Acetonitrile Market

Acetonitrile Market Size (2023-2028)

Acetonitrile Market is expected to grow at a CAGR of 8.15% during the forecast period of 2023-2028

Acetonitrile is an excellent polar a-protic solvent, which has the ability to attract electrons toward it. As a solvent, it finds application in areas like polymer spinning and casting peptide sequencing and DNA synthesis, and non-aqueous titrations. Acetonitrile is also used as a stabilizer for chlorinated solvents and is used for the purification of wool resins.

Drivers and Restraints of the Acetonitrile Market

Acetonitrile is used in pharmaceutical applications, majorly for the re-crystallization of drugs.  With the increase in expenditure towards the healthcare industry, the market looks lucrative. Acetonitrile is also used in the agrochemical industry for the production of various pesticides and fertilizers. In addition to this, they are also used in petrochemical industries for the production of chemicals that are utilized by various end-use industries.

Acetonitrile is also being used as an alternate fuel in various power plants, for example, in fluidized bed-boiled power plants, methanol can be used as a fuel for combustion. The demand for alternate fuel is very high in European regions and thus this sector is growing rapidly. High consumption along with the production of epoxy hardeners combined with agrochemicals and the use of Acetonitrile as a raw material for manufacturing agriculture pesticides is also providing impetus to the development of this market.

The Acetonitrile technique is extremely useful and is growing at a high rate but at the same time, it is costly. This cost inefficiency is playing a critical role in impeding business growth. The industry players are also focusing on investing a lot in research and development to keep improving the quality of their products to meet the standard demands according to the environmental regulations in different areas. The fluctuations in the availability of raw materials can also hinder growth. Increasing demand for substitute products is also a challenging factor for the expansion of the global acetonitrile market.

ACETONITRILE MARKET REPORT COVERAGE:

Acetonitrile Market Segmentation:

Acetonitrile Market - By Type

1. Derivative

2. Solvent

Acetonitrile Market - By Application

1. Pharmaceutical

2. Analytical Industry

3. Agrochemical

4. Extraction

Acetonitrile is widely used in the pharmaceutical sector in several countries. Germany, for example, has been spending a lot in the healthcare sector and was able to contain the COVID-19 pandemic in the European region better than any other nation. Many countries throughout the world are following Germany’s model and have increased their investments in the healthcare sector. This has caused the acetonitrile market to grow significantly.

The market demand in the pharmaceutical industry is projected to grow at the highest CAGR during the outlook period of 2020 to 2025, in terms of value. This high growth is attributed to the perennial improvements in the infrastructure and other medical components. There are developments going on for making healthcare accessible to all. Acetonitrile is heavily used in this industry and is helping the market to flourish. The increasing use of chemicals is supposed to drive the global Acetonitrile market in the near future.

Asia Pacific region (APAC) is expected to dominate the global Acetonitrile market in terms of value during the projection period of 2020 to 2025. The ever-growing population of Asian countries has sparked a demand for Acetonitrile in several industries. The market in these end-use segments is led by China, Japan, India, and Australia, among other countries. Amidst the incessant technological growth, the demand for high-performing Acetonitrile is augmenting, which has led to developments in the APAC Acetonitrile market.

North America is the largest producer of acetonitrile. The North American market is expected to grow at an estimated CAGR of 2.8% from 2020 to 2025. The easy affordability of natural products is foreseen to become crucial in propelling demand in the North American market. Although the Chinese market is growing rapidly, the North American region is expected to remain at the top in terms of market size.

Recent Developments

•  In March 2020, Huntsman International LLC unveiled its Spray Polyurethane Foam business to increase its portfolio of products. They also acquired SPF company Demilic in 2018.

• Ferry Stena Germanica was the first ship to run on methanol which is used as a marine fuel, this signified a major milestone in the shift towards a sustainable future and decarbonization process.

KEY MARKET PLAYERS:

1. Ineos Ag

2. Arkema Group

3. Henkel Ag & Co.

4. Imperial Chemical Corporations

5. Asahi Corporations

Impact of COVID-19 on the Global Acetonitrile Market

The coronavirus has resulted in severe challenges for the acetonitrile market by impacting end-user sectors with temporary closures and supply chain disruptions. Major economies of the world are affected due to pandemics as they were the initial hotspots for the virus. But the Acetonitrile market saw subdued growth in the later period owing to the increased sanitation activities that became mandatory in almost all working places but with absolutely no demand from the natural gas and oil industry, the market suffered from it.

In addition to this, increased awareness of personal hygiene and self-care products boosted the demand during this period. More investments are made in the healthcare industries and pharmaceutical sectors. Post the pandemic, the market is supposed to grow at a similar rate if not more at a CAGR of 3-4%.