Dimethyl sulfoxide (DMSO) is a chemical known for its non-toxic, biodegradable, biocompatible, high solvency, and organic properties. Owing to these attributes, the end uses of dimethyl sulfoxide are spread across several major industries such as pharmaceuticals and healthcare, electronics, building and construction, consumer goods, automotive, chemical, and agriculture among others. Among these, this chemical is showcasing unprecedented potential in manufacturing batteries. As global smartphone and electronics product sales continue to mount, the demand for DMSO is expected to explode in the coming years. Besides, the paced adoption of electric vehicles is furthering these positive trends. Moreover, it is swiftly replacing benzene, xylene, ethyl, and acetone as a solvent in several industries. The cumulative force of these factors is nurturing tremendous business possibilities for the global dimethyl sulfoxide market in the forecast period.
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Increasing Usage in Electronics and Automotive Sectors to Create Strong Tailwinds
Owing to its wide variety of functional and chemical attributes, the application of dimethyl sulfoxide as a solvent in chemical processes is creating favourable outcomes. Rapid industrialisation, soaring demand for chemicals and agrochemicals, and a growing need for electronics-grade DMSO are cumulatively assisting these positive growth trends. The growing number of electric vehicles (EVs) and other electronic systems such as battery management systems, stereos, and GPS also utilise DMSO to a certain degree. The demand for EVs is poised to skyrocket in the foreseeable future amidst the increasing adoption of electric mobility. These factors are set to create profound opportunities in the global dimethyl sulfoxide market.
Growing Applications in Medical Domain to Sustain Global Dimethyl Sulfoxide Market Expansion
The use of dimethyl sulfoxide (DMSO) in medical and pharmaceutical applications is growing steadily. This is primarily due to its ability to bypass membranes and improve the effectiveness of medications by penetrating deep inside human skin. Owing to DMSO’s property of transporting drugs that cannot penetrate cell membranes on their own, it is often used for delivering anti-bacterial medications. It is also a major ingredient of antifungal drugs in eye care. Of late, the use of DMSO in skincare products has also grown by a significant margin. Such medical applications are expected to lead the global dimethyl sulfoxide market to fruition in the projection period.
Asia Pacific to Dominate on Account of Thriving Electronics Industry
The flourishing pharmaceuticals and electronics industries in Asia Pacific are enabling paced growth of the regional dimethyl sulfoxide market. Leading regional economies such as Japan, China, South Korea, and India are showcasing ascending demand for DMSO in their respective electronics domains. Besides, China is a major global manufacturer of industrial-grade DMSO. The region’s high population is creating favourable grounds for the agrochemicals industry- a key end-use sector of DMSO. All these economic prerequisites are expected to sustain Asia Pacific’s lead in the dimethyl sulfoxide market.
Leading Market Players
Some of the most active players in the global dimethyl sulfoxide market include Honeywell International Inc., Arkema Group, Gaylord Chemical Corporation, Toray Fine Chemicals Co. Ltd., Hubei Xingfa Chemicals Group, Yangmei Fengxi Fertilizer Industry (Group) Co., Ltd., Zhuzhou Hansen Chemicals Co., Ltd., Yankuang Lunan Chemicals, Otto Chemie Pvt. Ltd., Glentham Life Sciences, Sigma-Aldrich Co. LLC., Henan GP Chemicals Co., Ltd and FENGCHEN GROUP CO., LTD.
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