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(IT-NEWSWIRE.COM, March 26, 2020 ) Market Overview • The Global Acetonitrile Market is expected to grow at a CAGR of 4.95% during the forecasting period (2019-2026) • Acetonitrile is the chemical compound with the formula CH 3CN. This colorless liquid is the simplest organic nitrile (hydrogen cyanide is a simpler nitrile, but the cyanide anion is not classed as organic). It is produced mainly as a by product of acrylonitrile manufacture. It is used as a polar aprotic solvent in organic synthesis and in the purification of butadiene. It is used to make pharmaceuticals, perfumes, rubber products, pesticides, acrylic nail removers, and batteries. It is also used to extract fatty acids from animal and vegetable oils.
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Market Dynamics • High demand for acetonitrile for drug recrystallization and increasing use of acetonitrile in different applications are the different driving factors for the growth of the market globally. Acetonitrile is used as a solvent in the production of vitamin B, pharmaceuticals, perfumes, pesticides, plastics and as a non-aqueous solvent for inorganic salts. It is also used in the photographic industry, in the extraction and refining of copper, in the textile industry, in lithium batteries, for the extraction of fatty acids from animal and vegetable oils, and in analytical chemistry laboratories. Companies are focusing to produce acetonitrile in various applications. For instance, INEOS is the world’s largest producer and marketer of Acetonitrile, a co-product of Acrylonitrile primarily used as a solvent in the production of pharmaceuticals, agricultural products and fine chemicals with facilities located in Lima, Ohio and Port Lavaca, Texas in the United States, and Teeside in the United Kingdom. • However, increasing demand for substitute products is a major restraint hindering market growth worldwide.
Segment Analysis • By application, the acetonitrile market is segmented into agrochemical, pharmaceutical, analytical & extraction industry, and others. The global Acetonitrile market size by application was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. Pharmaceuticals is expected to grab the largest market share in the forecast period because it is regarded as a key solvent in the pharmaceutical industry. Adding to this, increased demand for recrystallization of drugs from the pharmaceutical industry is the other key driving factor for the market growth. Acetonitrile (MeCN) is a core solvent in the chemical industries, particularly the pharmaceutical industry, where the global demand accounts maximum share of the total market. It is a good solvent because of its ability to dissolve a wide variety of fine chemical and pharmaceutical ingredients. • By type, the acetonitrile market is classified into solvents and derivatives. The global acetonitrile market size by type was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
Geographical Analysis • The Asia Pacific Acetonitrile market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. Asia Pacific is expected to grow with a high CAGR rate in the forecast period. R&D activities and investments on pesticides and new medicines for improvement and development is the major driving factor for the market growth. Adding to this, increasing number of end-use industries and constantly growing in the population in Asia Pacific are the major driving factors for the market growth. Companies are constructing a new plant for acetonitrile in Asia Pacific. For instance, Asahi Kasei Chemicals has finalized a decision to construct a new acetonitrile plant in Korea. The plant will have a production capacity of 11,000 tons per year.
Competitive Landscape • The Acetonitrile market is highly competitive with existing players in the market. Some of the major players include Avantor Performance Materials, LLC, Imperial Chemical Corporation, Connect Chemicals GmbH, Nantong Acetic Acid Chemical Co., Ltd., GFS Chemicals, Inc., Asahi Kasei, Formosa Plastic Corporation, Tedia Company, Inc., INOES AG AND Mitsubishi Chemical Corporation. • Asahi Kasei Chemicals has finalized a decision to construct a new acetonitrile plant in Korea. The plant will have a production capacity of 11,000 tons per year. • Nova had achieved the position as the world’s fourth-largest acetonitrile producer. Company is the logical primary or alternate supplier for any US user of acetonitrile with two plants, reliable sources of crude acetonitrile steams, and technical and high purity grades.
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Source: EmailWire.Com
Source: EmailWire.com
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