The size of global dimethyl sulfoxide market was estimated at US$142.5 Mn in 2021 and is anticipated to increase at a CAGR of 5.3% by the end of 2027.
Rocketing Demand for Li-ion Battery to Complement Dimethyl Sulfoxide Market
Global dimethyl sulfoxide market is anticipated to be driven by the rising demand for polycarbonate in various sectors, including electrical and electronics, automotive, building & construction, consumer goods, and medical. Battery demand has increased significantly due to the electronics industry's explosive growth. Li-ion batteries largely gained popularity for powering mobile devices like smartphones and other small electronics. By 2022, there will be 6.648 billion smartphone users worldwide, or 83.37% of the world's population, according to the United Nations. As a crucial component in producing these Li-ion batteries, dimethyl sulfoxide market is anticipated to increase in tandem with that of the Li-ion battery industry. Dimethyl sulfoxide is one of the ideal organic chemicals for usage in various end-use industries due to its non-toxicity, biodegradability, and high solvency. As a result, it is gradually replacing other chemicals such as xylene, benzene, ethyl, and acetone as a solvent, which is considered a key factor in developing the dimethyl sulfoxide market.
Additionally, due to the current development in the building industry, its application in paints and coatings is predicted to fuel the expansion of the dimethyl sulfoxide market. Pesticides, solvents, fuel additives, pharmaceuticals, and many more businesses use dimethyl sulfoxide in many ways. Since it has a unique chemical structure and is less hazardous in its natural state, dimethyl sulfoxide is more often regarded as acceptable in various applications. Its use as a methylating agent in creating anti-infective, analgesic, and antipyretic medicines is in great demand.
Dimethyl Sulfoxide Market: COVID-19 Impact
Almost every industry in the world has suffered setbacks due to the pandemic. This is because each company's production and supply-chain operations have been seriously hampered by the multiple precautionary lockdowns and other restrictions imposed by government authorities worldwide. Dimethyl sulfoxide market was no exception. Additionally, because this epidemic has adversely affected the majority of people's budgets, people are now more concerned with reducing their non-essential spending, which has reduced consumer demand. During the forecast period, these variables are anticipated to impact the global Dimethyl Sulfoxide Market's revenue trajectory. However, the global Dimethyl Sulfoxide industry is projected to recover as regional regulatory authorities start to loosen these imposed limits.
An Increasing Perception of DMSO as a Solvent for Chemical Processing to Favour Dimethyl Sulfoxide Market Growth
With its variety of properties, the increasing demand for dimethyl sulfoxide as a solvent in chemical processes is expected to drive revenue growth in the global dimethyl sulfoxide market. The dimethyl sulfoxide market is also anticipated to grow in the upcoming years due to fast industrialization, rising need for electronic grade DMSO, and increased demand in the chemicals, and agrochemicals. The electronics sector is also being driven forward by the rising number of electric vehicles. Electronic systems like GPS, navigation, stereos, and battery management systems are all included in electric vehicles. Global EV sales in 2021 increased by 108 percent over 2020 to 6.75 million units. The DMSO market will grow due to the rapid rise in the number of electric vehicles, which will raise the demand for electronic goods.
Pharmaceuticals to Benefit from Therapeutic Properties of DMSO, Boosting Prospects of Dimethyl Sulfoxide Market
With its ability to penetrate membranes, DMSO has many uses in therapeutics. It is frequently employed as a medication carrier. It improves the medication's effectiveness and helps medications penetrate deeper into human skin. Since DMSO can transport drugs that cannot cross cell membranes on their own, it is frequently employed as a component in many anti-bacterial drugs. DMSO is a crucial component of antifungal drug formulations used in eye care. A few skincare products with a prescription component also use it. Dimethyl sulfoxide has several applications that present business potential for producers. DMSO functions as an antioxidant while also having potent anti-inflammatory effects. It inhibits the oxidation of free radicals produced by biological reactions, such as oxygen molecules, and slows or stops the swelling and inflammatory process.
For instance, a study conducted in November 2021 revealed that healthcare workers might be protected by using a nasal spray with DMSO and ethanol during the COVID-19 pandemic. Steroids also utilize their ability to penetrate membranes and their anti-inflammatory qualities. Bone marrow and stem cells have been kept alive through cryopreservation using DMSO. One of DMSO's earliest applications is this one. Additionally, it has analgesic and antibacterial qualities that are important in many therapeutic products. DMSO's wide range of medicinal benefits is expanding its use in medications. According to estimates, this will increase the demand for DMSO shortly and increase the production of dimethyl sulfoxide for therapeutic uses.
Possible Adverse Effects of DMSO Continue to Hamper Dimethyl Sulfoxide Market Growth
DMSO obtained over-the-counter is possibly unsafe. Some DMSO products available over the counter could be "industrial grade," meaning they are not for human consumption. These goods can have pollutants in them that are unhealthy. DMSO quickly introduces these contaminants into the body because it is easily absorbed through the skin. A few negative effects of DMSO use are skin rashes, dry skin, headaches, dizziness, sleepiness, nausea, vomiting, diarrhea, constipation, respiratory issues, and allergic responses. Additionally, DMSO makes you smell bad and tastes similar to garlic. Municipal effluent odor issues can result from DMSO disposal in sewers because wastewater bacteria convert DMSO into dimethyl sulfide (DMS), a pungent stench akin to rotten cabbage when exposed to hypoxic (anoxic) conditions. In addition, at normal pressure and the boiling point of 189 °C, DMSO can disintegrate, perhaps causing an explosion. Acids and bases promote the breakdown, making it important at even lower temperatures.
Dimethyl Sulfoxide Market: Segments
With Its Anti-Inflammatory Properties of DMSO, Pharmaceutical Industry has Dominated Market
The medicines industry accounted for 48.4% of the global market in 2021. This is because DMSO has many medicinal properties, such as the ability to penetrate membranes and reduce inflammation. Dimethyl sulfoxide (DMSO) is frequently used in the pharmaceutical industry for drug discovery. The production of liquid dimethyl sulfoxide, which is commonly used as a chemical solvent to reduce leakage during chemotherapy treatment, is another area in which manufacturers are stepping up R&D efforts. Many medications for skin care contain DMSO. Synthesis of APIs and analytical uses of DMSO can affect proteins, carbohydrates, lipids, and water in the body and facilitate the transport of medicines through the skin. DMSO's rise in the pharmaceuticals business was subsequently stimulated.
Industrial Grade DMSO will Acquire Major Market Stake due to Various Application
DMSO Industrial Grade can be used as a solvent for analytical techniques other than spectrophotometry. DMSO is a helpful solvent for gas chromatography since it is miscible with water in all quantities. Analytical applications that, ideally, do not depend heavily on UV absorption The maximum UV absorbance levels at five wavelengths are specified in this monograph in addition to the usual purity-related characteristics. With its guaranteed analytical clarity, this grade is the preferred solvent for all types of UV spectrophotometric analysis. The use of DMSO in paint stripping compositions as a safe substitute for more dangerous solvents is a prime example. Materials can be kept in DMSO Industrial Grade for subsequent testing. Low water levels reduce potential degradation by hydrolysis and interaction with water. In dry DMSO, compounds also maintain their solution longer.
Dimethyl Sulfoxide Market: Regional Landscape
Asia Pacific Held Largest Share due to Increase in Demand for Agrochemicals
The Asia Pacific dominated the market for dimethyl sulfoxide. This was mostly related to the region's high demand for DMSO in the electronics and pharmaceutical industries. High demand from the electronics industry in Japan and Korea is anticipated to fuel the region's dimethyl sulfoxide market expansion throughout the forecast period, making Asia Pacific a lucrative market for DMSO. Over half of the dimethyl sulfoxide market in the Asia Pacific is accounted for by China. With the technological limitations, China predominantly produces industrial-grade dimethyl sulfoxide (DMSO). The nation's demand for agrochemicals rises because of the quickest rate of population growth, the need for food production, and economic expansion, propelling the DMSO industry forward. China's annual production of chemical pesticides was projected to reach 2.15 million tonnes in 2020. Over 89 thousand tonnes of pesticides were imported into China in 2019, with an import value of over 897 million US dollars. Consequently, the market for DMSO in the area will expand along with the nation's increasing use of agrochemicals.
North America accounted for a sizeable portion of the worldwide dimethyl sulfoxide market. The agrochemicals industry is expected to expand during the anticipated time period, and there will also be a demand for non-toxic, ecologically friendly solvents. The US currently controls the majority of the market in North America. The nation's expanding medicines market and technology industry, particularly the mobile business, will fuel DMSO's expansion. The United States, which has 280.54 million smartphone users and a smartphone penetration rate of 79.10 percent, is ranked fourth in the world in 2020. Additionally, the nation's increasing usage of electric vehicles will boost demand for technological goods. The aforementioned elements will thus fuel North America's expansion in the DMSO industry.
Global Dimethyl Sulfoxide Market: Competitive Landscape
In July 2022, Hubei Xingfa Chemicals Group is anticipated to finish the second phase of its annual DMSO production project of 50000 tonnes. The second phase will likely result in an increase in Hubei's annual production capacity from 40,000 tonnes to 60,000 tonnes. With increased capacity, Hubei Xingfa Chemicals Group, a market leader in dimethyl sulfoxide, is anticipated to further solidify its position.
Few of the players in the Dimethyl Sulfoxide Market include Gaylord Chemical Corporation, Arkema Group, Hubei Xingfa Chemicals Group, Toray Fine Chemicals Co. Ltd., Zhuzhou Hansen Chemicals Co., Ltd., Yangmei Fengxi Fertilizer Industry (Group) Co., Ltd., Otto Chemie Pvt. Ltd., Yankuang Lunan Chemicals, Glentham Life Sciences, Honeywell International Inc. Sigma-Aldrich Co. LLC., Henan GP Chemicals Co., Ltd and FENGCHEN GROUP CO., LTD.
Global Dimethyl Sulfoxide Market is Segmented as Below:
Key Elements Included In The Study: Global Dimethyl Sulfoxide Market
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