Acetonitrile Market

Updated on : October 25, 2024

Acetonitrile Market

The global acetonitrile market was valued at USD 439 million in 2023 and is projected to reach USD 595 million by 2028, growing at 6.2% cagr from 2023 to 2028. Acetonitrile, also known as cyanomethane or methyl cyanide, is a colorless liquid. Acetonitrile is an organic nitrile primarily produced as a by-product of acrylonitrile. It is widely used in the pharmaceutical industry as a reaction solvent, reagent, or extraction solvent. The acetonitrile market is expected to witness considerable growth during the forecast period, owing to the increasing production of engineered drugs, generic pharmaceuticals, and pesticides across the globe.

Attractive Opportunities in Acetonitrile Market Trends

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Acetonitrile Market Dynamics

Driver: Acetonitrile’s versatile properties as a chemical building block driving the demand in the pharmaceutical industry

Acetonitrile's versatile properties and role as a chemical building block make it a highly sought-after compound in the pharmaceutical industry. Acetonitrile acts as a versatile chemical building block in the synthesis of pharmaceutical intermediates. Its unique structure allows it to undergo various chemical transformations, such as nucleophilic addition and substitution reactions. These reactions are essential for creating complex molecular structures found in pharmaceutical compounds. Acetonitrile-derived intermediates can be further modified to produce active pharmaceutical ingredients (APIs), the key components of pharmaceutical formulations.

Restraint:  Increasing demand for substitute product prionil

The acetonitrile shortage of 2008 and the imbalance in acrylonitrile and acetonitrile relationship has led to the introduction of a substitute for acetonitrile called Prionil. Prionil from Ascend Performance Materials (US) is a colorless liquid used in the manufacturing of amides, amines, ketones, and acids. It is also known as ethyl cyanide, propionitrile, or propanenitrile. Prionil has similar solvency properties to acetonitrile, and it is also cost-effective. It is used as a solvent in various industries, including pharmaceuticals and agrochemicals, among others. The increasing demand for Prionil acts as a restraint for the acetonitrile market.

Opportunity: Increasing demand from various applications

Acetonitrile's purity, low residue formation, and solvent properties have found applications in the electronics industry. It is used in cleaning processes to remove contaminants and residues from semiconductor surfaces during chip manufacturing. The controlled and precise nature of acetonitrile as a cleaning agent contributes to the production of high-quality and reliable electronic components. The increasing consumption of acetonitrile in applications other than the pharmaceutical and analytical industry has boosted the growth of the acetonitrile market.

Challenge: Environmental concerns and toxicity issues associated with acetonitrile usage

While acetonitrile offers diverse applications and benefits, its usage has raised notable environmental and health concerns. These concerns revolve around its potential impact on ecosystems, human health, and workplace safety. Understanding these issues is crucial for adopting responsible practices. Developed countries, including Germany, the US, and Japan, are focusing on increased use of environmentally friendly products instead of petroleum-based products. The European Union (EU) has been more insistent than the US and Japanese governments regarding the same. It insists on the use of bio-based materials, encouraging recyclability of vehicle components, or making the automotive manufacturers responsible for disposal at the end of the vehicle’s service life. Although the requirements in North America are not stringent for automotive manufacturers, they are in other markets around the world. In addition, the European Union has emphasized using recyclable and biodegradable parts for automotive. This would boost the use of acetonitrile during the forecast period. These regulations are expected to increase the use of Acetonitrile in automotive, building & construction, electrical & electronics, and other applications.

Acetonitrile Market Ecosystem

Extraction application of acetonitrile to register the third largest market share in the acetonitrile market.

Acetonitrile is a polar solvent, which makes it more electronegative than carbon. This property of acetonitrile makes it the most preferred choice of organic nitrile for the extraction of fatty acids, animal and vegetable oils, unsaturated petroleum hydrocarbons, and others. During the forecasted years, the extraction segment is expected to witness the highest CAGR.

Based on type, the derivative segment is anticipated to register the highest CAGR in the acetonitrile market.

During forecasted years, the derivative type of acetonitrile is expected to show highest growth across the world. The derivative type acetonitrile is finding a wide range of applications in analytical applications, pharmaceutical, and other end-use industries. Due to extending research & developments in various end-use sectors, the analytical grade acetonitrile in the derivative form is expected to show significant growth in the future.

Agrochemical end-use industry of acetonitrile to register third largest market share in the acetonitrile market.

Acetonitrile is used in the agrochemical industry as a raw material. It is mainly used as an agricultural pesticide. Acetonitrile is used in pesticides, along with other compounds, for the extraction of fatty acids and vegetable oils or pesticide residue. The agrochemical segment is projected to grow with moderate CAGR during the forecast period.

Asia Pacific to hold the largest market share of acetonitrile market during the forecast period.

The Asia Pacific is a major market for acetonitrile. The increasing production of acetonitrile to cater to the domestic requirements for pharmaceutical medicaments and the rising number of exports of HPLC-grade acetonitrile are factors fuelling the demand for acetonitrile in the region. Moreover, the rise in population and the growing number of end-use industries in the Asia Pacific region has also led to the growth of acetonitrile, thereby propelling the growth of the Asia Pacific acetonitrile market. Also, the increasing focus on the development of better-quality medicines and pesticides has also led to an increase in demand for acetonitrile. Japan, China, and India are the major countries contributing to the growth of the Asia-Pacific acetonitrile market.

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Acetonitrile Market Players

The acetonitrile market is dominated by a few globally established players such as INEOS AG (Switzerland.), Asahi Kasei Corporation (Japan), Nova Molecular Technologies (US), PetroChina Co. Ltd. (China), Formosa Plastic Corporation (Taiwan), ShengHong Petrochemical Group Co., Ltd. (China), Avantor Performance Materials LLC (US), Imperial Chemical Corporation (Taiwan), Tedia Company Inc. (US), Avantor Performance Materials, LLC (US), Shanghai Secco Petrochemical Company Limited (China), Qingdao Shida Chemical Co., Ltd. (China), and Nantong Acetic Acid Chemical Co., Ltd. (China), among others, are the key manufacturers that secured major contracts in the last few years. The major focus was given to the contracts and new product development due to the changing requirements across the world.

These companies are pursuing a variety of inorganic and organic strategies in order to gain a foothold in the acetonitrile market. The research includes a detailed competitive analysis of these key players in the acetonitrile market, including recent developments, company profiles, and key market strategies.

Acetonitrile Market Report Scope

The study categorizes the acetonitrile market based on type, application, end-use industry, and region.

Acetonitrile Market By Type:

• Derivative
• Solvent

Acetonitrile Market By Application:

• Organic Synthesis
• Analytical Applications
• Extraction
• Others

Acetonitrile Market By End-use Industry:

• Pharmaceutical
• Analytical Industry
• Agrochemical
• Other

Acetonitrile Market By Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa

Recent Developments

• In July 2022, PetroChina launched a $4.52 billion program to expand a subsidiary refinery in southern China into an integrated petrochemicals complex.
• In April 2022, INOES AG has planned to invest in the world-scale acetonitrile manufacturing facility in Koln, Germany. This new facility aims to enhance the supply position of the company in the European region, along with catering to the healthcare sector of the region.
• In March 2022, Tedia Company, Inc. partnered with New York-based Newbold Enterprises Fairfield. This partnership is aiming towards the strategic expansion of Tedia’s capacity and capabilities.
• In August 2021, Nova Molecular Technologies, Inc. expanded its high purity-solvents business by opening a new facility in South Carolina, US. Full construction of this new facility is expected to be done by 2024.
• In October 2020, Nova Molecular Technologies, Inc. announced the plans for expansion of operations in the Sumter Country. This expansion includes an investment of USD 14.9 million, aiming to increase manufacturing operations.

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