Specialty Nitriles Market: Overview

During manufacturing of acrylonitrile, specialty nitriles are produced as the end products of it. Specialty nitriles include nitriles such as acetonitrile, oxazole, hydrogen cyanide, acetone cyanohydrin, and ammonium sulphate. Nitriles is an organic compound, which has a triple bond between carbon and nitrogen. These are also known as cyanides.

Specialty Nitriles Market: Drivers & Restraints

Increase in demand for specialty nitriles from the pharmaceutical sector in developing economies is a key driver for the specialty nitriles market. Additionally, rise in deposable income is fueling the demand for automotive across the globe. This, in turn, is anticipated to drive the market across all regions, as specialty nitriles is employed in the manufacturing of vehicles tire. Specialty nitriles emit hazardous fumes into the environment, which is likely to restrain the global market.

Specialty Nitriles Market: Key Segments

Based on type, the global specialty nitriles market can be segmented into acetonitrile, oxazole, hydrogen cyanide, acetone cyanohydrin, and ammonium sulphate. Acetonitrile is an important byproduct derived from the manufacturing of acrylonitrile ammoxidation of propene or propane. Acetonitrile is extensively employed used as a solvent to synthesize vitamins A and B1, cortisone, carbonate drugs, and other amino acids. Acetonitrile is also used as a solvent in the production of insulin, antibiotics, and cephalosporins. Additionally, it is employed in finding out the content of pesticide and insecticide in food, feed, water, or soil samples. Acetonitrile is used as a solvent for UV spectrum and polarography. Oxazole is co-product obtained during processing of acrylonitrile by ammoxidation of propylene. Oxazole is used as an oil additive and as a solvent in industrial applications. Hydrogen cyanide is a highly volatile, colorless, and extremely poisonous in nature. Hydrogen cyanide is used for electroplating, mining of gold and silver, fumigation, chemical synthesis, and to manufacture synthetic fibers, plastics, dyes, and pesticides. Acetone cyanohydrin is a raw material produced from methacrylic acid and its esters, primarily methyl methacrylate. Methyl methacrylate is utilized to manufacture acrylic sheets, hot tubs, and surface coatings in the automotive industry.

In terms of end-use, the global specialty nitriles market can be segregated into automotive, pharmaceutical, paints & coatings, agrochemical, and others (including plastics). The automotive segment is likely to dominate the global market during the forecast period. Hydrogen cynide, a specialty nitrile, finds usage in the production of adiponitrile, which is a precursor to Nylon-6, 6. It finds application in the manufacture of products such as acrylonitrile, adiponitrile, cyanogen chloride, cyanuric chloride, acrylates, methacrylates, cyanide, and ferrocyanide. Owing to these diverse application, is anticipated to drive the global specialty nitriles market.

Specialty Nitriles Market: Regional Outlook

Based on region, the global specialty nitriles market can be divided into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific is anticipated to constitute major share of the global market during the forecast period. The specialty nitriles market in Asia Pacific is estimated to expand at a rapid pace due to the rise in per capita income of people across the region. Increase in income has propelled the usage of automotive in the region. Rise in use of specialty nitriles for manufacturing rubber products is estimated to propel the specialty nitriles market in Asia Pacific.

Specialty Nitriles Market: Key Players

Prominent players operating in the global specialty nitriles market include INEOS AG, Ascend Performance Materials, EMERALD PERFORMANCE MATERIALS, LLC, and Asahi Kasei Corporation. The global market is dominated by a few players and they are mainly engaged in research & development activities, strategic alliances, and mergers & acquisitions to gain higher market share.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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