Acetonitrile market to grow at 5.1% CAGR during forecast period due to growing importance of acetonitrile in industrial sector
According to the latest study on “Global Acetonitrile Market to 2027 – Covid-19 Impact, Analysis and Forecast by Type (Derivative, Solvent); by Application (Pharmaceutical, Analytical Industry, Agrochemical, Extraction, Others) and Geography,” the global acetonitrile market is accounted for US$ 236.18 Million in 2018 and is expected to grow at CAGR of 5.1% during the forecast period 2019 – 2027, to account for US$ 368.60 Million by 2027. The report highlights drivers and restraints pertaining to the market growth, along with highlighting prominent players and their developments in the market.
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Acetonitrile is the synthetic compound with the equation CH 3CN. This dry fluid is the easiest natural nitrile (hydrogen cyanide is an easier nitrile, but the cyanide anion isn’t not categorized under natural compounds) to synthesize. It is delivered for the most part as a result of acrylonitrile fabricate. It is utilized as a polar aprotic dissolvable in natural amalgamation and in butadiene refinement. It is utilized in the production of pharmaceuticals, scents, elastic items, pesticides, acrylic nail removers, and batteries. It is likewise used to remove unsaturated fats from animal and vegetable oils. On the basis of type, the acetonitrile market is segmented into derivative and solvent. In 2018, the solvent segment dominated the market with a larger share of the total market. Acetonitrile is used as a solvent in pharmaceutical manufacturing, biotechnological applications, specialty chemicals industries, electronics industry, and HPLC applications, and a strong demand from these applications drives the market growth. However, the derivative segment is expected to register a higher CAGR during the forecast period. Based on application, the acetonitrile market is categorized into pharmaceuticals, analytical industry, agrochemical, extraction, and others. The pharmaceutical segment accounted for the major share of the global acetonitrile market in 2018. The high demand of acetonitrile is attributed to its impeccable solvation ability for a wide range of polar and non-polar solutes, and physical properties such as low freezing/boiling points, low viscosity, and relatively low toxicity. Currently, the pharmaceuticals industry has two primary uses of acetonitrile—first, acetonitrile is used in laboratories, particularly as a mobile phase in liquid chromatography analytical techniques; and second, it is used as solvent in industrial processes, such as manufacturing of antibiotics, vitamin B1, sulfa pyrimidine, and other APIs.
The world is currently suffering through the Covid-19 pandemic that began in Wuhan (China) in December 2019; since then, it has spread across the globe at a fast pace. China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the worst-affected countries in terms of confirmed cases and reported deaths as of April 2020. According to the latest WHO figures, the pandemic has led to ~2,719,896 confirmed cases and 187,705 total deaths globally. Covid-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global chemical and materials industry is one of the major industries facing serious disruptions such as breaks in supply chains and disruptions in manufacturing due to lockdown and office shutdowns. Thus, the pandemic has seriously hit the global acetonitrile market.
The global acetonitrile market is a concentrated one, with a few very well-established players. 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., and Tedia Company are among the major players operating in the global acetonitrile market .
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Importance of acetonitrile in industrial and pharmaceuticals industries
Acetonitrile is regarded as a core solvent in the chemical industries, particularly in the pharmaceuticals industry, which accounts for ~70 % of the global demand for the same. The high demand for acetonitrile is due to its impeccable solvation ability toward a wide range of polar and nonpolar solutes, and physical properties such as low freezing/boiling points, low viscosity, and relatively low toxicity. Currently, the global pharmaceuticals industry reports two primary uses of acetonitrile, i.e., as laboratory solvents, particularly as a mobile phase in liquid chromatography analytical techniques and as an industrial process solvents in the manufacturing of antibiotics. Due to the need for high purity solvents in analytical techniques such as high performance liquid chromatography (HPLC), laboratories tend to use “Analar” grade acetonitrile, while industrial applications favor “technical grade” acetonitrile due to bulk requirements and lower cost. In both cases, the solvent is very highly refined in terms of purity, typically >99.9% for Analar and >99.5% for technical grade.
The acetonitrile market based on nature has been segmented derivative and solvent. In 2018, the solvent segment accounted for a larger share of the global acetonitrile market, whereas the market for derivatives is expected to grow at a higher CAGR during the forecast period. Acetonitrile, in its solvent form, is used for spinning fibers, for casting and molding of plastic materials, for extraction of fatty acids from vegetable and animal oils and in the manufacture of lithium batteries. As a solvent, acetonitrile possesses strong dipole moment, which implied that the organic modifier used in the mobile phase could have a powerful effect on the selectivity of chromatography. It is also applied in polymer spinning and casting, DNA synthesis, peptide sequencing, and non-aqueous titrations. The growing use of acetonitrile solvents in several application bases is expected to boost the demand for solvent type acetonitrile in the near future.
The acetonitrile market based on applications has been segmented into pharmaceuticals, analytical industry, agrochemical, extraction, and others. In 2018, the pharmaceuticals segment accounted for the largest share in the global acetonitrile market and is also expected to register the fastest CAGR during the forecast period. Acetonitrile act as a key solvent in the pharmaceuticals industry. It is used as a reagent, solvent or extraction solvent, and a starting material for synthesizing vitamin A, vitamin B1, cortisone, carbonate drugs, and a few amino acids. ~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 increase in the use of acetonitrile in the manufacturing of vitamin B1 and sulfa-pyrimidine azeotropic distillation has been supporting the pharmaceutical market growth.
The acetonitrile market players adopt several strategies to expand their footprint worldwide. Formosa Plastic Corporation, Honeywell International Inc, Imperial Chemical Corporation, Ineos AG, Mitsubishi Chemical Taekwang Industrial Co. Ltd., and Tedia Company, Inc are among the major market players, and they are focused toward enlarging their customer base to gain significant share in the global market, which, in turn, permits them to maintain their brand name in it.