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Published: 2023-07-21 12:05:11 +0000 UTC; Views: 543; Favourites: 0; Downloads: 0
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Description
The global dimethyl sulfoxide (DMSO) market is witnessing remarkable growth due to increasing demand for polycarbonate in diverse sectors such as electrical and electronics, automotive, building & construction, consumer goods, and medical. The explosive growth of the electronics industry, particularly the rising demand for Li-ion batteries to power smartphones and other small electronics, has significantly contributed to the surge in DMSO demand. According to the United Nations, by 2022, there will be an estimated 6.648 billion smartphone users worldwide, driving the need for Li-ion batteries and, in turn, boosting the dimethyl sulfoxide market.
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Dimethyl sulfoxide, with its non-toxicity, biodegradability, and high solvency, is increasingly replacing other chemicals like xylene, benzene, ethyl, and acetone as a solvent in various applications, including the electronics and pharmaceutical industries. Moreover, the growing construction industry's development is expected to further fuel the demand for DMSO in paints and coatings applications.
The pharmaceutical sector is another key driver of the dimethyl sulfoxide market, benefiting from DMSO's therapeutic properties. As an effective medication carrier, DMSO enhances drug penetration and effectiveness. It finds extensive use in anti-bacterial drugs, antifungal drug formulations, and skincare products. Additionally, DMSO serves as an antioxidant with potent anti-inflammatory effects, making it an essential component in various therapeutic products.
Despite its numerous applications, the dimethyl sulfoxide market faced challenges during the COVID-19 pandemic, like many other industries. Production and supply-chain operations were hampered due to lockdowns and restrictions imposed worldwide. However, as regional regulatory authorities ease restrictions and the global economy recovers, the dimethyl sulfoxide industry is expected to rebound.
"While the global dimethyl sulfoxide market faced challenges during the pandemic, we anticipate a strong recovery as economies reopen and industries resume their operations," said [Company Spokesperson], [Designation] at [Company Name]. "The continuous growth of the electronics, pharmaceuticals, and agrochemicals industries will drive the demand for DMSO, given its diverse applications and beneficial properties."
However, the dimethyl sulfoxide market growth is somewhat hindered by possible adverse effects, especially if low-quality industrial-grade DMSO products are used. These products may contain pollutants that can be harmful to human health. Additionally, DMSO disposal in sewers can lead to unpleasant odors, and the chemical's disintegration at high temperatures poses potential safety risks.
In terms of regional landscape, Asia Pacific dominated the global dimethyl sulfoxide market in [Year], accounting for over half of the market share. China, with its high demand for electronics and agrochemicals, played a significant role in the region's market growth. North America also holds a substantial market share, driven by the expanding pharmaceuticals and electronics industries in the United States.
Key players in the dimethyl sulfoxide market include [List of Key Players], among others, who are actively involved in R&D efforts to cater to the growing demand and solidify their market position.
As the electronics, pharmaceuticals, and agrochemicals industries continue to thrive, the dimethyl sulfoxide market is projected to witness sustained growth in the coming years.
