Dimethylformamide Market is projected to be worth USD 1123 Million by 2028, registering a CAGR of 15% during the forecast period (2022-2030).
Top Boosters and Impediments
Dimethylformamide or DMF market should maintain strong growth during the analysis period, by virtue of the rampant demand across an array of end-use industries like chemical, agrochemical, electronics, and pharmaceutical. The pharmaceutical industry uses DMF as a crystallization and reaction solvent since it possesses impressive solvency features. The pharmaceutical sector in Asia Pacific is witnessing robust growth as major companies are investing considerably on their R&D units to come up with advanced solutions. These efforts are bound to create favorable avenues for the dimethylformamide Industry in the years ahead.
Another major end-user in the global market is the agrochemical industry, where DMF is utilized as a solvent in the production of pesticides. The surging demand for pesticides worldwide to foster the agriculture yield should leave a significant impact on the dimethylformamide industry over the ensuing years. Additionally, in view of the impressive solubility of inorganic and organic residuals, dimethylformamide acts as a cleaner for hot-dip tinned components within the chemical sector. The product use has been growing extensive in the electronics industry as well, again due to its significant solvency property. The considerable expansion of the electronics sector around the world, especially in Asia Pacific and North America will favor the dimethylformamide industry in subsequent years.
On the downside, strict government policies accompanied by the stunted economic growth in a few nations can curb the market growth to come extent. Apart from this, pressure from several regulatory bodies like Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) that discourage the use of Dimethylformamide can restrain the market growth as well. With that said, the global market shall benefit from the escalating product use in wire enamels & epoxy laminated coatings, pesticides, and manufacturing drugs, to name a few.
Segmentation
The dimethylformamide industry can be considered for application and end-use industry.
Dimethylformamide’s top applications are raw materials, catalyst, industrial solvent, and more. DMF’s solvent properties are appealing, given the significant dielectric constant, the aprotic characteristic, extensive liquid range and lower volatility. As a solvent, it is mostly used during numerous chemical reactions, in view of its excellent solvency property.
The prominent end-use industries in the dimethylformamide Industry are electronics, chemicals, pharmaceuticals, textile, paints & coatings, and others. The lead should be taken by the chemical segment in the DMF market due to the heightened demand for polyurethane-based and acrylic fibers products, especially in countries like the US, India, Brazil and China.
Major Regions
The major regions where the market for dimethylformamide is spread across include APAC or Asia Pacific, Europe, North America, Latin America as well as Middle East & Africa or MEA.
The APAC market for dimethylformamide has made the highest progress and touted to remain the highly lucrative throughout the review period. Strong presence of a thriving chemical and pharmaceuticals industries benefits the regional market to a large extent. Meanwhile, global chemical and pharma manufacturers working on setting up their production units in India, Indonesia, and China, to leverage the mounting demand from several end-users. The demand for DMF in the region has also been soaring on the back of rising economic status and the rising spending on industries like pharmaceutical, chemical, agrochemical and electronics by the government.
North America is on track to secure the second lead in the years ahead, in view of the high utilization rate of solvents in the film and polymer industry. In addition, the expanding electronics sector in the region in line with technical innovations should also enhance the share of the dimethylformamide Industry in the region. Other emerging end-users in the region are surface coatings and automotive industries.
The market in Latin America will remain profitable from 2022 to 2030, primarily on account of the improving economic and political outlook as well as the rapid growth of the electronic and chemical sectors. Burgeoning population, surge in urbanization, and escalating consumer purchasing capacity are a few other growth rendering factors in the Latin American market.
Key Players
The industry leaders identified in the MRFR report are BASF AG (Germany), Luxi Chemical Group (China), Jiutian Chemical Group (Singapore), Eastman Chemical Company (US), The Chemours Company (US), Merck (Germany), Mitsubishi Gas Chemical Company, Inc. (Japan), Ak-Kim (Turkey), HELM AG (Germany), Paari Chem Resources (India), and more.
Majority of these vendors offer a wide array of advanced product lines and focus on establishing large-scale R&D facilities to frequently conduct technical innovations, which helps them achieve a higher position in the global market.
Read More About This Report: https://www.marketresearchfuture.com/reports/dimethylformamide-market-2504
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