iCrowd Newswire – Jul 8, 2020
The global dimethyl sulfoxide market was valued at approximately $214 million in 2019 and it is expected to grow with a healthy growth rate of more than 6% during the forecast period of 2020 to 2027.
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The global dimethyl sulfoxide market is driven by various factors such as growing demand for dimethyl sulfoxide by various industries including electronics, pharmaceutical, agrochemicals, chemical, and so on, rising prevalence of osteoarthritis and inflammatory bladder complications among people, and surge in demand for application of drug discovery. For instance, in 2017, approximately 9.6% of men and 18% of women aged above 60 years have osteoarthritis, among which 80% patients have restrictions in movement and 25% patients were unable to perform their day to day activities of life, as per World Health Organization (WHO). Furthermore, dimethyl sulfoxide has some excellent chemical properties which fuel the growth of the global DMSO market during the forecast period such as high boiling point, low toxicity, eco toxicological profile, and chemical stability. However, various side effects of dimethyl sulfoxide such as vision problem, skin irritation, and breathing problem is major factor hampering the growth of this global market during the forecast period.
The global dimethyl sulfoxide market is segmented on the basis of product type, application, and region. By product type, the global dimethyl sulfoxide market is sub-segmented into pharmaceutical grade, industrial grade, and electronic grade. By application, the global dimethyl sulfoxide market is sub-segmented into pharmaceutical industry, chemical industry, electronic industry, and others.
By geographical region, the global dimethyl sulfoxide market is studied among North America (US, Canada, Mexico), Europe (Germany, France, Italy, Spain, UK, rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, rest of Asia-Pacific) and LAMEA (Brazil, Saudi Arabia, South Africa, rest of LAMEA). Among which, North America is expected to lead the global dimethyl sulfoxide market in terms of market share. This is attributed to growing demand for application of drug discovery in this region. On the other hand, Asia-Pacific is also expected to exhibit highest CAGR during the forecast period of 2020 to 2027, owing to the increase in demand from the electronic sector across the Asia-pacific region.
Major market player included in research study of the global dimethyl sulfoxide market are Gaylord Chemical Corporation, Hubei Xingfa Chemicals Group Co. Ltd, Parchem Fine & Specialty Chemicals, Showa Denko K.K, Yankuang Lunan Chemicals Co. Ltd, Arkema Group, Toray Fine Chemicals Co. Ltd., Sigma-Aldrich Co. LLC, Zhuzhou Hansen Chemicals Co. Ltd, and Shanxi Yangmei Fengxi Fertilizer Industry (Group) Co., Ltd.
Recent development in the Global Dimethyl Sulfoxide Market
In October 2018, a majority stake of Gaylord Chemical Corporation, a well know specialist in chemical production was acquired by the EagleTree Capital’s private equity fund EagleTree Partners IV.
In December 2018, Hubei Xingfa Chemicals Group Co., a Chinese agrochemical company announced to assign its 100% stakes for $341.6 million (Yuan 239.7482 million) in Inner Mongolia Tenglong Group to Hubei Taisheng Chemical Company.
In 2019, Arkema Group announced to launch its first-class manufacturing unit of polyester resin in Navi Mumbai, Maharashtra.
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