Acetonitrile Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Derivative, Solvent); by Application (Pharmaceutical, Analytical Industry, Agrochemical, Extraction, Others) and Geography
The global acetonitrile market accounted for US$ 236.18 Mn in 2018 and is expected to grow at a CAGR of 5.1% from 2019 to 2027, to reach US$ 368.60 Mn by 2027. Acetonitrile, otherwise called methyl cyanide or ethanenitrile, is a dull, unpredictable, combustible, and lethal dissolvable. It is the least difficult natural nitrile and can be blended in with water alongside most natural solvents. It additionally shows high miscibility with liquor, CH3)2CO, and epoxy gum with no obstruction with epoxy polymerization. This colorless liquid is the simplest organic nitrile (although hydrogen cyanide is even simpler, the cyanide anion is not classed as organic) to synthesize.
Based on application, the acetonitrile market has been segmented into pharmaceuticals, analytical industry, agrochemical, extraction, and others. In 2018, the pharmaceuticals segment dominated the acetonitrile market in 2018, and it is projected to exhibit the highest CAGR in the market during the forecast period. The growth of the segment is primarily attributed to the growing use of acetonitrile in synthesis of active pharmaceutical ingredients (APIs). It is used as a reagent, solvent or extraction solvent, and starting material for synthesizing vitamin A, vitamin B1, cortisone, carbonate drugs, and several amino acids. About 50% of acetonitrile produced is used in the production of insulin and antibiotics, including third-generation cephalosporins. It is also used in the manufacture of synthetic pharmaceuticals. The increasing demand for nutrition and antibacterial medication leads to the growth in the demand for acetonitrile in pharmaceutical applications.
The acetonitrile market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa (MEA), and South America. In 2018, Asia Pacific contributed to the largest share in the global acetonitrile market. The growth of the acetonitrile market in this region is primarily attributed to rapid growth in manufacturing industries in a diverse range of sectors, which includes agricultural, pharmaceuticals, and oil and refinery. The rising demand for pharmaceuticals, agrochemicals, and petrochemicals among the developing countries such as India and China has a great impact on acetonitrile market in this region. The substance is majorly used as high-performance liquid chromatography (HPLC) solvent, and the rising use of HPLC for biotechnological applications is further expected to boost the demand for acetonitrile in the coming years.
The impact of recent COVID-19 outbreak that started in Wuhan (China) in December 2019 has spread all over the globe rapidly. China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the most detectably frightful influenced nations with high affirmed cases and pronounced deaths as of April 2020. As indicated by the most recent WHO figures, there are ~ 2,719,896 affirmed cases and 187,705 mortalities caused by this pandemic all around the world. COVID-19 has affected economies and undertakings in different nations, on account of lockdowns, travel bans, and business shutdowns. The global chemicals and materials is one of the industries facing most rough impact of these conditions. These factors have unimaginably affected the worldwide acetonitrile market growth.
AnQore B.V; Imperial Chemical Corporation; Honeywell International Inc.; INEOS AG; MITSUBISHI CHEMICAL CORPORATION; Nova Molecular Technologies; and Taekwang Industrial Co Ltd; are among the major players in the global acetonitrile market.
The overall global acetonitrile market size has been derived in accordance to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the acetonitrile market
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