New Delhi, July 25, 2024 (GLOBE NEWSWIRE) -- The global acetonitrile market is projected to reach valuation of US$ 626.6 million by 2032, up from US$ 390.3 million in 2023, growing at a CAGR of 5.4% during the forecast period 2024-2032.
The demand for acetonitrile is experiencing a significant surge, driven by its extensive use in various applications such as solvents, pharmaceuticals, agrochemicals, and dyes & pigments. Acetonitrile is a versatile chemical, essential in the production of acetamide, which is used in manufacturing plastics, fibers, and resins. The global acetonitrile market is projected to grow at a CAGR of 5.4% during the forecast period, reflecting its increasing importance in these industries. The pharmaceutical sector, in particular, is a major consumer, utilizing acetonitrile for drug synthesis, purification, and analysis. Additionally, the compound's role in the production of lithium-ion batteries, which are crucial for electric vehicles and portable electronics, further boosts its demand.
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Acetonitrile's excellent solvent properties, high polarity, and ability to dissolve a wide range of organic and inorganic compounds make it indispensable across various industries. It is widely used in the pharmaceutical industry, not only for drug synthesis but also in the production of vitamins A and B1, cortisone, and antibiotics. The agrochemical industry also relies heavily on acetonitrile for the synthesis of pesticides and herbicides. Furthermore, its application extends to the extraction of fatty acids from animal and vegetable oils, dyeing textiles, and as a stabilizer in coating compositions. The compound's low toxicity and non-flammability enhance its safety profile, making it a preferred choice over other solvents like dichloromethane.
The Asia-Pacific region is anticipated to dominate the acetonitrile market during the forecast period, driven by the burgeoning demand in countries like China and India. This region's growth is fueled by the expanding pharmaceutical and agrochemical industries, coupled with increasing environmental regulations that promote the use of safer solvents. In 2023, China emerged as the largest consumer of acetonitrile, followed closely by the Americas, India, and Europe. The market's expansion is also supported by investments in local production facilities aimed at reducing manufacturing costs and import dependencies. As industries continue to innovate and expand, the demand for acetonitrile is expected to rise, solidifying its critical role in modern manufacturing processes.
Key Findings in Global Acetonitrile Market
| Market Forecast (2032) | US$ 626.6 Million |
| CAGR | 5.4% |
| Largest Region (2023) | Asia Pacific (50.5) |
| By Type | Solvent (57.8%) |
| By Grade | 99.90% (40.9%) |
| By Application | Pharmaceutical (41.39%) |
| By End Users | Pharma Industry (48.9%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Acetonitrile Market is Grappled with Rising Raw Material Cost and Fluctuating Production Output
The acetonitrile market is facing challenges due to the rising costs of raw materials and weak demand, leading to many companies suspending or reducing production. Despite this, there are positive indications for the industry's future, with new capacity being added in Asia and growing demand from the pharmaceutical sector. The pharmaceutical industry accounts for 41.39% of total acetonitrile consumption, while the electronics sector represents 25%. China has emerged as the largest producer, contributing 35% of global acetonitrile output. The average price of acetonitrile has increased by 15% over the past year, reaching $2,800 per metric ton. Environmental regulations have led to a 20% reduction in production capacity in Europe and North America combined.
The current trend of rising raw material costs presents a significant challenge for the acetonitrile industry, leading to production suspensions and reductions by several companies. The economic slowdown in Europe has also contributed to weak demand and a decline in chemical consumption. However, there are positive developments in the industry, particularly in Asia where new capacity is being added in China and South Korea to meet the growing regional demand. The pharmaceutical sector is also a major driver of growth for the acetonitrile market, with the compound being a key starting material for the synthesis of various active pharmaceutical ingredients (APIs). The Asia-Pacific region is expected to witness the highest growth rate of 6.5% in acetonitrile demand over the next five years. Research and development expenditure in the pharmaceutical industry has increased by 8% annually, driving demand for high-purity acetonitrile.
The global acetonitrile recycling market has grown by 30% in the past three years, addressing sustainability concerns. In April 2022, Ineos, based in London, revealed its plan to invest in a world-scale acetonitrile production plant at its primary operating site in Köln, Germany. The proposed facility is expected to have an annual production capacity of 15,000 metric tons. This investment aligns with the industry's efforts to increase production capacity, which has seen a 10% overall increase globally since 2020.
Pharma Industry to Remain the Largest Consumer of Acetonitrile and Contribute over 48.9% Revenue to Global Acetonitrile Market
Acetonitrile is a versatile chemical widely utilized across various industries, with the pharmaceutical sector emerging as the predominant consumer. Pharmaceutical companies are projected to consume the majority of the acetonitrile, according to recent reports by Astute Analytica. This substantial consumption is primarily driven by acetonitrile's critical applications in drug synthesis, purification, and analysis. It serves as a solvent in the manufacturing of essential pharmaceutical products, including antibiotics, antiseptics, antifungals, and steroids. Acetonitrile is also pivotal in the purification of drugs through liquid chromatography and in the precise analysis of drug compounds, highlighting its indispensable role in ensuring the quality and efficacy of pharmaceuticals.
In addition to its pharmaceutical applications, acetonitrile is employed in the chemical and manufacturing industries for the production of plastics, fibers, and rubber. However, the pharmaceutical industry's dominance in acetonitrile consumption is underscored by its extensive and diverse usage in drug manufacturing and analytical processes. Recent study further emphasize this trend: the global acetonitrile market size is projected to grow significantly in the next few years. The market revenue is expected to rise substantially, indicating strong demand. The pharmaceutical sector remains the largest end-use consumer, and geographical demand is highest in mainland China, followed by the Americas, India, and Europe. Moreover, acetonitrile's role in analytical chemistry and organic synthesis continues to expand, and efforts to enhance its recyclability from pharmaceutical waste are underway, further solidifying its position as a critical component in modern industry.
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Acetonitrile of 99.90% Purity Grades Takes Dominant Role in Market with Revenue Share of Over 40.9%
The dominance of the 99.90% grade is also reflected in its widespread availability and usage across various industries. For example, in the chemical and environmental testing sectors, the 99.90% grade is favored for its ability to provide accurate and reliable results without the need for the highest purity levels, which are often unnecessary for these applications. The pharmaceutical industry, which is a major consumer of acetonitrile, particularly values the 99.90% grade for its role in the synthesis and analysis of active pharmaceutical ingredients (APIs). The cost savings associated with using the 99.90% grade over the 99.99% grade can be substantial, especially when large volumes are required, making it an economically viable option for routine quality control and research and development activities.
Moreover, the consistent quality and performance of the 99.90% grade have led to its adoption in regulatory and compliance testing, where reproducibility and reliability are paramount. The ability to meet stringent regulatory standards without incurring the higher costs of ultra-high purity solvents makes the 99.90% grade an attractive option for many laboratories. As industries continue to seek cost-effective solutions without compromising on quality, the demand for acetonitrile at 99.90% purity is expected to remain strong, supported by ongoing advancements in analytical technologies and the increasing complexity of analytical requirements.
Top 5 Players Hold Over 71% Revenue of Global Acetonitrile Market
INEOS AG stands out as a leader in the acetonitrile market with revenue share of over 25.1% due to its extensive global reach and diversified portfolio in petrochemicals, plastics, and oil and gas. The company's strategic investments, such as the establishment of a world-scale acetonitrile manufacturing plant in Kln, Germany, highlight its commitment to maintaining a dominant position in the market. INEOS's ability to leverage economies of scale and its robust supply chain infrastructure enable it to offer competitive pricing and reliable supply, which are critical factors in the acetonitrile market.
Asahi Kasei Corporation is another key player, renowned for its innovation and comprehensive product offerings in industrial chemicals and synthetic fibers. The company's focus on sustainability and carbon neutrality, as evidenced by its recent investments in eco-friendly technologies, positions it favorably in a market increasingly driven by environmental considerations. Asahi Kasei's long-standing reputation and continuous improvement in production processes ensure high-quality acetonitrile, catering to the stringent requirements of pharmaceutical and analytical industries.
Shanghai SECCO Petrochemical Co., Ltd. and Nova Molecular Technologies, Inc. also play significant roles in the acetonitrile market. Shanghai SECCO benefits from its strategic location in China, a major hub for chemical manufacturing, which allows it to efficiently serve the growing demand in the Asia-Pacific region. Nova Molecular Technologies, on the other hand, focuses on high-purity solvents and has expanded its capabilities with a new facility in South Carolina, enhancing its production capacity and market reach. Avantor Performance Materials, LLC excels in providing high-quality acetonitrile for laboratory and pharmaceutical applications, leveraging its strong distribution network and customer-centric approach to maintain a competitive edge.
Global Acetonitrile Market Key Players:
- Asahi Kasei Corporation
- Avantor Performance Materials, LLC
- Concord Technology (Tianjin) Co., Ltd.
- Concord Technology (Tianjin) Co., Ltd.
- Formosa Plastic Corporation
- GFS Chemicals, Inc.
- Honeywell Research Chemicals
- Imperial Chemical Corporation
- INEOS AG
- Mitsubishi Chemical Corporation
- Nantong Acetic Acid Chemical Co., Ltd.
- Nova Molecular Technologies, Inc.
- Pharmco-Aaper
- Qingdao Shida Chemical Co., Ltd.
- Robinson Brothers
- Shanghai Secco Petrochemical Company Limited
- Standard Reagents Pvt. Ltd.
- Taekwang Industrial Co., Ltd
- Tedia Company, Inc
- Unicel
- Other Prominent Players
Key Market Segmentation:
By Type:
- Derivative
- Solvent
By Grade (Purity):
- 99.99%
- 99.9%
- 99.8%
- 99.5%
- Others
By Application:
- Laboratory
- DNA and RNA Synthesis
- Extraction
- High-Performance Liquid Chromatography (HPLC) Solvents
- Organic Synthesis
- Agricultural Chemical
- Pharmaceutical
- Synthetic Medicine
- Insulin
- Antibiotics
- Vitamins
- Extraction Solvent
- Synthetic Medicine
- Specialty Chemicals
- Others
By End-User:
- Agricultural Industry
- Analytical Industry
- Pharmaceutical Industry
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
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