Aug 21, 2020   SOURCE: BusinessWire

Global Acetonitrile Market Forecast to 2027 - COVID-19 Impact and Analysis - ResearchAndMarkets.com

The "Acetonitrile Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type; by Application and Geography" report has been added to ResearchAndMarkets.com's offering.

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.

Reasons to Buy

  • Highlights key business priorities to assist companies realign their business strategies.
  • Features key findings and crucial progressive industry trends in the global acetonitrile market, thereby allowing players to develop effective long-term strategies.
  • Develops/modifies business expansion plans by using substantial growth offering from developed and emerging markets.
  • Scrutinizes in-depth market trends as well as key market drivers and restraints.
  • Enhances the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.

Market Dynamics

Drivers

  • Importance of acetonitrile in the industrial and pharmaceutical industry
  • Good solvent properties of acetonitrile to boost its demand in the global market

Restraints

  • Increasing Demand for Substitute Products

Opportunities

  • Growing demand from the developing countries

Trend

  • Production of acetonitrile from bio-ethanol ammoxidation

Companies Mentioned

  • Anqore BV
  • Concord Technology (Tianjin) Co., Ltd.
  • Formosa Plastic Corporation
  • Honeywell International Inc
  • Imperial Chemical Corporation
  • Ineos AG
  • Mitsubishi Chemical Corporation
  • Nova Molecular Technologies
  • Taekwang Industrial Co. Ltd.
  • Tedia Company

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