New York, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The global Benzonitrile Market is expected to witness significant growth at a remarkable CAGR of 3.6% during the forecast period of 2023-2031. Factors such as increasing demand from the healthcare sector and wide applications in the textile industry are accelerating the demand for benzonitrile, which, in turn, is boosting market growth. In addition, technological advancements in the production process of benzonitrile will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the benzonitrile market is poised for strong expansion and is expected to reach USD 329.65 million by 2031 and USD 247.63 million by 2023. The market, which was valued at USD 240.05 million in 2022, is predicted to grow at a compound annual growth rate of 3.6% during the period 2023-2031. The report highlights the increasing demand from the healthcare sector, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the Benzonitrile market.
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Benzonitrile is a chemical compound that is a colorless liquid with a sweet, almond-like odor. Benzonitrile is a versatile chemical that is used in a variety of industries, including the pharmaceutical industry, chemical industry, and others. In the pharmaceutical industry, benzonitrile is used as an intermediate in the production of a variety of drugs, such as antibiotics, antifungals, and antiviral drugs. Benzonitrile is a relatively safe chemical, but it is important to handle it with care.
Global Benzonitrile Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 (USD Million) | USD 329.65 Million |
| CAGR (2023-2031) | 3.6% |
| By Type | Up to 70%, Up to 90%, and Up to 99% |
| By Application | Drugs, Perfumes, Dyes, Rubber, Fabric, and Others |
| By End-use Industry | Chemical, Pharmaceutical, Textile, and Others |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Lonza, BASF, Evonik, Dow Chemical, Clariant, Huntsman, Eastman Chemical, Chemsavers Inc., Vineeth Precious Catalysts Pvt. Ltd., and Triveni Chemicals |
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Global Benzonitrile Market Segmentation Details:
Based on Type, the up to 99% segment contributed the largest shares of 46.30% to the market growth in 2022. This is owing to 99% benzonitrile, being a high-purity grade of benzonitrile, and thus is widely demanded in different applications where a high degree of purity is required, such as in the pharmaceutical and fine chemical industries.
Based on Application, the dyes segment contributed the largest shares to the market growth in 2022. Benzonitrile is used as an intermediate in the production of a variety of dyes, such as azo dyes and anthraquinone dyes. These dyes are widely demanded to color a variety of textile products, including clothing, carpets, and upholstery. It is a versatile and inexpensive intermediate that can be used to produce a variety of dye molecules as it provides high color strength and durability. Hence, due to the aforementioned benefits of benzonitrile in dyes, the segment is experiencing significant growth in the benzonitrile market.
Based on End-Use Industry, the textile segment contributed the largest shares to the market growth in 2022. The chemical can be used to create a water-repellent finish on textile products. Also, the product is widely used for the production of activewear, such as running shoes and yoga pants. Benzonitrile is widely used in the production of home textiles as well, such as curtains, carpets, and upholstery, and in the production of industrial textiles, such as conveyor belts and tarpaulins. Also, the growing textile industry globally is leading to larger usage of benzonitrile in the market.
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Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution of 36.50% to the market growth. The economies of Asia Pacific are growing rapidly, which is leading to increased industrial activity and growing demand for benzonitrile. Increasing demand for the chemical from end-use industries is driving the benzonitrile market growth further. Also, increasing industrialization in this region is acting as a catalyst for a larger demand for benzonitrile.
Competitive Landscape
Lonza, BASF, and Evonik are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of benzonitrile. Further, the benzonitrile market is expected to grow steadily due to technological advancements in the production process of benzonitrile, especially in the regions such as the Asia Pacific, and North America are estimated to boost the market statistics in the coming years.
Recent Developments
- In October 2022, Dow, the world’s leading materials science company, and CAS, a division of the American Chemical Society, have established a strategic collaboration focused on digital capabilities that accelerate research and development and identify new opportunities within key growth areas around the world.
- In October 2022, Clariant completed the acquisition of BASF’s U.S. Attapulgite business assets for USD 60 million in cash. The acquisition extends Clariant’s North American footprint and underpins Clariant’s bolt-on acquisition strategy and sustainability focus.
Key Market Takeaways
- Asia Pacific accounted for the highest market share at 36.50% valued at USD 87.62 million in 2022 and USD 90.51 million in 2023, and is expected to reach USD 120.72 million in 2031. Moreover, in Asia Pacific, China accounted for the highest market share of 22.04% during the base year of 2022.
- Based on type, the up to 99% segment accounted for the highest share contribution of 46.30% to the benzonitrile market statistics in 2022.
- Based on application, the dyes segment accounted for the highest share contribution to the benzonitrile market statistics in 2022.
- Based on end-use industry, the textile segment accounted for the highest share contribution to the benzonitrile market statistics in 2022.
- North America is expected to boost the market demand for benzonitrile due to increasing demand from the textile and pharmaceutical sectors in the region.
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List of Major Global Benzonitrile Market:
- Lonza
- BASF
- Evonik
- Dow Chemical
- Clariant
- Huntsman
- Eastman Chemical
- Chemsavers Inc.
- Vineeth Precious Catalysts Pvt. Ltd.
- Triveni Chemicals
Global Benzonitrile Market Segmentation:
- By Type
- Up to 70%
- Up to 90%
- Up to 99%
- By Application
- Drugs
- Perfumes
- Dyes
- Rubber
- Fabric
- Others
- By End-use Industry
- Chemical
- Pharmaceutical
- Textile
- Others
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Frequently Asked Questions in the Benzonitrile Market Report
- What was the market size of the benzonitrile industry in 2022?
- In 2022, the market size of benzonitrile was USD 240.05 million.
- What will be the potential market valuation for the benzonitrile industry by 2031?
- In 2031, the market size of benzonitrile will be expected to reach USD 329.65 million.
- What are the key factors restraining the growth of the benzonitrile market?
- Prevalence of alternatives is restraining the market growth at the global level.
- What is the dominating segment in the benzonitrile market by type?
- In 2022, the up to 99% segment accounted for the highest market share of 46.30% in the overall benzonitrile market.
- Based on current market trends and future predictions, which geographical region is growing at the fastest CAGR over the forecast period in the benzonitrile market?
- North America region is growing at the fastest CAGR over the forecast period in the benzonitrile market.
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