Global Acetonitrile Market Size Will Grow to USD 482.9 Million at 5.4% CAGR by 2027: Astute Analytica

NEW DELHI, Feb. 3, 2022 /PRNewswire/ -- Global Acetonitrile Market size was valued at US$ 353 million in 2021 and is projected to reach US$ 482.9 million by 2027. The Global Acetonitrile Market is expected to grow at a CAGR of 5.4% during the forecast period 2022-2027. The growth of the market is majorly driven by a heavy demand of Acetonitrile in pharmaceutical sector, HPLC applications and production of epoxy hardeners and agrochemicals. Acetonitrile finds its significance predominantly as a key solvent in the manufacturing of antibiotics and drug recrystallization and significant growth of the pharmaceutical industry across the globe is majorly contributing in the acetonitrile market growth over the forecast period. Its escalating usage as a solvent to cast and mold plastic materials and chemical properties like low viscosity and low freezing/ boiling point will also boost Acetonitrile extraction activities in the upcoming years. Moreover, Acetonitrile consumption is constantly rising with its increasing adoption in pesticide residues and usage as a high purity solvent in HPLC applications.

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Some of the major restraints in the global Acetonitrile market are the new substitutes for Acetonitrile such as prionil, methanol, ethanol and others are expected to hinder the market growth as these have fewer drawbacks and are cost-effective substitutes. Moreover, with the rise in Acetonitrile consumption at industrial sites and excessive human exposure can cause short and long term effects such as fatal cyanide poisoning, respiratory and central nervous system diseases. Therefore, the severe health risks associated with Acetonitrile- a toxic substance are restraining the market growth during the forecast period 2022-2027.

Impact of COVID-19 on Global Acetonitrile Market

The COVID-19 pandemic has impacted petrochemical and agriculture industries due to the slowing product demand and disruption in supply and distribution chains. Since the outbreak, the pharmaceutical industries across the world were fully operational and have witnessed massive growth owing to medicines requirement by patients.

Solvent type segment is estimated to have the highest market share

Based on type, the Acetonitrile market has been segmented into derivatives and solvent. The solvent segment dominated the market and is estimated to grow at a significant CAGR of 5.1% during the forecast period. The growth of the solvent segment in the global market accounts of its high usage in purification of wool resins, polymers spinning, casting and extensive adoption in HPLC applications.

99.90% segment holds the highest market share during the forecast period

Based on grade, the Acetonitrile market is segmented into 99.99%, 99.90%, 99.80%, 99.50% and others. The 99.90% segment is projected to dominate the market in the forecast period with 43% share in 2027. The growth of the segment is coupled with growing HPLC application techniques and growing product demand from end-use industries as it has superior purity-based products.

Pharmaceutical application segment is projected as the most lucrative segment over the forecast period

On the basis of application, the Acetonitrile market has been classified into laboratory, agricultural chemical, pharmaceutical, specialty chemicals and others. In terms of value, pharmaceutical application segment of Acetonitrile market has register to grow at the highest CAGR of 6.4% during the forecast period. During the forecast period 2022-2027, the pharmaceutical segment holds the major share in the Acetonitrile market due to the increased demand for recrystallization of drugs from the pharmaceutical industry.

Pharmaceutical Industry is expected to lead the Acetonitrile market by 2027

On the basis of end-user, the report has segmented the Acetonitrile market into agricultural industry, analytical industry, pharmaceutical industry and others. Pharmaceutical industry is its biggest share end-user accounting for the majority of 52.3% share during the forecast period. The pharmaceutical industry is also projected to grow at the fastest CAGR during the forecast period. Due to its most important application of exceptional physical and chemical properties, Acetonitrile is used to synthesize certain vitamins, amino acids and also used as a solvent in the production of insulin and antibiotics. Therefore, the market growth for pharmaceutical industry in Acetonitrile market is increasing at a rapid pace across the globe.

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Asia-Pacific dominates the Acetonitrile market and is estimated to grow with the fastest CAGR during the forecast period

Asia Pacific region is the biggest producer in the Acetonitrile market, accounting for more than half of the total global production. Asia pacific is projected to have the largest hold, with a share of around 50.5% in the global Acetonitrile market in 2020. In terms of consumption, China majorly contributes to the market growth in the region owing to the continuous R&D activities for the development of new medicines, drugs and pesticides are fueling the growth of Acetonitrile adoption in the region. Followed by China, Europe held the second highest share in the global Acetonitrile market in 2020.

Competitive Landscape

Global Acetonitrile Market is highly competitive in order to increase their presence in the Acetonitrile market. Some of the key prominent players holding a major share in the Acetonitrile market by expanding their geographical boundaries by acquiring competitive strategies such as merger and acquisition include Asahi Kasei Corporation, Avantor Performance Materials LLC, Formosa Plastics Corporation, Sterling Chemicals, INEOS AG and others.

Segmentation Overview

Global Acetonitrile Market is categorized based on types, by purity grade, by application, by end-user and by region. The industry trends in global marketplace are sub- divided into different segments in order to get a holistic view of the market.

Following are the different segments of the Global Acetonitrile Market:

• By Type Segment of the Global Acetonitrile Market is further sub-segmented into:
• Derivative
• Solvent
• By Grade (Purity) Segment of the Global Acetonitrile Market is further sub-segmented into:
• 99.99%
• 99.9%
• 99.8%
• 99.5%
• Others
• By Application Segment of the Global Acetonitrile Market is further sub-segmented into:
• Laboratory
• Agricultural Chemical
• Pharmaceutical
• Specialty Chemicals
• Others
• By End-User Segment of the Global Acetonitrile Market is further sub-segmented into:
• Agricultural Industry
• Analytical Industry
• Pharmaceutical Industry
• Others
• By Region Segment of the Global Acetonitrile Market is further sub-segmented into:
• North America
• U.S.
• Canada
• Mexico
• Europe
• Western Europe
• UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Argentina
• Brazil
• Rest of South America

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About Astute Analytica 

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