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Global Pharmaceutical Solvent Market to record extensive growth over 2018 – 2024 : top key players Sigma-Aldrich Company LLC, The Dow Chemical Company and Clariant, BASF, Avantor Performance Materials
Pharmaceutical Solvent Market
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.
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numerous pharmaceutical applications to drive Pharmaceutical Solvent Market, U.S. to account for a significant proportion of the global remuneration by 2024. Pharmaceutical Solvent Market size is likely to witness a significant CAGR in the forecast period. 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.
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.
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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.
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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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