Dimethyl Sulfoxide Market by Grade (Electronic, Pharmaceutical, Industrial), Application (Removers & Cleaners, Polymer Processing, Pharmaceuticals, Agrochemicals, Electronics, Coatings, Fine Chemicals), Raw Material, and Region - Global Forecast to 2030
The dimethyl sulfoxide market is projected to grow from USD 226 million in 2022 to USD 360 million by 2030, at a CAGR of 6.1% from 2022 to 2030. The Asia Pacific region is one of the largest consumers of dimethyl sulfoxides, with China leading the regional market. The growth of pharmaceutical industry fueled by increasing population, GDP per capita, and health expenditures will propel the demand of dimethyl sulfoxide in this region.
Attractive Opportunities in the Dimethyl Sulfoxide Market
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Dimethyl Sulfoxide Market Dynamics
Driver: Therapeutic properties of dimethyl sulfoxide in pharmaceuticals to fuel demand
Due to its ability to penetrate membranes, dimethyl sulfoxide (DMSO) has a wide range of 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. Moreover, DMSO is applied to wounds, burns, and muscular and skeletal injuries to lessen discomfort and increase healing. Additionally, DMSO is applied to treat severe illnesses like rheumatoid arthritis, inflammation, osteoarthritis, headache, and tic douloureux, a severe form of face agony. Hence such characteristics of dimethyl sulfoxide in pharmaceuticals is expected to drive the demand.
Opportunity: Use of dimethyl sulfoxide in steroids
Due to its ability to penetrate membranes and act as an anti-inflammatory, dimethyl sulfoxide (DMSO) has recently been employed in steroids. The cry protecting substance dimethyl sulfoxide (DMSO) has been used to protect bone marrow and stem cells. It is regarded as one of the major DMSO applications. Furthermore, it has been observed that DMSO increases cortisone's capacity to locally stabilize lysosomes by around 100 times and the penetration of percutaneous steroids by threefold. Additionally, when taken as a carrier, DMSO multiplies the local anti-arthritic action of hydrocortisone by ten times. Hence, the use of dimethyl sulfoxide in steroids presents growth opportunity for the market.
Restrain: Stringent regulations related to the handling of DMSO
Dimethyl sulfoxide market growth can be restrained by strict laws restricting the use of DMSO for veterinary and medicinal purposes. Also, there are negative effects that can occur when DMSO comes into contact with the skin, including skin reactions, headaches, nausea, dizziness, and vomiting. Such factors are expected to restrain the growth of dimethyl sulfoxide market.
Challenge: Fluctuation in raw material prices
One of the methods of obtaining dimethyl sulfoxide is production from hydrogen sulfide. Hydrogen sulfide is present naturally in crude oil (sour crudes) and can be produced from refining processes, including elemental sulfur production, hydro-cracking, hydrolysis. The prices of dimethyl sulfoxide fluctuate with changes in the price of crude oil. Factors such as the Middle Eastern upheaval and Iran's prohibition have led to disruptions in the supply of crude oil, which have hampered fuel prices. Hence, such factors create challenges to the growth of dimethyl sulfoxide market.
The pharmaceutical grade is expected to account for the major market share of dimethyl sulfoxide.
Based on grade, the pharmaceutical segment is projected to have major market share. Due to its ability to penetrate membranes, DMSO has a wide range of uses in pharmaceuticals. It is often used as a drug carrier. It improves the medication's effectiveness and helps medications penetrate deeper into human skin. Hence such characteristics are expected to propel the demand of pharmaceutical grade dimethyl sulfoxide.
The pharmaceutical application is expected to account for largest share of dimethyl sulfoxide market.
Based on application, the pharmaceutical segment is projected to have major market share. The rising demand for various pharmaceutical medicines is a major factor influencing the pharmaceutical application market. Big data, digitalization, and artificial intelligence have accelerated the transformation of pharmaceutical industry and allowed businesses to expand the scope of disease-specific drug development and patient care, generating new revenue streams. Hence, such factors will further propel the demand for dimethyl sulfoxide in pharmaceutical application.
Based on region, the Asia Pacific and North America regions are expected to account for the major market share of Dimethyl Sulfoxide.
The Asia Pacific and North America dimethyl sulfoxide market is expected to have major market share during the forecast period. The growth in Asia Pacific market can be attributed to the growing pharmaceutical and electronics industries. Also, China is one of the leading countries in the region which will dominate the dimethyl sulfoxide market in Asia Pacific.
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Key Market Players
Some of the players in the dimethyl sulfoxide market include Arkema Group, Gaylord Chemical Corporation, Toray Fine Chemicals Co. Ltd., Hubei Xingfa Chemicals Group, Sigma-Aldrich Co. LLC., Parchem Fine & Specialty Chemicals, Yangmei Fengxi Fertilizer Industry (Group) Co., Ltd, Zhuzhou Hansen Chemicals Co., Ltd., Yankuang Lunan Chemicals, Otto Chemie Pvt. Ltd, Honeywell International Inc., Glentham Life Sciences, FENGCHEN GROUP CO., LTD, and Henan GP Chemicals Co., Ltd. These players have adopted the strategies of new product development, and expansions to enhance their position in the market.
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Scope of the Report:
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Report Metric |
Details |
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Market Size Available for Years |
2018–2030 |
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Base Year Considered |
2021 |
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Forecast Period |
2022–2030 |
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Forecast Units |
Value (USD) |
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Segments Covered |
Grade, Raw Material, Application, and Region |
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Geographies Covered |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
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Companies Covered |
Arkema Group, Gaylord Chemical Corporation, Toray Fine Chemicals Co. Ltd., Hubei Xingfa Chemicals Group, Sigma-Aldrich Co. LLC., Parchem Fine & Specialty Chemicals, Yangmei Fengxi Fertilizer Industry (Group) Co., Ltd, Zhuzhou Hansen Chemicals Co., Ltd., Yankuang Lunan Chemicals, Otto Chemie Pvt. Ltd, Honeywell International Inc., Glentham Life Sciences, FENGCHEN GROUP CO., LTD, and Henan GP Chemicals Co., Ltd., and other players. |
This research report categorizes the dimethyl sulfoxide market based on grade, raw material, application, and region.
Based on Grade, the dimethyl sulfoxide market has been segmented as follows:
- Electronic
- Pharmaceutical
- Industrial
Based on Raw Material, the dimethyl sulfoxide market has been segmented as follows:
- Sulfur
- Raw Cotton
- Lignin
Based on Application, the dimethyl sulfoxide market has been segmented as follows:
- Removers & Cleaners
- Polymer Processing
- Pharmaceuticals
- Agrochemicals
- Electronics
- Coatings
- Fine Chemicals
Based on Region, the dimethyl sulfoxide market has been segmented as follows:
- Asia Pacific
- North America
- Europe
- Middle East & Africa
- South America
Recent Developments
- The second phase of Hubei Xingfa Chemicals Group's project to produce 50,000 tons of DMSO annually is expected to be finished in July 2022. The second phase is expected to increase Hubei's annual production capacity from 40,000 tons to 60,000 tons.
- In August 2022, SYNAQUA 9511, a new performance waterborne binder for use in the formulation of industrial paints with low VOC levels (150 g/l), was introduced by Arkema, a pioneer in the field of specialty materials for paints and coatings.
Frequently Asked Questions (FAQ):
What is the current size of the global dimethyl sulfoxide market?
The dimethyl sulfoxide market is projected to grow from USD 226 million in 2022 to USD 360 million by 2030, at a CAGR of 6.1% from 2022 to 2030.
Who are the leading players in the global dimethyl sulfoxide market?
Some of the key players operating in the dimethyl sulfoxide market are Arkema Group, Gaylord Chemical Corporation, Toray Fine Chemicals Co. Ltd., Hubei Xingfa Chemicals Group, Sigma-Aldrich Co. LLC., Parchem Fine & Specialty Chemicals, Yangmei Fengxi Fertilizer Industry (Group) Co., Ltd, Zhuzhou Hansen Chemicals Co., Ltd., Yankuang Lunan Chemicals, Otto Chemie Pvt. Ltd, Honeywell International Inc., Glentham Life Sciences, FENGCHEN GROUP CO., LTD, and Henan GP Chemicals Co., Ltd. .
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TABLE OF CONTENTS
1 INTRODUCTION
1.1 OBJECTIVES OF THE STUDY
1.2 MARKET DEFINITION
1.3 MARKET SCOPE
1.3.1 YEARS CONSIDERED IN THE REPORT
1.3.2 CURRENCY
1.4 LIMITATIONS
1.5 STAKEHOLDERS
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.1.1 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Key data from primary sources
2.1.2.2 Breakdown of primary interviews
2.2 MARKET SIZING AND FORECASTING
2.2.1 TOP-DOWN APPROACH
2.2.2 BOTTOM-UP APPROACH
2.2.3 MARKET CRACKDOWN AND DATA TRIANGULATION
2.3 MARKET SHARE ESTIMATION
2.4 ASSUMPTIONS
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.1.1 MARKET DYNAMICS
5.1.2 DRIVERS
5.1.3 RESTRAINTS
5.1.4 OPPORTUNITIES
5.1.5 CHALLENGES
6 INDUSTRY TRENDS
6.1 VALUE CHAIN ANALYSIS
6.2 ECOSYSTEM
6.3 PORTER’S FIVE FORCES MODEL
6.4 PRICING ANALYSIS
6.5 TARIFF AND REGULATORY LANDSCAPE
6.6 PATENT ANALYSIS
6.7 CASE STUDY ANALYSIS
6.8 TECHNOLOGY ANALYSIS
7 DIMETHYL SULFOXIDE MARKET, BY GRADE
7.1 INTRODUCTION
7.2 ELECTRONIC
7.3 PHARMACEUTICAL
7.4 INDUSTRIAL
8 DIMETHYL SULFOXIDE MARKET, BY RAW MATERIALS
8.1 INTRODUCTION
8.2 SULFUR
8.3 RAW COTTON
8.4 LIGNIN
9 DIMETHYL SULFOXIDE MARKET, BY APPLICATION
9.1 INTRODUCTION
9.2 REMOVERS & CLEANERS
9.3 POLYMER PROCESSING
9.4 PHARMACEUTICALS
9.5 AGROCHEMICALS
9.6 ELECTRONICS
9.7 COATINGS
9.8 FINE CHEMICALS
9.9 OTHERS
10 DIMETHYL SULFOXIDE MARKET, BY REGION
10.1 INTRODUCTION
10.2 ASIA-PACIFIC
10.2.1 CHINA
10.2.2 JAPAN
10.2.3 INDIA
10.2.4 SOUTH KOREA
10.2.5 REST OF ASIA PACIFIC
10.3 EUROPE
10.3.1 GERMANY
10.3.2 FRANCE
10.3.3 NETHERLANDS
10.3.4 SWEDEN
10.3.5 UK
10.3.6 REST OF EUROPE
10.4 NORTH AMERICA
10.4.1 US
10.4.2 CANADA
10.4.3 MEXICO
10.5 MIDDLE EAST & AFRICA
10.5.1 SAUDI ARABIA
10.5.2 UAE
10.5.3 EGYPT
10.5.4 SOUTH AFRICA
10.5.5 REST OF MIDDLE EAST & AFRICA
10.6 SOUTH AMERICA
10.6.1 BRAZIL
10.6.2 ARGENTINA
10.6.3 COLUMBIA
10.6.4 REST OF SOUTH AMERICA
11 COMPETITIVE LANDSCAPE
11.1 INTRODUCTION
11.2 KEY PLAYERS STRATEGIES
11.3 REVENUE ANALYSIS OF TOP 5 MARKET PLAYERS
11.4 MARKET SHARE ANALYSIS
11.5 COMPANY EVALUATION QUADRANT, 2021
11.5.1 STARS
11.5.2 EMERGING LEADERS
11.5.3 PERVASIVE PLAYERS
11.5.4 PARTICIPANTS
11.6 SME EVALUATION QUADRANT, 2021
11.6.1 PROGRESSIVE COMPANIES
11.6.2 DYNAMIC COMPANIES
11.6.3 RESPONSIVE COMPANIES
11.6.4 STARTING BLOCKS
11.7 COMPETITIVE SCENARIO
12 COMPANY PROFILES
(Business Overview, Products Portfolio, Recent Developments, MnM View)*
12.1 Arkema SA
12.1.1 Business Overview
12.1.2 Products & Services
12.1.3 Recent Developments
12.1.4 MnM View
12.2 Gaylord Chemical Company, LLC
12.3 Hubei Xingfa Chemicals Group Co. Ltd.
12.4 Parchem Fine & Specialty Chemicals
12.5 Merck KGaA
12.6 Toray Fine Chemicals Co. Ltd.
12.7 Zhuzhou Hansen Chemicals Co. Ltd.
12.8 Otto Chemie Pvt. Ltd
12.9 Honeywell International Inc.
12.10 Glentham Life Sciences
12.11 FENGCHEN GROUP CO., LTD
12.12 Henan GP Chemicals Co., Ltd.
12.13 Others
13 APPENDIX
13.1 INSIGHTS OF INDUSTRY EXPERTS
13.2 DISCUSSION GUIDE
13.3 RELEATED REPORT
13.4 AUTHOR DETAILS
Note: e-Estimated, f-Forecasted
*Details on Business Overview, Product Offerings, Recent Developments, MnM View Might Not Be Captured in Case of Unlisted Companies
The study involved four major activities in estimating the current size of the dimethyl sulfoxide market. Exhaustive secondary research was done to collect information on the dimethyl sulfoxide market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with the industry experts across the dimethyl sulfoxide value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments of the dimethyl sulfoxide market.
Secondary Research
As a part of the secondary research process, various secondary sources, such as Hoovers, Bloomberg, BusinessWeek, and Dun & Bradstreet, were referred for identifying and collecting information for this study. These secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, and articles by recognized authors, authenticated directories, and databases.
Secondary research was mainly conducted to obtain essential information about the supply chain of the industry, the monetary chain of the market, total pool of players, and market classification and segmentation according to industry trends to the bottom-most level, regional markets, and key developments undertaken.
Primary Research
The dimethyl sulfoxide market comprises several stakeholders, such as dimethyl sulfoxide manufacturers, manufacturers in end-use industries, traders, distributors, and suppliers of dimethyl sulfoxides, regional manufacturer associations and dimethyl sulfoxide associations, and government and regional agencies, in the supply chain.
As part of the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report on the dimethyl sulfoxide market. Primary sources from the supply side included industry experts such as Chief Executive Officers (CEOs), vice presidents, marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the dimethyl sulfoxide market. Primary sources from the demand side included directors, marketing heads, and purchase managers from multiple end-use industries. Following is the breakdown of the primary respondents.
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the dimethyl sulfoxide market. These methods were also used extensively to estimate the size of various segments and subsegments of the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and markets were identified through extensive secondary research.
- The industry’s supply chain and market size, in terms of value, were determined through primary and secondary research processes.
- All percentage shares split, and breakdowns were determined using secondary sources and verified through primary sources.
Global Dimethyl Sulfoxide Market Size: Bottom-Up Approach
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Data Triangulation
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides. In addition to this, the market size was validated using both top-down and bottom-up approaches.
Report Objectives
- To define, describe, and forecast the dimethyl sulfoxide market, in terms of value
- To provide detailed information regarding the crucial factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To forecast the market size of dimethyl sulfoxides by grade, raw material, application, and region
- To forecast the size of the market with respect to five main regions, namely, North America, Europe, Asia Pacific, the Middle East & Africa, and South America
- To strategically analyze micro markets with respect to individual growth trends, prospects, and their contribution to the total market
- To analyze opportunities in the market for stakeholders and provide a competitive landscape for the market leaders
- To analyze competitive developments, such as new product launches, and expansions in the dimethyl sulfoxide market
- To strategically profile key players and comprehensively analyze their market shares and core competencies
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to a company’s specific needs.
The following customization options are available for the report:
Regional Analysis
- Further breakdown of the North America, Europe, and Asia Pacific dimethyl sulfoxide markets
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolio of each company
Company Information
- Detailed analysis and profiles of additional market players (up to five)
Growth opportunities and latent adjacency in Dimethyl Sulfoxide Market