Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Pharmaceutical Solvent Market size was over USD 4.02 billion in 2024 and is anticipated to cross USD 7.12 billion by 2037, witnessing more than 4.5% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of pharmaceutical solvent is assessed at USD 4.31 billion.13.7 billion.
The growth of the market is primarily attributed to the increasing demand for pharmaceutical solvents in the manufacturing of drugs, vaccines, medicines, and others. Moreover, the rising sales of pharmaceutical drugs and medicines are expected to propel the demand for pharmaceutical solvents over the forecast period. The total worldwide pharmaceutical sales were estimated at approximately USD 900 billion in 2018 and reached around USD 1500 billion in 2021.
A pharmaceutical solvent is a chemical substance that is used in the manufacturing of drugs. These solvents serve as a medium for the purification and extraction of specific materials without altering those materials chemically. There are several pharmaceutical solvent market trends, including increasing optimization of solvent use, advanced manufacturing technologies, and growing investments & deals which are expected to fuel the market growth during the forecast period. Moreover, the global pharmaceutical solvent market size is also expected to extend to the increasing aging population around the world. Among the elderly population, more diseases occur and more prescriptions are filled, which increases the demand for medicines and pharmaceutical drugs. According to the World Health Organization, the number of people aged over 60 years was 1 billion in 2019 and is expected to increase to 2.1 billion by 2050.
Pharmaceutical Solvent Sector: Growth Drivers and Challenges
Growth Drivers
- Expansion and Innovation in Chemical Industry - It was observed that the investment in green technology in 2021 reached USD 750 billion, with a significant increase from 2020. Innovations in the chemical industry such as the growing utilization of green chemical processes for drugs and medicines manufacturing are estimated to increase the sales of pharmaceutical solvents during the forecast period.
- Rise in Exportation of Pharmaceutical Products - It was observed that with a total value of USD 660 billion, pharmaceutical products ranked among the top five global trade products in 2020. The top exporters of pharmaceutical products in 2020 were Switzerland (USD 10%), Germany (USD 14%), Ireland (USD 10%), Belgium (USD 6.5%), and the United States (USD 10%).
- Globally Rising Healthcare Expenditure - As per the data from World Bank global healthcare expenditures are currently estimated at 9.83% of the GDP (2019).
- Growth and Expansion of the Pharmaceutical Industry - For instance, the pharmaceutical industry in India is expected to reach approximately USD 60 billion by 2025, and about USD 100 billion by 2031.
- Rapid Development and Innovation in Generic Drugs - The FDA funded nearly USD 20 million in generic drug science and research programs and issued 149 product-specific guidance (PSGs) about generic drug development.
Challenges
- Stringent Regulations on the Use of Solvents in Developed Countries - Regulation in Europe is putting more pressure on manufacturers to replace specific chemicals. Despite being used in relatively modest amounts, they have a significant negative impact on the environment and human health. Therefore, the use of solvents still contributes significantly to volatile organic compound (VOC) emissions. Solvent emissions make up 35% of VOC emissions in the UK. 36 The European Environmental Agency for the European Economic Area revealed higher values of 42%.
- Highly Volatile Solvents Pose a Transport and Storage Concern
- Limited Use of Toxic and Hazardous Solvents
Pharmaceutical Solvent Market: Key Insights
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
4.50% |
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Base Year Market Size (2024) |
USD 4.02 billion |
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Forecast Year Market Size (2037) |
USD 7.12 billion |
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Regional Scope |
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Pharmaceutical Solvent Segmentation
Product Type (Alcohol, Amine, Ester, Ether, Chlorinated Solvents)
The global pharmaceutical solvent market is segmented and analyzed for demand and supply by product type into alcohol, amine, ester, ether, and chlorinated solvents. Out of these, the alcohol segment is anticipated to capture the largest market size in the global pharmaceutical solvent market owing to the extensive use of alcohol as a direct solvent in pharmaceuticals during the forecast period. Further, alcohol is increasingly being used in the manufacturing of over-the-counter (OTC) drugs. OTC drugs are widely consumed, which promotes extensive use of alcohol solvents in their production. A survey found that 2/3 of adults (65%) and approximately 70% of parents rely on OTC drug medicines to treat their symptoms. Also, almost 80% of physicians consider that over-the-counter medicines play an important role in health care.
Our in-depth analysis of the global pharmaceutical solvent market includes the following segments:
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By Product Type |
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By End User |
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Customize this ReportPharmaceutical Solvent Industry - Regional Synopsis
North America Market Forecast
North America industry is expected to account for largest revenue share of 36% by 2037, owing to a large number of developed pharmaceutical industries in the region. Further, increased spending on pharmaceutical research and development is expected to stimulate the use of pharmaceutical solvents in the region. Congressional Budget Office reports that a total of USD 83 billion was spent by the pharmaceutical industry on research and development in 2019. Moreover, the rising sales and demand for pharmaceutical products are projected to propel the demand for pharmaceutical solvents in the region.
Companies Dominating the Pharmaceutical Solvent Landscape
- BASF SE
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Bayer AG
- Clariant International Ltd
- Exxon Mobil Corporation.
- Dow Chemical Company
- Brenntag SE
- Pon Pure Chemicals Group
- Mitsui Chemicals, Inc.
- LyondellBasell Industries Holdings B.V.
- PPG Industries, Inc
In the News
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Mitsui Chemicals, Inc. formed a new partnership with Mitsui-Soko Holdings which aims to calculate CO2 emissions from the international transportation of products.
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Clariant International Ltd has finalized an agreement to purchase BASF's U.S. Attapulgite business assets for USD 60 million.
Author Credits: Rajrani Baghel
- Report ID: 418
- Published Date: Dec 20, 2024
- Report Format: PDF, PPT
