High Purity Solvent Global Market Report 2024

The high purity solvent market size has grown strongly in recent years. It will grow from $55.59 billion in 2023 to $60.77 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth observed in the historical period can be attributed to stringent quality standards, the expansion of electronic manufacturing, the growth of the pharmaceutical industry, the increasing applications of analytical chemistry, and the globalization of chemical industries.

The high purity solvent market size is expected to see rapid growth in the next few years. It will grow to $90.44 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The anticipated growth in the forecast period can be attributed to the emergence of green chemistry, the increasing demand in nanotechnology, the utilization of bio-based solvents, a focus on specialty chemicals manufacturing, and adherence to environmental and safety regulations. Major trends expected in the forecast period include the increasing adoption in clean energy technologies, technological innovations in solvent purification, the growing use in research and analytical chemistry, advancements in production processes, and the emergence of customized solvent solutions.

The high purity solvent market is expected to grow with the increasing demand for paints and coatings. High purity solvents play a crucial role in dissolving components used in paint and coating formulations. The American Coatings Association reported significant revenues from the US coating industry, contributing over $2.2 billion through exports. The robust demand for paints and coatings is a key driver fueling the growth of the high purity solvent market.

The high purity solvent market is expected to grow due to the rapid expansion of the pharmaceutical sector. The pharmaceutical sector focuses on drug and medicine research, development, production, and marketing within the healthcare business. High-purity solvents play a critical role in ensuring the safety and efficacy of medications during various stages of pharmaceutical development and production by minimizing the risk of contamination or unwanted interactions. According to the European Federation of Pharmaceutical Industries and Associations in June 2023, North America accounted for 52.3% of global pharmaceutical revenues in 2022, while Europe accounted for 22.4%. The rapid expansion of the pharmaceutical sector is driving the high purity solvent market.

The high purity solvent market is witnessing a key trend with the introduction of bio-derived products. Major companies in this sector are dedicated to developing bio-derived products to strengthen their positions. For example, in February 2022, Clariant, a Switzerland-based specialty chemicals company, launched Vita, a new line of 100% bio-based surfactants and polyethylene glycols (PEGs). These products directly address climate change by removing fossil carbon from the value chain. Vita products, made with renewable feedstocks, have a Renewable Carbon Index of at least 98%, assisting manufacturers in increasing the bio-based carbon content of consumer goods.

Major companies in the antiviral and high purity solvents market are focusing on facility expansions, such as manufacturing facilities, to better meet the needs of existing consumers. A manufacturing facility is a building or group of buildings where raw materials are transformed into finished goods. In August 2021, Nova Molecular Technologies, Inc., a US-based chemical processing and specialty chemicals company, announced the construction of a new facility in Sumter, South Carolina. The Racetrack Road (RTR) facility aims to significantly improve Nova's capabilities in creating high-grade biopharmaceutical and scientific solvents, meeting the rising demands of existing and prospective markets.

In May 2021, US-based pharmaceutical company Aceto acquired Finar Limited for an undisclosed amount. This strategic move allows Aceto to expand its product offerings for the biopharmaceutical, pharmaceutical, and vaccine end markets. Finar Limited, an India-based company operating in high purity solvents, complements Aceto's business objectives.

Major companies operating in the high purity solvent market report are Exxon Mobil Corporation, MP Biomedicals LLC, BASF SE, Dow Inc., Bayer AG, Thermo Fisher Scientific Inc., Honeywell International Inc., Linde Corporation, The Merck Group, Asahi Kasei Corporation, Evonik Industries AG, DuPont de Nemours Inc., Akzo Nobel N.V., Mitsubishi Chemical Corporation, Avantor Inc., VWR International LLC, Sigma-Aldrich Co. LLC, Mallinckrodt Pharmaceuticals, Kanto Chemical Co. Inc., Alfa Aesar, Spectrum Chemical Mfg. Corp., J.T.Baker, Tokyo Chemical Industry Co. Ltd., GFS Chemicals Inc., Tedia Company Inc., Acros Organics, High Purity Laboratory Chemicals Pvt. Ltd., Apchem Life Science Pvt. Ltd., Pharmco-AAPER, EMD Millipore Corporation, Ricca Chemical Company, Fisher Scientific, Macron Fine Chemicals, Chem-Supply Pty. Ltd.

Asia-Pacific was the largest region in the high purity solvent market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market. The regions covered in the high purity solvent market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the high purity solvent market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of high purity solvents are acetone, acetonitrile, dimethyl sulfoxide, and others. Acetone serves as a liquid solvent breaking down and dissolving other substances. Categories include polar solvents and non-polar solvents, applicable in liquid crystal displays, lithium-ion batteries, electroplating, polymer resins, catalysts, and other industries. They are employed across pharmaceuticals, chemicals, cosmetics and personal care, food and beverages, agriculture, paints and coatings, biotechnology, electrical and electronics, and other end-users.

The high purity solvent market research report is one of a series of new reports that provides high purity solvent market statistics, including high purity solvent industry global market size, regional shares, competitors with a high purity solvent market share, detailed high purity solvent market segments, market trends and opportunities, and any further data you may need to thrive in the high purity solvent industry. This high purity solvent market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The high purity solvent market consists of sales of methyl alcohol, butyl alcohol, and 2,2,4-trimethylpentanemethyl alcohol. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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