Acetonitrile Market by Type (Derivative, Solvent), Application (Organic Synthesis, Analytical Applications, Extraction), End-use Industry (Pharmaceutical, Analytical industry, Agrochemical), Region - Global Forecast to 2028
Acetonitrile Market
The global acetonitrile market is valued at USD 439 million in 2023 and is projected to reach USD 595 million by 2028, growing at 6.2% cagr from 2023 to 2028. Acetonitrile, also known as cyanomethane or methyl cyanide, is a colorless liquid. Acetonitrile is an organic nitrile primarily produced as a by-product of acrylonitrile. It is widely used in the pharmaceutical industry as a reaction solvent, reagent, or extraction solvent. The acetonitrile market is expected to witness considerable growth during the forecast period, owing to the increasing production of engineered drugs, generic pharmaceuticals, and pesticides across the globe.
Attractive Opportunities in Acetonitrile Market Trends
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Acetonitrile Market Dynamics
Driver: Acetonitrile’s versatile properties as a chemical building block driving the demand in the pharmaceutical industry
Acetonitrile's versatile properties and role as a chemical building block make it a highly sought-after compound in the pharmaceutical industry. Acetonitrile acts as a versatile chemical building block in the synthesis of pharmaceutical intermediates. Its unique structure allows it to undergo various chemical transformations, such as nucleophilic addition and substitution reactions. These reactions are essential for creating complex molecular structures found in pharmaceutical compounds. Acetonitrile-derived intermediates can be further modified to produce active pharmaceutical ingredients (APIs), the key components of pharmaceutical formulations.
Restraint: Increasing demand for substitute product prionil
The acetonitrile shortage of 2008 and the imbalance in acrylonitrile and acetonitrile relationship has led to the introduction of a substitute for acetonitrile called Prionil. Prionil from Ascend Performance Materials (US) is a colorless liquid used in the manufacturing of amides, amines, ketones, and acids. It is also known as ethyl cyanide, propionitrile, or propanenitrile. Prionil has similar solvency properties to acetonitrile, and it is also cost-effective. It is used as a solvent in various industries, including pharmaceuticals and agrochemicals, among others. The increasing demand for Prionil acts as a restraint for the acetonitrile market.
Opportunity: Increasing demand from various applications
Acetonitrile's purity, low residue formation, and solvent properties have found applications in the electronics industry. It is used in cleaning processes to remove contaminants and residues from semiconductor surfaces during chip manufacturing. The controlled and precise nature of acetonitrile as a cleaning agent contributes to the production of high-quality and reliable electronic components. The increasing consumption of acetonitrile in applications other than the pharmaceutical and analytical industry has boosted the growth of the acetonitrile market.
Challenge: Environmental concerns and toxicity issues associated with acetonitrile usage
While acetonitrile offers diverse applications and benefits, its usage has raised notable environmental and health concerns. These concerns revolve around its potential impact on ecosystems, human health, and workplace safety. Understanding these issues is crucial for adopting responsible practices. Developed countries, including Germany, the US, and Japan, are focusing on increased use of environmentally friendly products instead of petroleum-based products. The European Union (EU) has been more insistent than the US and Japanese governments regarding the same. It insists on the use of bio-based materials, encouraging recyclability of vehicle components, or making the automotive manufacturers responsible for disposal at the end of the vehicle’s service life. Although the requirements in North America are not stringent for automotive manufacturers, they are in other markets around the world. In addition, the European Union has emphasized using recyclable and biodegradable parts for automotive. This would boost the use of acetonitrile during the forecast period. These regulations are expected to increase the use of Acetonitrile in automotive, building & construction, electrical & electronics, and other applications.
Acetonitrile Market Ecosystem
Extraction application of acetonitrile to register the third largest market share in the acetonitrile market.
Acetonitrile is a polar solvent, which makes it more electronegative than carbon. This property of acetonitrile makes it the most preferred choice of organic nitrile for the extraction of fatty acids, animal and vegetable oils, unsaturated petroleum hydrocarbons, and others. During the forecasted years, the extraction segment is expected to witness the highest CAGR.
Based on type, the derivative segment is anticipated to register the highest CAGR in the acetonitrile market.
During forecasted years, the derivative type of acetonitrile is expected to show highest growth across the world. The derivative type acetonitrile is finding a wide range of applications in analytical applications, pharmaceutical, and other end-use industries. Due to extending research & developments in various end-use sectors, the analytical grade acetonitrile in the derivative form is expected to show significant growth in the future.
Agrochemical end-use industry of acetonitrile to register third largest market share in the acetonitrile market.
Acetonitrile is used in the agrochemical industry as a raw material. It is mainly used as an agricultural pesticide. Acetonitrile is used in pesticides, along with other compounds, for the extraction of fatty acids and vegetable oils or pesticide residue. The agrochemical segment is projected to grow with moderate CAGR during the forecast period.
Asia Pacific to hold the largest market share of acetonitrile market during the forecast period.
The Asia Pacific is a major market for acetonitrile. The increasing production of acetonitrile to cater to the domestic requirements for pharmaceutical medicaments and the rising number of exports of HPLC-grade acetonitrile are factors fuelling the demand for acetonitrile in the region. Moreover, the rise in population and the growing number of end-use industries in the Asia Pacific region has also led to the growth of acetonitrile, thereby propelling the growth of the Asia Pacific acetonitrile market. Also, the increasing focus on the development of better-quality medicines and pesticides has also led to an increase in demand for acetonitrile. Japan, China, and India are the major countries contributing to the growth of the Asia-Pacific acetonitrile market.
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Acetonitrile Market Players
The acetonitrile market is dominated by a few globally established players such as INEOS AG (Switzerland.), Asahi Kasei Corporation (Japan), Nova Molecular Technologies (US), PetroChina Co. Ltd. (China), Formosa Plastic Corporation (Taiwan), ShengHong Petrochemical Group Co., Ltd. (China), Avantor Performance Materials LLC (US), Imperial Chemical Corporation (Taiwan), Tedia Company Inc. (US), Avantor Performance Materials, LLC (US), Shanghai Secco Petrochemical Company Limited (China), Qingdao Shida Chemical Co., Ltd. (China), and Nantong Acetic Acid Chemical Co., Ltd. (China), among others, are the key manufacturers that secured major contracts in the last few years. The major focus was given to the contracts and new product development due to the changing requirements across the world.
These companies are pursuing a variety of inorganic and organic strategies in order to gain a foothold in the acetonitrile market. The research includes a detailed competitive analysis of these key players in the acetonitrile market, including recent developments, company profiles, and key market strategies.
Acetonitrile Market Report Scope
|
Report Metric |
Details |
|
Market Size Value in 2023 |
USD 439 million |
|
Revenue Forecast in 2028 |
USD 595 million |
|
CAGR |
6.2% |
|
Market size available for years |
2018–2028 |
|
Base year considered |
2022 |
|
Forecast period |
2023–2028 |
|
Units considered |
Value (USD billion/million), Volume (Kiloton) |
|
Segments Covered |
By Type, By Application, By End-use Industry, and by Region |
|
Geographies covered |
Europe, North America, Asia Pacific, Latin America, the Middle East, and Africa |
|
Companies covered |
INEOS AG (Switzerland.), Asahi Kasei Corporation (Japan), Nova Molecular Technologies (US), PetroChina Co. Ltd. (China), ShengHong Petrochemical Group Co., Ltd. (China), Formosa Plastic Corporation (Taiwan), Avantor Performance Materials LLC (US), Imperial Chemical Corporation (Taiwan), Tedia Company Inc. (US), Avantor Performance Materials, LLC (US), Shanghai Secco Petrochemical Company Limited (China), Qingdao Shida Chemical Co., Ltd. (China), and Nantong Acetic Acid Chemical Co., Ltd. (China). |
The study categorizes the acetonitrile market based on type, application, end-use industry, and region.
By Type:
- Derivative
- Solvent
By Application:
- Organic Synthesis
- Analytical Applications
- Extraction
- Others
By End-use Industry:
- Pharmaceutical
- Analytical Industry
- Agrochemical
- Other
By Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
Recent Developments
- In July 2022, PetroChina launched a $4.52 billion program to expand a subsidiary refinery in southern China into an integrated petrochemicals complex.
- In April 2022, INOES AG has planned to invest in the world-scale acetonitrile manufacturing facility in Koln, Germany. This new facility aims to enhance the supply position of the company in the European region, along with catering to the healthcare sector of the region.
- In March 2022, Tedia Company, Inc. partnered with New York-based Newbold Enterprises Fairfield. This partnership is aiming towards the strategic expansion of Tedia’s capacity and capabilities.
- In August 2021, Nova Molecular Technologies, Inc. expanded its high purity-solvents business by opening a new facility in South Carolina, US. Full construction of this new facility is expected to be done by 2024.
- In October 2020, Nova Molecular Technologies, Inc. announced the plans for expansion of operations in the Sumter Country. This expansion includes an investment of USD 14.9 million, aiming to increase manufacturing operations.
Frequently Asked Questions (FAQ):
Which are the major companies in the acetonitrile market? What are their major strategies to strengthen their market presence?
Some of the key players in the acetonitrile market are INEOS AG (Switzerland.), Asahi Kasei Corporation (Japan), Nova Molecular Technologies (US), PetroChina Co. Ltd. (China), Formosa Plastic Corporation (Taiwan), ShengHong Petrochemical Group Co., Ltd. (China), Avantor Performance Materials LLC (US), Imperial Chemical Corporation (Taiwan), Tedia Company Inc. (US), Avantor Performance Materials, LLC (US), Shanghai Secco Petrochemical Company Limited (China), Qingdao Shida Chemical Co., Ltd. (China) are some of the key manufacturers that secured expansions, acquisitions, and deals in the last few years.
What are the drivers and opportunities for the acetonitrile market?
The versatile properties of acetonitrile make it suitable to be used in a wide range of applications, and growing applications in various end-use industries can be a driver and opportunity, respectively.
Which region is expected to hold the highest market share?
In 2022, Asia Pacific dominated the global acetonitrile market, showcasing strong demand for acetonitrile from this region.
What is the total CAGR expected to be recorded for the acetonitrile market during 2023-2028?
The CAGR is expected to record a CAGR of 6.2% from 2023-2028.
How is the acetonitrile market aligned?
The market is growing at a significant pace. The market is a potential market, and many manufacturers are planning business strategies to expand their existing business. .
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The study involves two major activities in estimating the current market size for the acetonitrile market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources referred to for this research study include financial statements of companies offering acetonitrile and information from various trade, business, and professional associations. The secondary data was collected and analyzed to arrive at the overall size of the acetonitrile market, which was validated by primary respondents.
Primary Research
Extensive primary research was conducted after obtaining information regarding the acetonitrile market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Primary data was collected through questionnaires, emails, and telephonic interviews. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors from business development, marketing, product development/innovation teams, and related key executives from acetonitrile industry vendors; system integrators; component providers; distributors; and key opinion leaders. Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to technology, application, vertical, and region. Stakeholders from the demand side, such as CIOs, CTOs, CSOs, and installation teams of the customer/end users who are using the acetonitrile industry, were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of acetonitrile and future outlook of their business which will affect the overall market.
The Breakup of Primary Research :
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|
COMPANY NAME |
DESIGNATION |
|
INOES AG |
Product Development Head |
|
Asahi Kasei Corporation |
Director |
|
Avantor Performance Materials LLC |
Consultant |
|
Nova Molecular Technologies |
Sales Head |
Market Size Estimation
The research methodology used to estimate the size of the acetonitrile market includes the following details. The market sizing of the market was undertaken from the demand side. The market was upsized based on procurements and modernizations in acetonitrile in different type applications of the acetonitrile at a regional level. Such procurements provide information on the demand aspects of the acetonitrile industry for each application. For each application, all possible segments of the acetonitrile market were integrated and mapped.
Acetonitrile Market Size: Bottom-Up Approach
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Acetonitrile Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall size from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
Acetonitrile is a colorless liquid with the chemical formula CH3CN. Acetonitrile is a by-product of acrylonitrile and is majorly used as a solvent in various applications. It is also used as an intermediate or raw material in various applications. The major end-use industry of acetonitrile includes pharmaceutical, analytical, agrochemical, and others. It is widely used as a solvent in various chemical processes and also as a starting material for the synthesis of chemical compounds.
Key Stakeholders
- Senior Management
- End User
- Finance/Procurement Department
- R&D Department
Report Objectives
- To define, describe, segment, and forecast the size of the global acetonitrile based on type, application, end-use industry, and region
- To forecast the market size of segments with respect to various regions, including North America, Europe, Asia Pacific, Latin America, Middle East & Africa, along with major countries in each region
- Europe, Asia Pacific, Latin America, Middle East & Africa, along with major countries in each region restraints, opportunities, and challenges) influencing the growth of the market
- To identify and analyze key drivers, restraints, opportunities, and challenges influencing the growth of the acetonitrile market
- To analyze technological advancements and product launches in the market
- To strategically analyze micro markets with respect to their growth trends, prospects, and their contribution to the market
- To identify financial positions, key products, and key developments of leading companies in the market
- To provide a detailed competitive landscape of the market, along with a market share analysis
- To provide a comprehensive analysis of business and corporate strategies adopted by the key players in the market
- To strategically profile key players in the market and comprehensively analyze their core competencies
Available Customizations
MarketsandMarkets offers the following customizations for this market report:
- Additional country-level analysis of the acetonitrile market
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company's market
Growth opportunities and latent adjacency in Acetonitrile Market