According to the new market research report “Dimethylformamide (DMF) Market by Type (Reactant, and Feed-Stock), End-Use Industry (Chemical, Electronics, Pharmaceutical, and Agrochemical), and Region (APAC, North America, Europe, Middle East & Africa, and South America) – Global Forecast to 2022“, The DMF market is projected to grow from USD 637.8 Million in 2017 to USD 792.1 Million by 2022, at a CAGR of 4.43% from 2017 to 2022. The growth of the DMF market is driven by increased demand for dimethylformamide from various end-use industries such as chemical, electronics, pharmaceutical, and agrochemical. Moreover, the increased use of synthetic leather in the footwear and automotive industries is also expected to drive the growth of the DMF market as dimethylformamide is used for manufacturing synthetic leather.
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Based on the end-use industry, the DMF market has been classified into chemical, electronics, pharmaceutical, and agrochemical. The chemical end-use industry segment is expected to lead the DMF market during the forecast period, in terms of value. This segment of the market is also projected to grow at the highest CAGR between 2017 and 2022, in terms of value. In 2016, the chemical end-use industry segment accounted for the largest share of the DMF market in terms of both, volume as well as value. The growth of this segment of the market can be attributed to increased demand from polyurethane-based products from the footwear, leather, and acrylic fiber manufacturing industries.
In 2016, the Asia Pacific region accounted for the largest share of the DMF market, in terms of volume and value. The Asia Pacific DMF market is projected to grow at the highest CAGR during the forecast period, in terms of value. The growth of the Asia Pacific DMF market can be attributed to the increased demand for dimethylformamide from various end-use industries of the region. In 2016, China led the Asia Pacific DMF market in terms of volume and value, owing to the increased production and consumption of dimethylformamide in China. The growth of the China DMF market can also be attributed to the increased demand for dimethylformamide from industries manufacturing acrylic fibers, drugs, and printed circuit boards. The DMF markets in other emerging economies such as India, Indonesia, and Thailand are also projected to grow at a significant rate during the forecast period.
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The increased demand for Dimethylformamide (DMF) from various end-use industries such as chemical, electronics, pharmaceutical, and agrochemical is driving the growth of the DMF market across the globe. BASF (Germany), Eastman Chemical (US), Merck (Germany), Luxi Chemical Group (China), Jiutian Chemical Group (Singapore), Mitsubishi Gas Chemical (Japan), The Chemours (US), Zhejiang Jiangshan Chemical (China), Chemanol (Saudi Arabia), AK-KIM (Turkey), and Pharmco-Aaper (US) are some of the key companies operating in the DMF market. These companies have adopted various development strategies to strengthen their position in the DMF market. Investments & expansions were the major strategies adopted by these leading players between 2016 and 2017 to strengthen their foothold and maintain a sustained growth in the DMF market.
Besides investments & expansions, the companies have also adopted the strategies of new product launches, mergers & acquisitions, and partnerships to increase their shares in the DMF market. These strategies accounted for a significant share of the overall growth strategies adopted by the key players of the DMF market between 2016 and 2017.
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In December 2017, BASF (Germany) expanded the scope of its research collaborations within the platform of the Network for Asian Open Research (NAO). The company is carrying out research in the fields of advanced materials, biosciences, and chemical processes. This is expected to further enhance R&D capabilities of BASF in the Asia Pacific region, thereby enabling it to cater to the increased demand for dimethylformamide solvents from the region.
In November 2016, Merck (Germany) invested USD 275 million to increase its production of pharmaceuticals in China so as to cater to the increased demand for dimethylformamide solvents from the pharmaceuticals industry of the Asia Pacific region.
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Mr. Aashish Mehra
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Research Insights: https://www.marketsandmarkets.com/ResearchInsight/dimethylformamide-market.asp
Mr. Aashish Mehra MarketsandMarkets INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: 1-888-600-6441 Email: [email protected] Research Insights: https://www.marketsandmarkets.com/ResearchInsight/dimethylformamide-market.asp