(MENAFN- America News Hour) In a recently published report, Global Dimethyl Sulfoxide (DMSO) Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Dimethyl Sulfoxide (DMSO) Market products.
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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.
Global Dimethyl Sulfoxide (DMSO) Market is valued approximately USD 214 million in 2019 and is anticipated to grow with a healthy growth rate of more than 6% over the forecast period 2020-2027. Dimethyl Sulfoxide (DMSO) is a chemical that is used as a prescription medicine and dietary supplement. DMSO is colorless liquid and is an essential polar aprotic solvent that disappears the polar and non-polar compounds and is also miscible in an extensive range of organic solvents as well as water. Also, DMSO is available in different grades that are used particularly in several applications for the common formulations. It is gaining popularity in various sectors such as agrochemicals, electronics, chemical, pharmaceuticals and others, doe to its excellent chemical properties, such as low toxicity, chemical stability, high boiling point, and eco toxicological profile, which makes it ideal for industrial formulations. Increasing prevalence of inflammatory bladder complications and osteoarthritis, along with the rise in demand for drug discovery applications are the few factors responsible for high CAGR of the market over the forecast period. For instance, as per the World Health Organization (WHO), around 18.0% of women and 9.6% of men aged over 60 years have symptomatic osteoarthritis around the world in 2017. Also, 80% of those individuals having osteoarthritis have restrictions in movement, and about 25% individuals are not able to perform their major daily activities of life. This, in turn, is expected to accelerate the demand of Dimethyl Sulfoxide (DMSO) around the world. However, the COVID-19 outbreak around the world and the resulting strict actions implemented by the government on movement have far more severe impact on the chemical industry. Thus, demand of chemical compounds like DMSO decline due to uncertainty in the capital markets and global economy, thereby hampering the market growth. In addition, side effects associated to DMSO such as skin irritation, vision & breathing problems, and more is also limiting the market growth over the forecast period of 2020-2027.
The regional analysis of global Dimethyl Sulfoxide (DMSO) market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to rise in demand from drug discovery application, especially in the United States. Whereas, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027, due to the rise in demand from the electronic sector across the region.
Major market player included in this report are:
Arkema Group
Gaylord Chemical Corporation
Toray Fine Chemicals Co. Ltd.
Hubei Xingfa Chemicals Group Co. Ltd
Sigma-Aldrich Co. LLC
Parchem Fine & Specialty Chemicals
Zhuzhou Hansen Chemicals Co. Ltd
Showa Denko K.K
Shanxi Yangmei Fengxi Fertilizer Industry (Group) Co., Ltd.
Yankuang Lunan Chemicals Co. Ltd
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product Type:
Industrial grade
Pharmaceutical grade
Electronic grade
By Application:
Chemical Industry
Pharmaceutical Industry
Electronic Industry
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year –2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Dimethyl Sulfoxide (DMSO) Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
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