The outbreak of Coronavirus disease (COVID-19) acted as a massive restraint on several industry markets in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. In the COVID-19 outbreak, there has been a significant disturbance in most industries across the globe. While a few industries experienced a contraction in their production and businesses, others faced severe outcomes such as the shutdown of businesses and movement restrictions. COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans and business shutdowns. The shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery, and sales of products in the global market. The global chemical and materials are one of the industries facing the negative impact of these conditions. However, with easing of restrictions due to declining cases and the availability of vaccines, the acetonitrile market will recover in the coming years.
MARKET OVERVIEW- GLOBAL ACETONITRILE MARKET
MARKET DRIVER
Acetonitrile is the simplest organic nitrile with a chemical formula. The growing demand for specialty solvents, polymer products, UV spectroscopy, lithium batteries and polarography are key factors driving the global acetonitrile market. The growing expansion of the pharmaceutical and chemical industries across the globe boosted the acetonitrile market growth. Acetonitrile is a clear, colourless liquid with a sweet and is an important intermediate for pharmaceutical and functional material chemicals. The growing demand from end-use industries like the pharmaceutical, pharmaceuticals, HPLC applications and biotechnological applications across the globe drive the acetonitrile market growth. In addition, increased adoption of the compound in the pharmaceutical industry to cast and mold plastic materials and extract fatty acids from animal and vegetable oils boosts the acetonitrile market growth. Moreover, the growing demand for recrystallization of drugs in the pharmaceutical industry is expected to fuel the growth of the Acetonitrile market.
MARKET RESTRAIN
Restricted production owing to environmental issues has reduced the supply of product form outside. Also, excessive human exposure to Acetonitrile may result in central nervous system damage and cardiovascular damage due to cyanide formation in the body. Although there are numerous end-users for the acetonitrile, but growing raw material prices and shortages in supply hinder the growth of the global Acetonitrile market.
MARKET OPPORTUNITY
The growing awareness of personal hygiene and self-care products is expected to boost the demand for the Acetonitrile Market. Besides, a rising demand for acetonitrile in various industries such as pharmaceuticals and chemicals.
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MARKET GROWTH CHALLENGE
Rising research and development activity to develop substitute products is hampering the Acetonitrile market growth. Furthermore, the need for technically qualified personnel to handle Acetonitrile is a major challenge to the Acetonitrile market.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of global acetonitrile market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. The growing expansion of pharmaceutical and chemical industries is expected to witness the acetonitrile market growth at a specific CAGR from 2022-2028.
MARKET SEGMENT OVERVIEW
The global Acetonitrile market comprises of different market segment like system Type, application and geography.
ACETONITRILE MARKET BY TYPE
The types studied in the global Acetonitrile market are, Derivative and Solvent. The Solvent segment accounts for the largest share in the Acetonitrile market. Acetonitrile is used as a solvent in the manufacturing of insulin and other antibiotics. Besides, as a solvent, it is used for polymer spinning and casting, DNA synthesis and peptide sequencing, and non-aqueous titrations. Also, it is used in purification of butadiene in refineries, the extraction process of hydrocarbons, production of synthetic pharmaceuticals, casting and moulding of plastic materials, manufacturing of rubber, and for extraction of fatty acids from animal and vegetable oil. Moreover, due to its ability to dissolve electrolytes and the high dielectric constant acetonitrile solvent used in battery application
ACETONITRILE MARKET BY APPLICATION
The Acetonitrile market finds its application in the pharmaceutical analytical industry, agrochemical extraction. The pharmaceutical industry accounts for the largest share in the acetonitrile market. The use of acetonitrile in pharmaceutical products has grown in recent years due to improved living standards in industrialized countries. The growing demand for recrystallization of drugs from the pharmaceutical industry increases demand for acetonitrile. The pharmaceuticals industry uses acetonitrile as a reagent reaction solvent, or extraction solvent. Furthermore, Acetonitrile is used as a starting material to synthesize vitamins A and B1, carbonate drugs, cortisone and some amino acids. Also, it is used as a solvent in the production of insulin and antibiotics, including third-generation cephalosporin’s.
ACETONITRILE MARKET BY GEOGRAPHY
On the basis of geography, the Acetonitrile market is segmented into, North America, Asia-pacific, Europe, and the rest of the world. The Asia-Pacific region segment commanded the largest share in the Acetonitrile market. The increasing number of end-use industries in countries such as India and China are the key countries for the growth of the acetonitrile market in the region. Also, increasing research and development activities for the development of new medicines and pesticides in these regions are fuelling the growth in the acetonitrile market. Besides, an increasing population and the growing expansion of the pharmaceutical and chemical industries is increasing demand for the acetonitrile market.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the global acetonitrile market is certainly based on the range of market players operating in the packaging industry. The acetonitrile market is highly competitive due to the presence of a large number of players in the market. The key player offers a wide range of acetonitrile based on type. The market has major competitive analysis based on the new product, eco-friendly products, quality, and price. The players operating in the global acetonitrile market are adopting different strategies to cater to consumer demand.
The key players studied in the market are, INEOS AG, Asahi Kasei Corporation, Nova Molecular Technologies, Formosa Plastics Corporation, Avantor Performance Materials LLC, Imperial chemical corporation, Filo chemical, Neuchem Continental Industries Group, Steriling chemicals, Dupont, CNPC Jilin Chemical, Alzchem AG, BP chemicals, J.T baker chemicals, AnQore, GFS Inc., Purification Technologies and among others.
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