24/7 Customer Support
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.
To Get more Insights, Request A Free Sample
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.
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.
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.
To Understand More About this Research: Request A Free Sample
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:
Segmentation Overview of the Global Acetonitrile Market
Following are the different segments of the Global Acetonitrile Market:
By Grade (Purity):
|Market Size Value in 2022||US$ 371.0 Mn|
|Expected Revenue in 2031||US$ 595.9 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Type, By Grade (Purity), By Application, By End-User, By Region|
|Key Companies||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|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
Acetonitrile is a colorless chemical compound with the formula of CH3CN.
Acetonitrile is used to extract fatty acids and animal and vegetable oils. It is also used in petrochemical industries for extractive distillation and as a solvent for spinning synthetic fiber and in casting and molding plastics.
The Global Acetonitrile Market is estimated to expand at a CAGR of 5.4% during the forecast period 2023-2031.
Global acetonitrile market is segmented on the basis of type, grade, application, end user and by region.
Acetonitrile finds its significant application in the pharmaceutical industry as a key solvent in the manufacturing of antibiotics and drug recrystallization, owing to its exceptional physical and chemical properties like low viscosity and low freezing/ boiling point.
High consumption in production of epoxy hardeners and agrochemicals and extensive adoption as organic solvent in HPLC applications are driving the global acetonitrile market.
Availability of substitutes like Prionil and health concerns associated with acetonitrile poses a challenge in the global acetonitrile market.
Acetonitrile finds extensive application in batteries, particularly in lithium-ion batteries, to enable next-generation high-power and energy-density lithium-ion batteries, which provides extraordinarily high-ionic ionic conductivity.
The solvent segment dominated the global acetonitrile market in 2022.
In terms of grade, 99.9% grade segment is estimated to have the highest market share in the global acetonitrile market.
Pharmaceutical industry is the highest shareholder in the global acetonitrile market.
Asia Pacific dominates the global acetonitrile market.
The key market players are Asahi Kasei Corporation, Avantor Performance Materials, LLC, Biosolve Chimie, Formosa Plastic Corporation, GFS Chemicals, Inc., Honeywell Research Chemicals, and Mitsubishi Chemical Corporation among others.
LOOKING FOR COMPREHENSIVE MARKET KNOWLEDGE? ENGAGE OUR EXPERT SPECIALISTS.SPEAK TO AN ANALYST