June 24, 2020
As per the report titled ‘Acetonitrile Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type; by Application and Geography’, available with Market Study Report LLC , global acetonitrile market accrued USD 236.18 million in 2018 and is projected to accumulate USD 368.6 million by the year 2027, expanding with a CAGR of 5.1% throughout.
Upsurge in demand from pharmaceutical and specialty chemicals industries is the major growth driver of global acetonitrile market, cites the report.
For the uninitiated, acetonitrile, also known as ethanenitrile or methyl cyanide, is a dull, combustible, unpredictable, and lethal solute. It is prevalently readily available natural nitrile and is soluble in water and most natural solvents. It has high miscibility with liquor, acetone, propanone, and epoxy gum without any interference with epoxy polymerization. This colorless liquid is one of the simplest organic nitriles to synthesize and is extensively used in high-performance liquid chromatography (HPLC).
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Based on the application scope, pharmaceutical segment attained the majority share of global acetonitrile market in 2018, and it is anticipated to grow at a rapid pace during the forecast period. Acetonitrile has a wide array of pharmaceutical applications, wherein is used as a solvent or extraction solvent, reagent, and starting material for the synthesis of vitamin A, vitamin B1, carbonate drugs, cortisone drugs, and several amino acids. In addition, nearly 50% of the acetonitrile manufactured is used in the production of antibiotics and insulin, including third generation cephalosporins. It is also utilized for manufacturing synthetic pharmaceuticals. Hence, increasing use of acetonitrile for synthesizing active pharmaceutical ingredients (APIs), along with growing demand for nutrition and antibacterial medicines will propel the segment growth.
Geographically, Asia Pacific led the global acetonitrile market in 2018. Unprecedented growth of manufacturing industries, in tandem with escalating demand for pharmaceuticals, agrochemicals, and petrochemicals in emerging economies such as India and China will continue to foster regional market growth. Additionally, increasing use of HPLC for biotechnological applications is positively impacting the business outlook in APAC.
As per the report, the COVID-19 pandemic has devasted China, Italy, Spain, Spain, France, Iran, the Republic of Korea, Germany, and the US, with the highest number of confirmed cases and mortalities as of April 2020, which has compelled governments to take strict measures. This pandemic has adversely impacted acetonitrile market as production and procurement of materials are at halt due to lockdown, business shutdowns, and travel bans across several economies.
Prominent acetonitrile industry players include Tedia Co., Inc., Taekwang Industrial Co. Ltd., Nova Molecular Technologies, Mitsubishi Chemical Co., INEOS AG, Honeywell International Inc., Imperial Chemical Corp., Formosa Plastic Corp., Concord Technology (Tianjin) Co., Ltd., and AnQore B.V.