NEWARK, Del, Oct. 24, 2023 (GLOBE NEWSWIRE) -- The global acetonitrile market is expected to attain a valuation of US$ 292.23 million in 2023 and is projected to accumulate over US$ 499.17 million by 2033 while expanding at a CAGR of 5.5% during the forecast period.
The global market has experienced rapid expansion in recent years, and this growth trend is expected to continue in the foreseeable future. The market's robust growth is fueled by surging demand from diverse end-use industries such as pharmaceutical production, specialty chemicals, electronics, HPLC applications, and biotechnological applications.
Furthermore, the market is witnessing significant momentum driven by the increasing popularity of acetonitrile products like acrylic fibers, polyacrylamide, and acrylic plastics.
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The healthcare industry's increased spending also contributes to the market's attractiveness. Furthermore, ongoing research and development activities aimed at developing new medicines and improving product quality to meet environmental regulations in different regions fuel the acetonitrile market's growth. As a result, the market presents lucrative opportunities for industry players.
The global acetonitrile market is experiencing significant growth primarily due to increasing demand in diverse industries, including pharmaceuticals and specialty chemicals. One of the key driving factors behind this growth is the extensive utilization of acetonitrile as a solvent in the production of insulin and other antibiotics.
The overall acetonitrile market is benefiting from a surge in demand driven by its increased use in producing acrylic fibers and plastics. This growing trend has contributed significantly to the market's expansion. The agricultural industry has recently experienced a notable change in preferences, with a significant rise in demand for aqueous acetonitrile. This growing adoption of aqueous acetonitrile for agricultural activities is expected to impact the overall acetonitrile market positively.
Acetonitrile has observed a notable upsurge in demand for other processes, such as drug recrystallization. This surge is expected to be a major driving force for the growth of the acetonitrile market in the upcoming years. Acetonitrile holds the potential to serve as an alternative fuel in various power plants, including fluidized bed-boiled power plants, where it can be utilized as a combustion fuel alongside methanol.
The demand for alternative fuels, especially in European countries, is witnessing significant growth, further propelling this sector's expansion. The increasing use of acetonitrile as a raw material in agricultural pesticides, coupled with its high consumption and incorporation as epoxy hardeners in agrochemicals, contributes to the market's growth.
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Key Takeaways
- The market in the United States is expected to expand at a CAGR of 5.5% during the forecast period.
- The demand for acetonitrile in Asia Pacific is expected to expand at a CAGR of 5.7% during the forecast period.
- Asia Pacific is expected to dominate the market by commanding over 35.4% market share in 2023.
“Extensive use of acetonitrile in the production of agricultural pesticides is expected to open new doors for market growth,” comments Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Competitive Landscape
Major market players collaborate closely with end users to meet consumer demands effectively. Manufacturers are also offering design and consulting services to customers, aiming to enhance their global and regional market position.
Key Companies Profiled
- Filo Chemical
- NeuChem
- Continental Industries Group
- Achemica
- GFS Inc.
- Sterling Chemicals
- DuPont
- CNPC Jilin Chemical
- Asahi Kasei Medical Company Limited
- Nova Molecular Technologies
- BP Chemicals
- AlzChem AG
- Purification Technologies, Inc.
- J.T. Baker Chemicals
Some recent developments in the acetonitrile market are:
- In 2021, Brenntag successfully completed the acquisition of Matrix Chemical, LLC, a prominent North American solvent distributor and the largest distributor of acetone in the region.
- In July 2019, Balaji Amines Limited initiated the production of its acetonitrile plant, featuring a total installed capacity of 9,000 tons per year.
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global acetonitrile market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the acetonitrile market, the market is segmented based on end-use, application, and region.
Key Segments Profiled in the Acetonitrile Market Industry Survey
By End Use Industry:
- Pharmaceutical Industry
- Analytical Industry
- Other End-Use Industries
By Application:
- Pharmaceutical Applications
- Organic Synthesis
- Specialty Chemicals
- Extraction
- HPLC Solvents
- DNA & RNA Synthesis
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About the Chemicals & Materials Division at Future Market Insights
The chemical & materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Authors by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in the Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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