A $322.3 Million Global Opportunity for Dimethyl Sulfoxide (DMSO) by 2026 - New Research from StrategyR

SAN FRANCISCO, Feb. 22, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Dimethyl Sulfoxide (DMSO) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 16; Released: February 2022
Executive Pool: 489
Companies: 42 - Players covered include Arkema Group; Gaylord Chemical Company LLC; Hubei Xingfa Chemicals Group Co., Ltd.; Toray Fine Chemicals Co., Ltd.; Yangmei Fengxi Fertilizer Industry (Group) Co., Ltd.; Zhuzhou Hansen Chemicals Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Application (Pharmaceuticals, Electronics, Chemicals, Other Applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-

Global Dimethyl Sulfoxide (DMSO) Market to Reach US$322.3 Million by the Year 2026

Dimethyl sulfoxide (DMSO), obtained as a by-product in paper manufacturing is a powerful and versatile solvent that dissolves unsaturated and aromatic hydrocarbons, organo-sulfur compounds, organic nitrogen compounds and several other inorganic salts. DMSO is an important constituent of diverse array of applications across domains like chemicals, medicine, drug development, biology and medicine. The high permeability and dissolution capabilities make DSMO a popular cleaner and remover for numerous applications. The compound is a part of solutions such as plant cleaning agents, electronic component cleaners and mold-release solvents intended for automotive part molding. DMSO is also employed as solvent or raw material in the agrochemical and pharmaceutical domains. Dynamics of the solvents market are linked to prevailing macro-economic factors such as economic environment, GDP growth, industrial and commercial activity, and growth in core and heavy industries such as mining, oil & gas, metal, and infrastructure across major regional markets. The global dimethyl sulfoxide market is anticipated to gain from increasing uptake of the compound in the agrochemical sector owing to its enhanced solvency. The market growth is poised to receive a major stimulus from the pressing need to boost crop productivity and availability of government rebates or subsidies for agriculturists that are augmenting global demand for herbicides and fertilizers.

Amid the COVID-19 crisis, the global market for Dimethyl Sulfoxide (DMSO) estimated at US$252.9 Million in the year 2022, is projected to reach a revised size of US$322.3 Million by 2026, growing at a CAGR of 6.1% over the analysis period. Pharmaceuticals, one of the segments analyzed in the report, is projected to grow at a 6.6% CAGR to reach US$193.4 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Electronics segment is readjusted to a revised 5.8% CAGR for the next 7-year period. This segment currently accounts for a 22.9% share of the global Dimethyl Sulfoxide (DMSO) market. DMSO is used in the pharmaceutical industry in applications including drug discovery, API synthesis, and analysis. The compound is also an excipient solvent in pharmaceutical drug delivery systems. Consumption of DMSO is expected to pick up as demand for microelectronics gains momentum led by recovery in various end-use verticals including consumer electronics, industrial and automotive sectors. The emerging wave of electronification sweeping through the enterprise, healthcare/medical, manufacturing, and process industries and growth in new energy, industrial equipment, and home appliances, is expected to unveil favorable opportunities for electronic components and semiconductors.

The U.S. Market is Estimated at $47.5 Million in 2022, While China is Forecast to Reach $142.2 Million by 2026

The Dimethyl Sulfoxide (DMSO) market in the U.S. is estimated at US$47.5 Million in the year 2022. The country currently accounts for a 19% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$142.2 Million in the year 2026 trailing a CAGR of 7.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 5.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.5% CAGR while Rest of European market (as defined in the study) will reach US$9.2 Million by the end of the analysis period. North America and Europe are key markets. These regional markets are gaining from advanced manufacturing capabilities and high production of DMSO. Companies serving these regional markets are also making efforts to further expand applications of the compound in both new and existing areas, including electronics. The DMSO market in Asia-Pacific is predicted to register a healthy growth due to continuous expansion of the agriculture sector across developing countries like India and China, leading to high consumption of agrochemicals.

Chemicals Segment to Reach $47.7 Million by 2026

In the global Chemicals segment, USA, Canada, Japan, China and Europe will drive the 4.16% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$30 Million will reach a projected size of US$41.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$4.1 Million by the year 2026.

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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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SOURCE Global Industry Analysts, Inc.