Acetonitrile Market

Acetonitrile Market - An Overview

The global acetonitrile market is anticipated to witness moderate growth during the forecast period between 2021 and 2031.

Acetonitrile is the simplest of all organic nitriles. It is a colorless liquid with a sweet odor and has emerged as an important chemical in the pharmaceutical industry. It is also used as a solvent in the organic synthesis process.

The COVID-19 outbreak negatively impacted the global acetonitrile market. The pharmaceutical industries were either completely shut down or were functioning partially owing to social distancing rules and regulations, thereby affecting the acetonitrile demand and affecting the overall acetonitrile market, as well.

But with the easing of restrictions owing to declining cases and the availability of vaccines, the acetonitrile market could witness steady growth in the coming years.

Acetonitrile Market - Trends and Opportunities

Rising demand for acetonitrile in various industries such as pharmaceuticals and specialty chemicals has emerged as the key growth driver for the global acetonitrile market. Acetonitrile is also extensively used as a solvent in the manufacturing of insulin and other antibiotics.

In addition to this, surge in acetonitrile demand in the production of acrylic fibers and plastics is also helping the growth of the overall acetonitrile market.

The agricultural industry has witnessed a shift in preferences in recent times, with aqueous acetonitrile witnessing a surge in demand. The increasing deployment of aqueous acetonitrile for agricultural activities is expected to have a positive influence on the overall acetonitrile market.

Acetonitrile has also witnessed an increased demand in other processes such as drug recrystallization, which is anticipated to fuel the growth in the acetonitrile market, in the coming years.

Acetonitrile Market - Competitive Landscape

The global acetonitrile market has several well-established players, who are looking to adopt various product strategies in a bid to remain competitive.

Leading players could use acetonitrile as a derivative to manufacture new products, which would provide more benefits than predecessor products and could witness increased demand, thereby helping in the growth of acetonitrile market.

Prominent players may also collaborate with smaller players in a bid to expand their market presence and increase their revenue share.

R&D undertakings could be a key growth strategy for acetonitrile market players, in the coming years as well.

Some of the key players in the acetonitrile market include Avantor Performance Materials LLC, Formosa Plastics Corporation, Tedia Company Inc., Imperial Chemical Corporation, INEOS AG, and Asahi Kasei Corporation.

Acetonitrile Market - Regional Assessment

The global acetonitrile market is divided into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.

Asia Pacific is expected to be the leader in the global acetonitrile market in the coming years. Factors such as the increasing number of end-use industries in countries such as India and China are expected to be the key growth drivers for the acetonitrile market.

Also, R&D activities in these countries are also anticipated to fuel the growth in the acetonitrile market, in the coming years, in this region.

North America is expected to stand in second position, behind Asia Pacific. Some of the factors contributing to the growth of the acetonitrile market in this region include rising domestic oil production and the growing medical industry in countries such as U.S and Canada.

Europe is expected to be in third place, behind Asia Pacific and North America. Other regions such as Latin America and Middle East and Africa are expected to witness moderate growth in the acetonitrile market, in future, owing to the lack of presence of established players in this region.