Pharmaceutical Solvent Market Trends

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

Base Year	2023
Forecast Year	2024-2036
CAGR	5%
Base Year Market Size (2023)	USD 3.85 Billion
Forecast Year Market Size (2036)	USD 12 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of pharmaceutical solvent is assessed at USD 4.18 Billion.

The pharmaceutical solvent market size was over USD 3.85 Billion in 2023 and is likely to reach USD 6.7 Billion by the end of 2036, witnessing around 4.4% CAGR during the forecast period i.e., between 2024-2036. Rising pharmaceutical exports along with increasing healthcare expenditures are the major factors driving the growth of the market.

North American industry is projected to grow substantially through 2036, owing to a large number of developed pharmaceutical industries in the region.

BASF SE, 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

Pharmaceutical Solvent Market Trends