Dimethyl Sulfoxide Market: Analyzing Growth Opportunities and Challenges 2030
The global dimethyl sulfoxide (DMSO) market, valued at US$142.5 million in 2021, is poised for robust expansion, with an anticipated compound annual growth rate (CAGR) of 5.3% expected by the end of 2027. The dimethyl sulfoxide market is experiencing significant growth driven by various factors, including the skyrocketing demand for Li-ion batteries, increasing usage in the pharmaceutical industry, and its role as a versatile solvent in diverse sectors.
Rocketing Demand for Li-ion Battery to Complement Dimethyl Sulfoxide Market
The surge in demand for Li-ion batteries, driven by the explosive growth of the electronics industry, is a key driver for the dimethyl sulfoxide market. With 6.648 billion smartphone users worldwide by 2022, dimethyl sulfoxide plays a crucial role in Li-ion battery production. Its non-toxicity, biodegradability, and high solvency make it an ideal choice, replacing other chemicals in various applications.
Expanding Applications in Building & Construction and Pharmaceuticals
The building and construction industry is witnessing a boom, leading to increased use of dimethyl sulfoxide in paints and coatings. Additionally, dimethyl sulfoxide finds applications in pharmaceuticals, serving as a methylating agent in the creation of anti-infective, analgesic, and antipyretic medicines.
Therapeutic Properties of DMSO in Pharmaceuticals
Dimethyl sulfoxide is valued for its ability to penetrate membranes and enhance the effectiveness of medications. It is used as a carrier for drugs, aiding their penetration into the skin. Moreover, it has anti-inflammatory and antioxidant properties, making it a crucial component in various therapeutic products.
COVID-19 Impact on the Dimethyl Sulfoxide Market
The COVID-19 pandemic disrupted industries globally, including the dimethyl sulfoxide market. Supply chain disruptions and lockdowns impacted production and consumer demand. However, as restrictions are gradually lifted, the dimethyl sulfoxide industry is expected to rebound.
Possible Adverse Effects and Safety Concerns
Its important to note that some DMSO products are not safe for human consumption and may contain contaminants. Adverse effects such as skin rashes, headaches, and respiratory issues can occur. Proper handling and usage are essential.
Regional Landscape and Competitive Outlook
Asia Pacific dominated the dimethyl sulfoxide market, driven by high demand in electronics and pharmaceuticals. North America also holds a significant market share due to growth in the agrochemical and technology industries.
Key players in the dimethyl sulfoxide market include Gaylord Chemical Corporation, Arkema Group, Hubei Xingfa Chemicals Group, Toray Fine Chemicals Co. Ltd., and others. Hubei Xingfa Chemicals Group recently expanded its annual production capacity, solidifying its market position.
The global dimethyl sulfoxide market is poised for continued growth, driven by its diverse applications and innovative uses across industries.
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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COMTEX_442430674/2840/2023-10-25T09:54:58
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