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High Purity Solvents Market : Segmented by Type (spectrophotometric solvents, UHPLC and LC/MS solvents, HPLC solvents, GC solvents and others), By Application (liquid crystals, lithiu ion batteries, electroplating, resins, catalysts and others), and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
High Purity Solvents Market to surpass USD 66.5 billion by 2030 from USD 40 billion in 2021 at a CAGR of 5.80% in the coming years, i.e., 2021-30.
Many end-user industries rely heavily on high-purity chemicals. High-Performance Liquid Chromatography (HPLC) solvent is in high demand in the pharmaceutical, biotechnology, cosmetics, and chemical industries. HPLC solvents such as acetonitrile and methanol are purified using modern technology to ensure that they are free of UV-absorbing contaminants. Dry-etching gases are another significant high purity chemical. These gases are in significant demand in the semiconductor industry for ultrafine manufacture of LSI devices and other IC products. Silicon wafers in semiconductor devices are cleaned with high purity aqueous ammonium. It has been refined to the point that no residues of metal ion particles can be found.
The growing application of n-heptane solvent as a test fuel component in anti-knock engine testing is boosting the market for high purity solvents forward. The life sciences segment's growing application of high purity solvents for the fabrication of lab consumables could be a market driver for high purity solvents.
Global High Purity Solvents market is segmented by type into spectrophotometric solvents, UHPLC and LC/MS solvents, HPLC solvents, GC solvents, and others. The spectrophotometric segment held the largest market share in the year 2020. The demand for spectrophotometric solvents is soaring because of its speedy analytical capabilities, which make them simple to use and have broadened their applicability in a variety of industries.
Global High Purity Solvents market is divided by application into liquid crystals, lithium-ion batteries, electroplating, resins, catalysts, and others. The catalysts segment held the largest market share in the year 2020 because of its suitability for various types of products that can be manufactured at normal temperatures, which has been increasing in industrial manufacturing processes.
Usage in high-performance coating and reliance in various industries
Their use in the production of high-performance coatings is fueling demand across the globe. Because solvents are utilized in paints and coatings applications in various industries, the market is strongly reliant on growth in construction, automobile, shipbuilding, and aviation production. Despite the fact that the COVID-19 situation has had a negative impact on the market in these areas, there will be a huge need for these high-quality Solvents in the long run.
Increased usage in life sciences
The increasing usage of n-heptane solvent as a test fuel component in anti-knock engine testing is one of the market's driving forces. The increased use of high purity solvents in the life sciences segment for the fabrication of lab consumables is also a key driver for this market.
Health risks in nervous and reproductive system
The widespread use of high purity solvents has health risks, such as toxicity in reproductive and nervous systems, which may reduce demand for high purity solvents and stifle growth in the global market.
Sabic
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global High Purity Solvents market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The market for High Purity Solvents is dominated by APAC due to the rising demand for paints and coatings, as well as adhesives and sealants While the use of these solvents to make printing inks and a variety of pharmaceutical goods is predicted to gain traction, the market is expected to rise due to rising demand for paints and coatings from the automotive and construction industries.
| Report Attribute | Details |
| Market size value in 2021 | USD 40 billion |
| Revenue forecast in 2030 | USD 66.5 billion |
| Growth Rate | CAGR of 7.4% from 2021 to 2030 |
| Base year for estimation | 2020 |
| Quantitative units | Revenue in USD million and CAGR from 2021 to 2030 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Type, Application, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | Sabic, BASF SE, Asahi Kasei Corporation, Linde, Thermo Fisher Scientific Inc., High Purity Laboratory Chemicals Pvt. Ltd., Apchem Pvt. Ltd., Evonik Industries AG, Merck KGaA, and Other Prominent Players |
The High Purity Solvents Market size was estimated at USD 40 billion in 2021 and is expected to reach USD 66.5 billion by 2030.
Key players: Sabic, BASF SE, Asahi Kasei Corporation, Linde, Thermo Fisher Scientific Inc., High Purity Laboratory Chemicals Pvt. Ltd., Apchem Pvt. Ltd., Evonik Industries AG, Merck KGaA, and Other Prominent Players.
Spectrophotometric segment and Catalysts segment are anticipated to hold the largest High Purity Solvents Market.
Drivers: Usage in high-performance coating and reliance in various industries and Increased usage in life sciences
Many end-user industries rely heavily on high-purity chemicals. High-Performance Liquid Chromatography (HPLC) solvent is in high demand in the pharmaceutical, biotechnology, cosmetics, and chemical industries. HPLC solvents such as acetonitrile and methanol are purified using modern technology to ensure that they are free of UV-absorbing contaminants. Dry-etching gases are another significant high purity chemical.
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