Asia Pacific shall be leading the global pharmaceutical solvent market in the forecast timespan. this can be attributed to availability of resources such as labor and raw material at cost effective prices in this region. Many API manufacturers have recently shifted their production facilities in countries, including India, China, Thailand and South Korea. Europe and North America are anticipated to show sluggish growth in the overall pharmaceutical solvent market for the forecast period owing to the saturated pharmaceutical (drugs & medicine) industry in these regions.
Pharmaceutical Solvent Market size is likely to witness a significant CAGR in the forecast period. Solvents are used in numerous pharmaceutical applications. Solvents are chemical substances that can easily suspend, dissolve and extract other material without chemically altering other materials. Pharmaceutical solvents provide molecules for drug manufacturing and sometimes used for purification and extraction. The product also acts as a reaction medium.
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Majority of drugs and medicines that re-produced across the globe are derivative of Active Pharmaceutical Ingredients (API) which require alcoholic solvents such as isopropanol, propylene glycol, ethanol and propanol. The prime factor responsible for pharmaceutical solvent market growth in future is the booming healthcare and pharmaceutical industry throughout the globe especially in Asia Pacific countries including India, South Korea and China. Increased disposable income and growing health awareness among consumers lead to amplified spending on preventive healthcare products and drugs, which in turn drives the medicine and drugs market, subsequently propelling product demand for the forecast timeframe.
The major challenge for pharmaceutical solvent market are the stringent government regulations regarding its manufacturing, storage and transportation. Recent occurrences of casualties due to fire hazards in pharmaceutical solvent manufacturing plants and health risks related to exposure to volatile fluids present in numerous pharmaceutical solvents shall be a major hurdle for product manufacturers in the coming years. The volatility of the product (alcohols and esters) limit the production capacity of product manufacturers as governments and environmental agencies pose strict production norms and regulations that need to be followed for exporting products to countries such as U.S and European countries. Also, the production cost and pricing of pharmaceutical solvent is directly impacted by the health hazards as employees demand better insurance cover and salary hikes in such manufacturing settings.
Based on type of product, pharmaceutical solvent market can be classified into alcohol, amine, ethers and esters. Alcohol accounted for largest share of pharmaceutical solvent market in 2016. Pharmaceutical products are usually formulated by mixing alcoholic solvents with API and many other pharmaceutical constituents. During medicinal fluids production, alcohol serves as an active excipient or ingredient for stabilizing chemical composition of final compounds. Hence, the alcohol segment of pharmaceutical solvent market shall expand at significant growth rates over the next few years. Ether segment shall grow at prominent rates during the forecast period owing to the growing demand of polyethylene glycol and dimethyl ether.
Based on applications, the global pharmaceutical solvent market can be segmented into pharmaceutical and chemical industry. Pharmaceutical industry is expected to lead the pharmaceutical solvent market in the coming years owing to the widespread usage of alcohols and esters in manufacturing of drugs and medicines. Organic solvents are usually used in pharmaceutical industry as reaction media for separation and purification of synthesized products and for cleaning of equipment. The product is used in formulation of several healthcare products such as aspirin, penicillin, cough syrup and topical ointments. For instance, butyl acetate (a solvent) is used to purify penicillin by removing impurities while penicillin is carefully removed from reaction mixture by extraction.
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The prominent market share contributors operational in the industry are BASF SE, Avantor Performance Materials, Sigma-Aldrich Company LLC, The Dow Chemical Company and Clariant. Other companies include Alfa Aesar, Procter & Gamble Chemicals, Merck KGaA, Yip's Chemical Holdings Limited, Brenntag and Parchem Fine & Specialty Chemicals. Companies are constantly investing in research & development activities to enhance product properties and make its usage more prevalent in industries other than the aforementioned ones. They are also augmenting their current production techniques to accommodate ether chemicals.
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