Pharmaceutical Solvents Market is gaining rapid traction with Nouryon introducing new Kromasil, silica-based chromatography material, for pharmaceutical purification

 

Pharmaceutical Solvents Market

Pharmaceutical Solvents are chemicals that are used in the synthesis of chemical substances. Most solvents can be found naturally in nature. However, in industries, solvents are introduced as they help in the speedy process of transformation. Solvents have a number of applications in several fields including pharmaceutical engineering, the food additives industry, cosmetic manufacturing, and industrial odor control. The typical demand for pharmaceutical solvents relies on drug discovery activities. Over the years, the pharmaceutical industry has witnessed significant growth in drug discovery R&D activates with robust growth of the industry itself. Recently, in March 2021, Pfizer Inc. initiated a Phase 1 study of novel oral antiviral therapy for COVID-19. As per the India Brand Equity Foundation (IBEF), the Indian pharmaceutical market was valued at US$ 20.03 billion in 2019, increasing US$ 18.12 in 2018. Hence, such R&D activities can augment growth of the pharmaceutical solvents market.

There are also a number of facilities in Europe that are extensively using the chlorinated compound in the manufacture of solvents in order to replace volatile organic compounds in order to provide more convenient and safer drinking water for hospital staff. As far as regional impact is concerned, Asia Pacific seems to be gaining a key advantage in the pharmaceutical solvents market. This is typically due to the vast availability of resources including labor and raw materials at cost-efficient prices. Furthermore, Europe and North America exhibiting slow growth since the pharmaceutical industry in the aforementioned regions is saturated.

Recently, in July 2020, Nouryon launched a new Kromasil, silica-based chromatography material, for pharmaceutical purification.

There is an increasing demand for chemical products due to the need for new drugs. The need for these chemicals can be met through the development of effective and efficient drug formulation facilities. There are many important developments in the field of drug formulation and design resulting from scientific research and experimentation. Despite high demand for these solvents, there are certain adversities that could potentially limit their adoption. With rising occurrences of fatalities in pharmaceutical solvent manufacturing companies, the demand for these solvents is likely to stagnate. Besides, high production costs and stringent regulatory processes can impede growth of the pharmaceutical solvents market.

Another key factor impacting the demand for pharmaceutical solvents is the adoption of novel methods and manufacturing technologies in pharmaceutical industries. As these novel methods are highly sophisticated and efficient, the demand for pharmaceutical solvents is likely to surge in the near future. Besides, rising budget in the medical and healthcare sectors by government authorities can stimulate growth of the pharmaceutical solvents market in the near future. 


Location: India

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