The overall acetonitrile market is benefiting from a surge in demand driven by its increased use in the production of acrylic fibers and plastics. This growing trend has contributed significantly to the market’s expansion. In recent times, the agricultural industry has 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 positively impact the overall acetonitrile market.
The global acetonitrile industry 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 healthcare industry’s increased spending is also contributing 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 are fueling the growth of the acetonitrile market. As a result, the market presents lucrative opportunities for industry players.
The global market has experienced rapid expansion in recent years, and this growth trend is expected to continue in the foreseeable future. The robust growth of the market 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 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.
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, which is further propelling the expansion of this sector. The increasing use of acetonitrile as a raw material in the production of agricultural pesticides, coupled with its high consumption and incorporation as epoxy hardeners in agrochemicals, is contributing to the market’s growth.
Key Takeaways in Acetonitrile Market
- 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 an FMI analyst.
Competitive Landscape in the Acetonitrile Market
To meet consumer demands effectively, major market players are collaborating closely with end users. Manufacturers are also offering design and consulting services to customers, aiming to enhance their market position both globally and regionally.
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 on the basis of 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 Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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