Dimethyl Sulfoxide Market Size Set for Growth Amidst Increasing Demand for Li-ion Batteries and Therapeutic Applications 2030
The global dimethyl sulfoxide (DMSO) market, which had an estimated value of US$142.5 million in 2021, is projected to experience a Compound Annual Growth Rate (CAGR) of 5.3% by the end of 2027.
The surging demand for Li-ion batteries, driven by the booming electronics industry, is expected to be a key driver for the global dimethyl sulfoxide market. DMSO, a vital component in the production of Li-ion batteries, is poised to grow alongside the Li-ion battery sector, which powers mobile devices and is predicted to have 6.648 billion smartphone users by 2022. Furthermore, the adoption of DMSO as a solvent in various industries, including electrical and electronics, automotive, building and construction, consumer goods, and medical, contributes to its growing prominence. DMSO’s non-toxicity, biodegradability, and high solvency make it an ideal organic chemical for diverse applications, including replacing other solvents like xylene, benzene, and acetone. The market’s expansion is also driven by its application in paints, coatings, pesticides, solvents, fuel additives, and pharmaceuticals.
Navigating COVID-19 Challenges
The global DMSO market, like many others, faced disruptions due to the pandemic. Lockdowns and supply chain constraints impacted manufacturing and consumption patterns. Reduced non-essential spending and temporary construction halts have affected consumer demand and the construction sector’s need for DMSO. However, as regional regulatory authorities ease restrictions, the market is expected to rebound.
Therapeutic and Industrial Applications Fueling Growth
DMSO’s unique properties, including its ability to penetrate membranes and act as a medication carrier, contribute to its widespread use in therapeutics. DMSO’s role in cryopreservation, drug delivery, and anti-inflammatory effects has led to its application in pharmaceuticals. The pharmaceutical industry, accounting for nearly half of the market share in 2021, is driven by DMSO’s utility in drug discovery, APIs synthesis, and analytical techniques.
DMSO also finds a place in various industrial applications, including electronic grade DMSO for the electronics sector. The rise of electric vehicles and the subsequent demand for electronic components contribute to the demand for DMSO. Additionally, its application as a solvent in chemical processes and the growing agrochemical sector further bolster the market’s growth prospects.
Concerns and Challenges
Despite its numerous applications, concerns exist over the safety and adverse effects of DMSO. Some DMSO products available over the counter may contain contaminants that are harmful to humans. Skin rashes, headaches, dizziness, and other adverse effects have been reported with DMSO usage. The market must address these challenges to ensure consumer safety.
The Asia Pacific region holds the largest market share due to its high demand for DMSO in the electronics and pharmaceutical sectors. China’s agrochemical industry and increasing demand for electronic goods drive the demand for DMSO. North America, driven by the pharmaceutical and technology industries, especially the electric vehicle market, also contributes significantly to the global DMSO market.
In the competitive landscape of the DMSO market, Hubei Xingfa Chemicals Group stands out as a market leader. The company’s expansion in annual DMSO production capacity through the completion of its second phase project exemplifies its commitment to meeting growing demand.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/dimethyl-sulfoxide-market
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