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The study undertaken by Astute Analytica foresees a growth in revenue of the Global Acetonitrile Market from US$ 353 Mn in 2021 to US$ 482.9 Mn by 2027. The market is estimated to register a growth at a CAGR of 5.4% during the forecast period 2022-2027. In terms of volume, the market is estimated to grow from 1,26,135.8 tons in 2021 to 1,76,380.6 tons by 2027, registering a CAGR of 5.7% during 2022-2027. The market growth is attributed to factors such as rising demand from the pharmaceutical industry, high consumption in production of epoxy hardeners and agrochemicals, and extensive adoption as organic solvent in HPLC applications. 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. In the laboratory, acetonitrile is used in high-performance liquid chromatographic HPLC analysis and as a solvent for DNA synthesis and peptide sequencing. Furthermore, acetonitrile finds extensive application in batteries, particularly lithium-ion batteries, to enable next-generation high-power and energy-density lithium-ion batteries, which provides extraordinarily high-ionic conductivity. However, availability of substitutes like Prionil and the health concerns associated with acetonitrile poses a challenge to the Global Acetonitrile Market.
Solvent segment leads the Global Acetonitrile Market in 2021
The solvent segment dominated the Global Acetonitrile Market in 2021. Growing demand for solvents in high performance liquid chromatography (HPLC) on account of its high dipole moment and dielectric propels the growth of the solvent segment in the global market. The demand for derivatives is expected to grow at the highest CAGR over the coming years. Derivatives are used extensively to produce sulfa pyrimidine and Vitamin B1.
99.99% purity level has the fastest CAGR during the forecast period in terms of grade
The 99.99% purity segment is projected to grow at the fastest CAGR of 6.3% during the forecast period. The growth of the segment is primarily as it provides additional purity for pharmaceutical and analytical industry applications coupled with the growing product demand from end-use industries. This, in turn, is leading to its increasing adoption across the globe.
Pharmaceutical Industry has the fastest CAGR during the forecast period
Pharmaceutical industry accounts for the major share in 2021 and is estimated to have the fastest CAGR during the forecast period. The segmental growth of the market is accredited to its application as a key solvent in the manufacturing of antibiotics due to its physical and chemical properties such as low freezing and boiling point and low viscosity. It also has low toxicity due to which it is regarded as safe over other solvents such as dichloromethane.
Asia Pacific dominates the Global Acetonitrile Market
Asia-Pacific is projected to have the largest hold, with a share of 50.4% in the global acetonitrile market in 2021. The regional growth of the market is accredited to the chemical industry in the region especially in the economies such as China and India. Large investments in the pharmaceutical sector and continuous research & development activities undertaken by companies are projected to increase market opportunities for acetonitrile.
The US leads the North America Acetonitrile Market
The US holds the major share of the North America Acetonitrile market in 2021, however, Mexico is growing at the fastest CAGR during the forecast period. The growth is attributed to rise in presence of pharmaceutical manufacturers along with growing number of pesticide manufacturers in the region. Among the type, solvent holds major share in term of revenue in the US acetonitrile market.
Europe Acetonitrile Market is driven by rising pharmaceutical industry
The growth in Europe Acetonitrile Market is attributed to rising pharmaceutical industry backed by the favorable regulatory environment and innovative product launch in the region. The U.K. held major share in the Europe acetonitrile market in 2021. Pharmaceutical industry contributed the major share of 49.8% in the Europe acetonitrile market.
Solvent acetonitrile holds the major share in Middle East Acetonitrile Market
Middle East Acetonitrile Market growth is attributed to the growth of the pharmaceutical industry along with the significant presence of battery manufacturers by the robust growth in the electronic industry across the region. Among the type, solvent holds major share in term of revenue in the Middle East acetonitrile market contributed 59.2% share in the regional market.
Brazil held the major share of South America Acetonitrile Market in 2021
South America acetonitrile market holds a significant amount of share in the global acetonitrile market in 2021. The market is driven by the growth of fragrance & perfume sector on account of changing lifestyle and standard of people along with the significant presence of chemical and pharma manufacturers in the region. Brazil held the major share in the South America acetonitrile market in 2021, however, Argentina is expected to project a fastest CAGR in the South America acetonitrile market during the forecast period.
A look at the Competitors
The key players in the Global Acetonitrile Market are Asahi Kasei Corporation, Avantor Performance Materials, LLC, Biosolve Chimie, Formosa Plastic Corporation, GFS Chemicals, Inc., Honeywell Research Chemicals, Mitsubishi Chemical Corporation, Nantong Acetic Acid Chemical Co., Ltd., and Qingdao Shida Chemical Co., Ltd. among others.
Segmentation Overview of the Global Acetonitrile Market
Global Acetonitrile Market is segmented based on type, grade, application, end user, and region. These segments are further sub-divided to get a holist picture of the market.
Following are the different segments of the global acetonitrile market:
By Type Segment of the Global Acetonitrile Market is sub-segmented into:
By Grade (Purity) Segment of the Global Acetonitrile Market is sub-segmented into:
By Application Segment of the Global Acetonitrile Market is sub-segmented into:
By End-User Segment of the Global Acetonitrile Market is sub-segmented into:
By Region Segment of the Global Acetonitrile Market is sub-segmented into:
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