Dimethyl Sulfoxide Market Size, Share & Trends Analysis Report By Grade, By End-Use, By Region, And Segment Forecasts, 2023 To 2030

Dimethyl Sulfoxide (DMSO) is a widely used solvent that is immiscible with a wide range of organic solvents and water. It is also known as sulfinylbismethane, methyl sulfoxide, and other names. DMSO is a natural substance derived from trees as a by-product of paper production. The product is available in three grades and is used across various industries including pharmaceuticals, agrochemicals, electronics, and others. It is a common polar aprotic solvent used in microelectronic device manufacturing. In the agriculture industry, it is used from pesticides to fertilizers thereby helping to improve the reaction rate in the synthesis of agrochemical actives.

According to Japan Electronic Information Technology Association, the global production of electronics and IT industries is predicted to grow at a year-on-year growth of 1% to reach USD 3,526.6 billion in 2023. India is one of the largest consumers of electronics in the Asia Pacific region. The share of India in global electronic systems manufacturing has increased to 3.6% in 2019 from 1.3% in 2012. According to National Investment Promotion & Facilitation Agency, India is predicted to have a digital economy of USD 1 trillion by 2025. The growing consumption of electronic devices owing to the rising digitalization across the globe is anticipated to drive the demand for dimethyl sulfoxide in the coming years.

Major players operating in the market include Hubei Xingfa Chemicals Group Co., Ltd, Arkema Group, Gaylord Chemical Company, LLC, Zhuzhou Hansen Chemicals Co., Ltd, Toray Fine Chemicals Co. Ltd., and others. The market participants are engaged in adopting various strategic initiatives such as investment, capacity expansions, acquisitions, and others to gain a competitive edge. For instance, Hubei Xingfa Chemicals Group Co., Ltd. is expected to complete the subsequent phase of the DMSO production project with a capacity 50,000 tons per annum. This will increase the total production capacity of DMSO to 60,000 tons per ann