New York, June 21, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Dimethylformamide Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028)” – https://www.reportlinker.com/p06465959/?utm_source=GNW
The dimethylformamide market is projected to register a CAGR of around 6% during the forecast period.Over the medium term, the factors driving demand in the dimethylformamide market are the increasing number of industrial applications for DMF as a solvent and the growing demand from the pharmaceutical sector.
On the flip side, due to rising health concerns, long-term exposure to dimethylformamide can cause health issues in humans, and its replacement by less harmful substitutes like dimethyl sulfoxide is expected to hinder market growth.
During the forecast period, however, the growing use of DMF in research labs is likely to create opportunities for the market that was looked at.
Asia-Pacific is expected to dominate the global market, owing to the highly developed chemical processing industries, pharmaceutical industries, and textile sectors in emerging economies such as China, India, and Japan.Dimethylformamide is also used as a solvent for many purposes, such as removing residue from synthetic leather, processing solvents, plastics, rubber, adhesives, and printing inks. DMF has extraordinary solvency parameters so that it can be used as a reaction and crystallization solvent for pharmaceutical purposes, and DMF is also used for purification purposes in the pharmaceutical industry.
In the petrochemical industry, DMF is used for the purification of acetylene from ethylene and butadiene from C4 streams. Those aliphatics are used in lube oils. Due to the high solubility of SO2 in DMF, exhaust combustion streams from high sulfur-containing fuels can be purified while CO2 is recovered.
Additionally, inorganic and organic-based residual fluxes are highly soluble in DMF. Therefore, this solvent is used as a cleaner. DMF is also used as an industrial paint stripper. This high solubility of inorganic substances also leads to the application of DMF in the production of high-voltage capacitors.
Increasing uses of solvents and intermediates, expanding textile industries, increasing medical technology, and chemical processing sectors in developing countries will continue to drive the demand for dimethylformamide used for various chemical manufacturing purposes in the years to come.
The chemical industry plays an important role in the growth of the dimethylformamide market. Over the three years from 2021 to 2024, the industry is expected to grow in every segment, with overall industry growth expected to be 1.8% in 2024. Basic chemicals are expected to see the largest growth of any chemical segment, with a 2.1 percent forecast for 2024.
According to the European Chemical Industry Council, AISBL, the worldwide sales of chemicals increased by 15.2% from USD 3,759.89 billion in 2020 to USD 4,332.38 billion in 2021. China is the largest chemical producer in the world, contributing 43% of global chemical sales, followed by the EU27 chemical industry with 14.7%, and the United States coming in third with 10.9%. In 2022, the worldwide chemical production grew by 2.7%, as compared to a 7% growth witnessed in 2021.
According to the India Brand Equity Foundation, in August 2022, chemical production reached 907,639 MT, while petrochemical production reached 1,727,019 MT. The production levels of various chemicals were as follows: Soda Ash: 267,416 MT; Caustic Soda: 283,279 MT; Liquid Chlorine: 203,195 MT; Formaldehyde: 26,842 MT; and Pesticides and Insecticides: 18,881 MT.
Thus, the previously mentioned factors are expected to drive the demand for dimethylformamide.The textile industry has been using DMF to make acrylic fibers and polyurethane products, as well as fake leathers, films, and coatings for surfaces. The International Trade Administration says that Asia-Pacific is the textile industry’s biggest market.
Chemical processing industries such as agricultural, petrochemical, polymer, and refining heavily use dimethylformamide for various applications. India has now been ranked sixth among the world’s ten largest manufacturing countries. The petrochemical industry contributes about 30% of raw materials to the chemical industry, which is expected to reach USD 300 billion by 2025.
Acrylic fibers are being used in sweaters, boots, hats, gloves, athletic wear, carpeting, blankets, protective clothing, wigs, and hair extensions. This increased the demand for dimethylformamide in the production of acrylic fibers.
China and India have led global fiber consumption in recent years, according to the Chemiefaserindustrie in the Federal Republic of Germany. In 2021, China was the biggest maker of chemical fibers in the world. About 73% of all chemical fibers were made in China.
Dimethylformamide is used to make pesticides in agriculture and to clean up chemicals in the petrochemical industry. It is also used to make inks and dyes for printing and dying fibers.In April 2022, around 229,000 metric tons of chemical pesticides were produced in China.
The Indian chemicals industry stood at USD 178 billion in 2019, and it is expected to reach USD 304 billion by 2025, registering a CAGR of 9.3%. The demand for chemicals is expected to expand by 9% per year by 2025. In July 2021, the production of key chemicals stood at 909,310 MT.
In July 2022, an MoU was signed by NTPC Renewable Energy Limited (NTPC REL) and Gujarat Alkalies and Chemicals Limited (GACL) to build India’s first green ammonia and green methanol plants for commercial use.
The chemical industry is expected to add USD 300 billion to India’s GDP by 2025. The Indian chemicals and petrochemicals sector is expected to get 107.38 billion dollars in investments by 2025.
In the coming years, dimethylformamide is likely to be driven by the growing use of industrial solvents and the growing need for laboratory research and development in the region.3 months of analyst support
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(GlobeNewsWire)