem SA, PPG Industries, Eastman Chemical Company, etc.