Dimethylformamide (DMF) Market worth $2.7 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 30, 2022 /PRNewswire/ -- According to the new market research report "Dimethylformamide (DMF) Market by Type (Reactant and Feedstock), End-use industries (Chemicals, Electronics, Pharmaceutical, and Agrochemical), and Region (Asia Pacific, Europe, North America, Europe, MEA and South America) - Global Forecast to 2027", published by MarketsandMarkets™, the DMF market is projected to grow from USD 2.3 billion in 2022 to USD 2.7 billion by 2027, at a CAGR of 3.2% between 2022 and 2027. Growing demand in automotive and electronics market provide opportunities to increase the market.
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Electronics is the fastest-growing segment of the overall DMF market.
For manufacturing wire enamel, condensed polyesteramide in the melted form is used, which is prepared by dissolving polyester resins in an organic solvent. In this process, many organic solvents are considered, but mostly DMF is used to make wire enamels. Similarly, DMF is used to dissolve the catalyst in epoxy laminated printed circuit boards. China is one of the largest producers of PCB boards. Huge demand from the electronics industry from China, Japan, South Korea, India, and other Asia Pacific countries is driving the use of DMF.
China is the largest DMF market in Asia Pacific during the forecast period.
According to Statista, the revenue generated from the appliances industry of the country is supposed to witness an annual growth rate of 9.4% between 2020 and 2024 and will amount to USD 70,388 million by 2024. The standard of living and purchasing power of its population are increasing rapidly which makes the appliances industry strong. It supports the strong development of foreign and Chinese brands. This growth of the appliances industry in the country is increasing the use of DMF.
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The key players profiled in the DMF market report are Shandong Hualu Hengsheng (China), Jiutian Chemical Group Limited (Singapore), Luxi Chemical Group Co., Ltd. (China), Shaanxi Xinghua Chemistry (China), and Shandong Jinmei Riyue Chemical Co., Ltd. (China).
Jiutian Chemical Group Limited is a specialist in the fine chemical industry. It manufactures and produces DMF, methylamine, sodium hydrosulfite, and Dimethylacetamide (DMAC). It is also involved in the processing and sale of consumable carbon dioxide, oxygen-18, and deuterium-depleted water. It is one of the leading players in the DMF market globally. The company has successfully used available local resources to cater to the local as well as the global market. Also, the Singapore government has increased the investments in infrastructure to facilitate and improve the business environment, which has been accessed by the organization to drive growth.
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Shaanxi Xinghua Chemistry Co., Ltd. manufactures and sells chemical products such as ammonium nitrate, porous ammonium nitrate, compounded fertilizers, nitric acid, and carbon-based iron powders. It is a well-established chemical manufacturer in China that accounts for the major share of the DMF market in Asia Pacific. The company has become the largest production base of ammonium nitrate, and its product sales have covered 25 provinces and autonomous regions.
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