Acetonitrile Market
Acetonitrile Market is segmented By Application (Agrochemical, Pharmaceutical, Analytical & Extraction Industry, Others), By Type (Solvents, Derivative), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Acetonitrile Market is expected to grow at a high CAGR of 4.7% during the forecasting period (2022-2029)
Acetonitrile Market- Strategic Insights
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Metrics |
Details |
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Market CAGR |
4.7% |
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Segments Covered |
By Application, By Type and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Acetonitrile (CH3CN) is also known as methyl cyanide, cyanomethane, ethyl nitrile, or methane, a polar, organic, colorless liquid with an aromatic odor of carbonitrile. The substance is the most fundamental organic nitrile and is typically created as a waste product during the production of acrylonitrile. It is a hazardous solvent that is flammable, poisonous and volatile (bp 82°C, flash point 2°C). While vapors are denser than air, it is less dense than water. Acetonitrile is miscible with water and most organic solvents, with a few saturated hydrocarbons as an exception.
Acetonitrile is primarily used as a solvent in the purification of butadiene in refineries, the hydrocarbon extraction process, the manufacture of synthetic pharmaceuticals, the production of rubber, the casting & molding of plastic materials, the production of perfume, the extraction of fatty acids from animal & vegetable oils and other processes. Due to its high dielectric constant and capacity to dissolve electrolytes is also commonly employed in battery applications. Mucous membrane irritation results from acute or brief exposure to acetonitrile, whereas chronic or prolonged exposure might result in central nervous system symptoms such as headaches, numbness and tremors. However, its human cancer-causing effects are still unknown.
Acetonitrile Market Dynamics
The global acetonitrile market is driven by the rising demand for specialized solvents, polymer products, UV spectroscopy, polarography and lithium batteries. Additionally, the growing pharmaceutical and chemical industries are expected to fuel further growth in the global acetonitrile market during the projected decade. Additionally, it is estimated that the health risks associated with acetonitrile during the forecast period will restrain market expansion.
The growing demand for acetonitrile in various end-use industries
The market for acetonitrile has been growing quickly in recent years and is expected to do so throughout the coming years. The global acetonitrile market is anticipated to expand soon due to rising demand from end-use industries, including specialty chemicals, electronics, HPLC and biotechnological applications. The need for acetonitrile products, including acrylic polymers, polyacrylamide and fibers, is also fueling the acetonitrile industry.
Furthermore, the business seems profitable given the rise in healthcare spending. Additionally, ongoing research and development (R&D) activities are conducted to develop new medications and continually improve the quality of their products to meet the standard requirements following the environmental regulations in various areas, boosting the growth of the acetonitrile market.
The rising demand for acetonitrile for drug recrystallization
The primary driver propelling the market's expansion globally is the high demand for acetonitrile for medication recrystallization and rising acetonitrile usage. The market for acetonitrile is expanding as a result of acetonitrile's expanding use in various applications. Acetonitrile is a non-aqueous solvent employed in the manufacture of inorganic salts, medicines, fragrances, insecticides, polymers and vitamin B. Additionally, it is utilized in the manufacturing of cameras, the extraction and refinement of copper, the production of textiles, the manufacture of lithium batteries, the extraction of fatty acids from vegetable & animal oils and analytical chemistry labs.
Businesses are concentrating on producing acetonitrile for a variety of uses. For instance, INEOS, with facilities in Lima, Ohio, Port Lavaca, Texas and Teesside in UK, is the world's largest producer and marketer of Acetonitrile. Acetonitrile is a co-product of Acrylonitrile and is primarily used as a solvent in developing new drugs, agricultural products and fine chemicals.
Health hazards of acetonitrile
As acetonitrile causes the body to produce cyanide, excessive human exposure to it can harm the digestive, cardiovascular and central nervous systems. Additionally, it is anticipated that the forecasted period will see a slowdown in the growth of the acetonitrile market due to supply shortages and price fluctuations. In addition, novel acetonitrile alternatives with improved effectiveness and fewer disadvantages are anticipated to restrain market expansion.
COVID-19 Impact Analysis on Acetonitrile Market Growth
The COVID-19 pandemic has crippled the world economy and stopped all major business operations. As a result, even the global acetonitrile market was affected. The disruptions in the supply chain management and the transportation of goods and services had a detrimental effect on the market's expansion. Lockdowns and curfews imposed by governments worldwide disrupted several production and manufacturing facilities, resulting in product losses and waste.
The acetonitrile-using industries of pharmaceuticals, photography, plastics and perfumes all suffered losses due to the pandemic. Additionally, the pandemic had a big impact on consumer demand and behavior. The epidemic caused consumers to hold off on non-essential purchases, which affected acetonitrile product sales. The pandemic substantially influenced the market and created an unforeseen and uncertain scenario, which slowed market expansion. The global acetonitrile market has rebounded and the post-pandemic situation has improved. The market is anticipated to expand quickly.
Acetonitrile Market Segment Analysis
By application, the acetonitrile market is segmented into agrochemical, pharmaceutical, analytical & extraction industry and others.
Acetonitrile is a key solvent in the pharmaceutical industry
Pharmaceuticals are considered a crucial solvent in the pharmaceutical sector; hence it is anticipated to hold the greatest market share over the projection period. In addition, the pharmaceutical industry's rising demand for medication recrystallization is the second major reason fueling market expansion.
Acetonitrile (MeCN) is a fundamental solvent used in the chemical and pharmaceutical industries, where global demand makes up the largest portion of the market. Its capacity to dissolve a wide range of fine chemical and medicinal components makes it a suitable solvent.
Acetonitrile Market Geographical Analysis
The huge manufacturing base of cosmetic products in Europe
Asia-Pacific is anticipated to experience rapid growth during the predicted period. The primary element influencing market growth is R&D activities and investments in pesticides and new medications for development and enhancement. In addition, the growing number of end-use industries and the ongoing population increase in Asia-Pacific are the key factors propelling the market's expansion. In Asia-Pacific, businesses are building a new acetonitrile factory.
New acetonitrile production facilities are being built to address the rising demand for acetonitrile, which is increasingly used in the pharmaceutical and agrochemical industries. For instance, Asahi Kasei Chemicals built a new acetonitrile factory with an 11,000-ton annual production capacity in Korea. With an annual production capacity of approx. 9,000 tonnes, Balaji Amines Limited, began operating its acetonitrile production facility in India in July 2019.
Acetonitrile Companies and Competitive Landscape
The presence of established competitors makes the worldwide acetonitrile industry very competitive. Businesses concentrate on creating and modernizing current machinery to boost annual output and improve processing operational flow. The businesses engage in alliances, mergers, strategic alliances and acquisitions to boost acetonitrile demand and global expansion. Additionally, the businesses are making investments to expand their global production capacities.
For instance, Nova became the fourth-largest producer of acetonitrile in the world in 2018. The company has two factories, dependable supplies of crude acetonitrile steams and technical & high purity grades, making it the principal or backup supplier for any U.S. user of acetonitrile. One of the top producers of acetonitrile, Avantor, purchased RIM Bio in June 2021, increasing its bioproduction footprint in China and broadening its market reach.
Major global acetonitrile market companies include INEOS, Imperial Chemical Corporation, Connect Chemicals GmbH, Nantong Acetic Acid Chemical Co., Ltd., GFS Chemicals, Inc., Asahi Kasei, Formosa Plastic Corporation, Tedia Company, Inc., Avantor Performance Materials, LLC and Mitsubishi Chemical Corporation.
INEOS
Overview: An international chemical company is INEOS. The organization consists of 36 enterprises with 194 locations in 29 different nations. Along with several consumer brands, INEOS runs 36 distinct business units that serve the chemical and oil & gas industries. Several major financial groups have joined our chemical operations, including INEOS Group, INEOS Styrolution, INOVYN and INEOS Enterprises.
Product Portfolio: INEOS is the leading manufacturer and marketer of Acetonitrile, a co-product of Acrylonitrile that is largely used as a solvent in the production of pharmaceuticals, agricultural products and fine chemicals, with operations in Lima, Ohio, Port Lavaca, Texas and Teeside in UK. Acetonitrile is recovered and purified by INEOS using a unique technique to meet extremely high purity criteria.
Key Development: At their primary operating site in Köln, Germany, INEOS Nitriles announced in April 2022 that it wants to invest in a global-scale acetonitrile production facility. Acetonitrile is a crucial ingredient in the creation of new medications like those used to treat COVID-19 and pharmaceuticals currently on the market. The significant agrochemicals and bioscience industries both use acetonitrile as a critical ingredient.
The significant investment in the new 15 ktpa facilities in Europe aims to strengthen its supply position to the European customer base and support the expansion of some of Europe's most strategically important industry sectors that provide healthcare and nutrition to the population of Europe.
Frequently Asked Questions
What is the Projected CAGR value of the Acetonitrile Market ?
Acetonitrile Market is expected to grow at a CAGR of 4.7% during the forecasting period 2022-2029.
Which region controlled the global market during 2022-2029?
North America region Controls the Acetonitrile Market during 2022-2029.
Which is the fastest growing region in the Acetonitrile Market ?
Among all regions, Asia Pacific is the fastest growing market share during the forecast period.