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The Pharmaceutical Solvents Market size is forecast to reach US$4.4 billion by 2027 after growing at a CAGR of 4.6% during 2022-2027. Pharmaceutical solvents are used in the formulation and manufacturing of drugs in the pharmaceutical industry. These solvents are also utilized as disinfectants and rinsing fluids. The pharmaceutical industry is expanding globally with increasing production and exports and this will contribute to the growth of the market in the forecast period. For instance, according to the 2020 statistics by the European Federation of Pharmaceutical Industries and Associations, the production of medicines in the European region accounted for US$ 317,942.75 million in 2019 compared to US$ 300,434.09 in 2018. Furthermore, the growing demand for green solvents in the pharmaceutical sector will further boost the growth of the market in the forecast period. For instance, as per the April 2019 data by Merck, the company launched green solvent Cyrene, developed from a renewable cellulose source. Alcohol solvents such as ethanol, and isopropanol will witness the highest demand in the forecast period. Other solvents such as aniline, ethyl acetate, carbon tetrachloride, polyethylene glycol, and dichloromethane will have significant demand in the forecast period. The strict regulations regarding residual solvents might hamper the growth of the market.
The pharmaceutical solvents market had a moderate impact due to COVID-19 as demand for various pharmaceutical products spurred during the pandemic. Disruption in the supply chain restricted the supply of medicines and other pharma products to severely hit areas. Market players adopted new work patterns to meet the hiking demand for pharmaceutical products during the pandemic. As per the COVID-19 report by Merck, the company deployed a global task force to actively analyze the overall supply chain of both its products and key raw material suppliers to avoid any potential disruption. The market witnessed significant growth in the pandemic owing to the high requirement of hand sanitizers which catapulted the use of pharmaceutical solvents amid the pandemic, expanding the business rapidly. Going forward, the market is projected to witness robust growth with the expansion of the pharmaceutical industry globally.
Pharmaceutical Solvents Market – By Type
The alcohol solvents segment dominated the pharmaceutical solvents market in 2021 and is growing at a CAGR of 5.1% during the forecast period. Alcohol solvents are extensively used in the production of several tablets, syrups, and ointments. These solvents serve multiple purposes. They can be utilized for the manufacturing, extraction, and processing of pharmaceutical drugs. The demand for alcohol solvents such as ethanol and isopropanol skyrocketed amid the pandemic owing to their massive demand in the production of hand sanitizers. For instance, as per the March 2020 journal by Multidisciplinary Digital Publishing Institute, most of the effective hand sanitizers produced are alcohol solvents based. The World Health Organization also recommends alcohol-based hand sanitizers owing to their rapid action against viruses and bacteria. Such high uses of alcohol solvents will increase their demand in the pharmaceutical solvents market during the forecast period. Other pharmaceutical solvents such as aniline, ethyl acetate, carbon tetrachloride, polyethylene glycol, and dichloromethane will witness significant demand in the forecast period.
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Pharmaceutical Solvents Market – By Geography
The North American region held the largest share in the pharmaceutical solvents market in 2021 with a market share of up to 34%. The high demand for pharmaceutical solvents in the region is attributed to the increasing investment in the region’s pharmaceutical sector. For instance, as per the June 2021 data by the U.S. Department of Health and Human Services (HHS), Biden Administration is investing more than $3 billion from American Rescue Plan to accelerate the development and manufacturing of antiviral medicines. Similarly, as per the data by Medical Countermeasures (MCM), Biomedical Advanced Research and Development Authority (BARDA) launched new strategic plans to expand Pharmaceutical Manufacturing in America (PMIA) starting in May 2020. This initiative is increasing the ability within the US to expand the portfolio of raw materials and other ingredients required to manufacture life-saving drugs. Such massive expansion in the region’s pharmaceutical sector will increase the higher uses of pharmaceutical solvents in the forecast period.
Pharmaceutical Solvents Market Drivers
Expanding pharmaceutical sector will drive the market’s growth
Pharmaceutical solvents are used in the manufacturing of drugs, purification, and extraction processes in the pharmaceutical industry. The pharmaceutical sector is expanding globally with increasing R&D activities and this will contribute to the growth of the market in the forecast period. For instance, as per the 2021 statistics by the India Brand Equity Foundation, generic drugs accounted for 20% of the global export in terms of volume, making India the largest global provider of generic medicines. Similarly, as per the March 2021 report by Multidisciplinary Digital Publishing Institute, North America accounts for the largest portion of pharmaceutical revenue (48.9%) with the US leading the pharmaceutical market. The report also states pharmaceutical sale in the region is projected to go past US$ 600 billion in 2022. Furthermore, the production of hand sanitizers witnessed a surge during the pandemic, leading to the higher implementation of pharmaceutical solvents, especially ethanol and isopropanol. Such massive growth in the pharmaceutical sector globally will increase the higher implementation of pharmaceutical solvents and in turn, this will drive the growth of the market during the forecast period.
Increasing demand for green solvents will drive the growth of the market
The demand for green solvents is gaining traction in the pharmaceutical solvents market and this will drive the growth of the market in the forecast period. Solvents used in pharmaceutical fields usually have toxic effects on the environment owing to which manufacturers and research organizations are inclining towards the development and implementation of green solvents. The development of green solvents as a replacement for fossil resources has captured recent research interest. As per the 2021 report by the American Chemical Society (ACS), the ACS Green Chemistry Institute Pharmaceutical Roundtable (GCIPR) is seeking a one-year R&D toward implementing solutions to minimize the use of organic solvents in Flow Chemistry. Such increasing activities in expanding the green solvents portfolio will contribute to the growth of the pharmaceutical solvents market in the forecast period.
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Pharmaceutical Solvents Market Challenges
Strict regulations regarding residual solvents might hamper the growth of the market
Regulations regarding residual solvents have been a major challenge in the pharmaceutical solvents market and this might slow down the growth of the market in the forecast period. Pharmaceuticals residual solvents are organic volatile chemicals, used in the production of drug products. Regulatory bodies are constantly monitoring the uses of pharmaceutical residual solvents owing to the environmental concerns associated with the residue which is left behind post-consumption. As per the November 2019 interim report by the United States Pharmacopeia–National Formulary (USP–NF), residential solvents must be properly removed to meet the safety-based limits. The report suggests not to use Class 1 residual solvents such as carbon tetrachloride, and 1,2-dichloroethane in the manufacturing of any drug substances owing to their unacceptable toxicities. Such limitations and strict regulations regarding the use of solvents might hamper the market’s growth in the forecast period.
Pharmaceutical Solvents Industry Outlook
Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the pharmaceutical solvents market. Major players in the pharmaceutical solvents market are:
In August 2021, BASF and SINOPEC announced their plan of expanding the Verbund site in China for increasing the production capacity of pharmaceutical solvents such as ethyleneamines, and ethanolamines. Such initiatives will contribute to the growth of the market in the forecast period.
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Alcohol solvent is leading the pharmaceutical solvents market. These solvents are widely used in OTC drugs and syrups owing to their better extraction properties.
The expansion in the pharmaceutical sector will drive the growth of the market in the forecast period. For instance, as per the 2020 report by the European Federation of Pharmaceutical Industries and Associations (EFPIA), medicine imports in the European pharmaceutical amounted to US$ 387,325 in 2019 which was US$ 362,199 in the previous year.
The North American region will witness the highest demand for pharmaceutical solvents in the forecast period owing to the increasing investment and expenditure in the region’s pharmaceutical sector. For instance, as per the July 2020 report by the United States National Library of Medicine, overall US pharmaceutical expenditures in 2019 grew 5.4% compared to the previous year.
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