dimethylformamide (DMF) market was estimated to be worth at USD 610.4 million in
Posted by rohan on November 16th, 2020
Dimethylformamide (DMF) Product Description:
The dimethylformamide (DMF) market was estimated to be worth at USD 610.4 million in the year 2020 and is predicted to reach approximately USD 792.5 million by the end of year 2025, with a current CAGR of 4.89% throughout the foreseen period from 2020 to 2025. The Dimethylformamide (DMF) is a colorless aqueous organic compound and has the chemical formula (CH3) 2NC (O) H. Dimethylformamide is commonly employed as a solvent in chemical reactions. One of the main applications of DMF is the manufacture of plastics and acrylic fibers. DMF is also employed in pharmaceutical manufacturing as a solvent in peptide coupling for peptide synthesis. In recent years there has been a surplus in the manufacture of dimethylformamide. The production of dimethylformamide in 2017 was more than enough to meet worldwide call for the next 10 years. This should bridge the gap between supply and call in the long term, leading to possible lower prices and hampering market expansion.
Impact of Covid 19 on the Dimethylformamide (DMF) Market:
The chemicals and materials sector covers applications ranging from automotive to medical devices and institutional cleaners. 96 percent of manufactured products contain products from the chemical industry. Therefore, a sector with such a broad economic exposure is predicted to be affected by the initial and long-lasting changes resulting from COVID-19. Depending on how the pandemic revolves and its effect on economic conditions, chemicals and materials firm can expect dangers to vulnerable business models and high opportunities for expansion and transformation.
Market drivers and restraints:
DMF is widely employed as a solvent, catalyst, and reagent in the chemical and petrochemical industry. For example, inorganic and organic wastes are highly soluble in DMF and are therefore employed as a cleaner for hot tinned parts in the chemical industry. Furthermore, the product is widely applicable in the electronics industry due to its high creditworthiness. For example, the high solubility of inorganic substances in DMF leads to the production of high voltage capacitors in the electronics industry. The strong expansion of the electronics industry primarily in North America due to rapid technological advancements is likely to positively influence the market size of dimethylformamide (DMF) during the foreseen period. Long-term human exposure to DMF is considered harmful, due to its carcinogenic behavior, as suggested by the International Agency for Research on Cancer (IARC), which is likely to hamper the expansion of dimethylformamide market share in the United States. foreseen period. However, the increased call for products from different end-user sectors will create many opportunities that will lead to promising earnings in the overall DMF market in the coming years. Dimethylformamide is employed in various end-use industries such as chemicals, electronics, pharmaceuticals, and agrochemicals. However, the chemical end-use industry segment is predicted to dominate the DMF market during the foreseen period, in terms of value and volume. The expansion of this market segment can be attributed to the higher call for acrylic fibers and polyurethane products from countries such as the United States, China, India and Brazil, among others.
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By end use industry:
Asia-Pacific dominated the worldwide dimethylformamide (DMF) market in 2019 (both in terms of production and consumption), closely followed by North America and Europe. The region is predicted to dominate the market throughout the foreseen period. This can be mainly attributed to increased call from emerging economies, particularly India and China. Four of the world's largest DMF manufacturers are Chinese companies, with production facilities located solely in China. These four main players contribute around 44% of total world production. In terms of consumption, China dominates the world market for dimethylformamide (77% of world consumption in 2019). This strong call can be attributed to the growing call for acrylic fibers and polyurethane products, which is the main end application for dimethylformamide (around 65-75%). The market in Europe and North America is mature and the market in the region is predicted to grow at a slow pace or experience a decline in the near future. The Asia Pacific DMF market is predicted to grow at the highest CAGR between 2020 and 2025, in terms of value. The expansion of the DMF market in Asia-Pacific can be attributed to strong economic expansion in the region and increased investment in industries such as chemicals, pharmaceuticals, electronics, and agrochemicals by the governments of different countries in the region.
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About the Authorrohan
Joined: September 20th, 2017
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