High Purity Solvent Market Size, Share, Segment Analysis And Forecast To 2033

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 in the historic period can be attributed to stringent quality standard, growing electronic manufacturing, pharmaceutical industry growth, increasing analytical chemistry applications, 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 growth in the forecast period can be attributed to emergence of green chemistry, increasing demand in nanotechnology, bio-based solvents, focus on specialty chemicals manufacturing, environmental and safety regulations. Major trends in the forecast period include increasing adoption in clean energy technologies, technological innovations in solvent purification, increasing use in research and analytical chemistry, technological advancements in production processes, emergence of customized solvent solutions.

Market Overview -
The high purity solvents are used in the chromatography of gases and liquids. High purity solvents are synthetically-distilled organic chemicals that are manufactured using multistep purification processes to provide rapid, reproducible performance and separation in research and quality control applications.

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The Surge In Demand For High Purity Solvents Fueled By Growing Paints And Coatings Industry
The increasing demand for paints and coatings is expected to propel the growth of the high purity solvent market going forward. Paints and coatings refer to a liquid, liquefiable, or solid mastic material that solidifies after being applied to a substrate in a thin layer. High purity solvents are used to dissolve various components used in paint and coating formulations. For instance, in June 2021, according to the American Coatings Association, a US-based non-profit organization, the United States coating industry is contributing significant revenues to the US economy by exporting over $2.2 billion in coating products. Therefore, the increasing demand for paints and coatings is driving the growth of the high purity solvent market.

Competitive Landscape -
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.

Green Innovations Bio-Derived High Purity Solvents Transforming The Industry Landscape
The introduction of bio-derived products has emerged as a key trend gaining popularity in the high purity solvent market. Major companies operating in the high purity solvents sector are focused on developing bio-derived products to reinforce their position. For instance, in February 2022, Clariant, a Switzerland-based specialty chemicals company, launched its new Vita 100% bio-based surfactants and polyethylene glycols (PEGs) to help directly address climate change by removing fossil carbon from the value chain. Vita products are made with renewable feedstocks and have a Renewable Carbon Index of at least 98%. Designed for natural formulations with a high Renewable Carbon Index (RCI), the new Vita products assist manufacturers in increasing the bio-based carbon content of consumer goods such as detergents, hair and body shampoo, paint, industrial lubricants, and crop formulations.

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Key Segments -

The high purity solvent market covered in this report is segmented -

1) By Type: Acetone, Acetonitrile, Dimethyl Sulfoxide, Other Types
2) By Category: Polar Solvent, Non-Polar Solvent
3) By Applications: Liquid Crystal Displays, Lithium-Ion Batteries, Electroplating, Polymer Resins, Catalysts, Other Applications
4) By End-User: Pharmaceutical, Chemicals, Cosmetics and Personal Care, Food and beverages, Agriculture, Paints and Coatings, Biotechnology, Electrical and Electronics, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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