Acetonitrile Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2031

Market Scenario 

Global acetonitrile market was valued at US$ 371.0 Mn in 2022 and is projected to reach US$ 595.9 Mn by 2031. The market is estimated to register a CAGR of 5.4% during the forecast period 2023-2031. In terms of volume, the market is estimated to grow from 1,32,962.60 tons in 2022 to 2,20,166.26 tons by 2031, registering a CAGR of 5.7% during 2023-2031. 

The global acetonitrile market is experiencing significant growth due to its extensive use in various industries such as pharmaceuticals, petrochemicals, agrochemicals, and specialty chemicals. Acetonitrile is a colorless chemical compound used as a solvent for spinning synthetic fibers, casting and molding plastics, and in extractive distillation in petrochemical industries. Additionally, it is widely used as a solvent for DNA synthesis, peptide sequencing, and high-performance liquid chromatographic (HPLC) analysis in laboratories.

The market is majorly driven by the increasing demand from the pharmaceutical industry, where it is used as a key solvent in the manufacturing of antibiotics and drug recrystallization due to its exceptional physical and chemical properties such as low viscosity, low freezing/boiling point, and low toxicity. Moreover, the extensive adoption of acetonitrile as an organic solvent in HPLC applications is also contributing to the growth of the market.

Furthermore, the high consumption of acetonitrile in the production of epoxy hardeners and agrochemicals is also driving the growth of the market. The demand for acetonitrile is expected to increase further with the increasing adoption of next-generation high-power and energy-density lithium-ion batteries in the automotive industry.

However, the availability of substitutes like Prionil and the health concerns associated with acetonitrile are posing challenges to the global acetonitrile market. The adoption of sustainable manufacturing practices and the use of eco-friendly solvents could be the key to address these challenges and unlock new market opportunities in the future.

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Market Dynamics 

Drivers 

Increasing demand for acetonitrile in the pharmaceutical industry

Acetonitrile is an important solvent in the pharmaceutical industry, used in the manufacturing of antibiotics, vitamins, steroids, and analgesics. The growing demand for these products in emerging economies such as India and China is expected to drive the growth of the pharmaceutical segment of the acetonitrile market in the coming years.

One reason for this increasing demand is the unique physical and chemical properties of acetonitrile, such as its low freezing and boiling point and low viscosity, which make it an ideal solvent in the production of antibiotics. Moreover, acetonitrile is regarded as a safe solvent over other solvents such as dichloromethane due to its low toxicity, which is a crucial factor in the pharmaceutical industry.

Furthermore, the growing prevalence of infectious diseases, coupled with the increasing aging population, is expected to drive the demand for antibiotics and other pharmaceutical products. The use of acetonitrile as a solvent in the production of these products is expected to further boost the demand for acetonitrile in the pharmaceutical industry.

Increasing demand for acetonitrile in the production of lithium-ion batteries

Another major driver for the acetonitrile market is the increasing demand for acetonitrile in the production of lithium-ion batteries. Acetonitrile is a key solvent in the production of these batteries, which are used in various applications such as electric vehicles, smartphones, and laptops.

One reason for the growing demand for lithium-ion batteries is the increasing focus on reducing greenhouse gas emissions and shifting towards renewable energy sources. The use of electric vehicles powered by lithium-ion batteries is expected to grow significantly in the coming years, which will drive the demand for acetonitrile.

Moreover, the growing demand for smartphones and laptops, coupled with the increasing adoption of 5G technology, is also expected to drive the demand for lithium-ion batteries. Acetonitrile is an essential solvent in the production of these batteries due to its high purity and low water content, which is crucial for the performance of the batteries.

Restrain

Volatility in raw material prices

One significant restraint of the acetonitrile market is the volatility in raw material prices. The primary raw material used in the production of acetonitrile is propylene, which is a petroleum derivative. Therefore, the prices of acetonitrile are dependent on the fluctuations in the prices of petroleum and its derivatives.

The volatility in raw material prices makes it challenging for manufacturers to predict their production costs accurately, which can lead to fluctuations in the prices of acetonitrile. This can, in turn, affect the demand for acetonitrile in various industries, including pharmaceuticals and lithium-ion batteries.

Moreover, the availability of propylene can also affect the production of acetonitrile. The supply of propylene is influenced by several factors such as refinery operations, geopolitical tensions, and natural disasters, which can lead to supply disruptions and impact the production of acetonitrile.

Segmental Analysis 

By Type: Solvent segment leads the Global Acetonitrile Market in 2022

The acetonitrile market is divided into two segments, derivative and solvent. In 2022, the solvent segment was the dominant segment in the Global Acetonitrile Market. The growth of the solvent segment in the global market is driven by the increasing demand for solvents in high-performance liquid chromatography (HPLC). This demand is due to the high dipole moment and dielectric properties of acetonitrile, which make it an ideal solvent for this process.

Moreover, the solvent segment is also growing due to the increasing demand for acetonitrile in the production of batteries, pharmaceuticals, and organic chemicals. Acetonitrile is used as a solvent in the production of lithium-ion batteries, and its high purity and low water content make it an ideal solvent in the pharmaceutical industry. Furthermore, its high polarity also makes it an essential solvent in the production of organic chemicals.

In the coming years, the demand for derivatives is expected to grow at the highest CAGR. Derivatives of acetonitrile are used extensively in the production of sulfa pyrimidine and Vitamin B1.

By Application: Pharmaceutical Industry has the fastest CAGR during the forecast period

The acetonitrile market is segmented based on its application into laboratory, pharmaceutical, agricultural chemicals, specialty chemicals, and others. In 2022, the pharmaceutical industry accounted for the major share of the market, and it is estimated to have the fastest CAGR during the forecast period.

The growth of the pharmaceutical segment is due to the application of acetonitrile as a key solvent in the manufacturing of antibiotics. The physical and chemical properties of acetonitrile, such as its low freezing and boiling point and low viscosity, make it an ideal solvent in the production of antibiotics. Moreover, it is regarded as a safe solvent over other solvents such as dichloromethane due to its low toxicity.

Apart from antibiotics, acetonitrile is also used in the production of various other pharmaceutical products such as vitamins, steroids, and analgesics. The growing demand for these products in emerging economies such as India and China is expected to further drive the growth of the pharmaceutical segment in the coming years.

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Asia Pacific dominates the Global Acetonitrile Market 

The Asia-Pacific region is expected to maintain its dominance in the global acetonitrile market in 2022, with a projected market share of 50.4%. The regional growth of the market is attributed to the booming chemical industry, particularly in emerging economies such as China and India. The high demand for acetonitrile in the chemical industry can be attributed to its extensive use as a solvent in various chemical processes.

Furthermore, the large investments made in the pharmaceutical sector in the Asia-Pacific acetonitrile market are expected to boost the demand for acetonitrile. The region is home to several key pharmaceutical companies, including Takeda Pharmaceutical Co., Ltd., and Sun Pharmaceutical Industries Ltd., which have a significant presence in the global pharmaceutical industry. Continuous research and development activities undertaken by these companies to develop innovative pharmaceutical products are projected to increase market opportunities for acetonitrile in the region.

The increasing focus on sustainability and the adoption of eco-friendly manufacturing practices in the Asia-Pacific region are also expected to drive the demand for acetonitrile. Several companies in the region are adopting sustainable manufacturing practices to reduce their carbon footprint and meet the increasing demand for eco-friendly products. Acetonitrile is considered an environmentally friendly solvent due to its low toxicity and high biodegradability, which makes it an ideal choice for companies looking to adopt sustainable manufacturing practices.

List of Key Companies Profiled:

• Asahi Kasei Corporation
• Avantor Performance Materials, LLC
• Concord Technology (Tianjin) Co., Ltd.
• Concord Technology (Tianjin) Co., Ltd.
• Formosa Plastic Corporation
• GFS Chemicals, Inc.
• Honeywell Research Chemicals
• Imperial Chemical Corporation
• INEOS AG
• Mitsubishi Chemical Corporation
• Nantong Acetic Acid Chemical Co., Ltd.
• Nova Molecular Technologies, Inc.
• Pharmco-Aaper
• Qingdao Shida Chemical Co., Ltd.
• Robinson Brothers
• Shanghai Secco Petrochemical Company Limited
• Standard Reagents Pvt. Ltd.
• Taekwang Industrial Co., Ltd
• Tedia Company, Inc
• Unicel
• Other Prominent Players

Segmentation Overview of the Global Acetonitrile Market

Following are the different segments of the Global Acetonitrile Market:

By Type:

• Derivative
• Solvent

By Grade (Purity):

• 99.99%
• 99.9%
• 99.8%
• 99.5%
• Others

By Application:

• Laboratory
  • DNA and RNA Synthesis
  • Extraction
  • High-Performance Liquid Chromatography (HPLC) Solvents
  • Organic Synthesis
• Agricultural Chemical
• Pharmaceutical
  • Synthetic Medicine
    • Insulin
    • Antibiotics
    • Vitamins
  • Extraction Solvent
• Specialty Chemicals
• Others

By End-User:

• Agricultural Industry
• Analytical Industry
• Pharmaceutical Industry
• Others

By Region:

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • The UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
  • Poland
  • Russia
  • Rest of 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