The global acetonitrile market is projected to attain a valuation of US$ 292.23 million in 2023 and is estimated to reach US$ 499.17 million by 2033 while exhibiting a CAGR of 5.5% during the forecast period. The growth of the Acetonitrile market is attributed to its utilization across the pharmaceutical, and analytical industries.
Acetonitrile, often abbreviated MeCN, is a chemical compound with the formula CH. CN. This colorless liquid is the simplest organic nitrile. It is produced mainly as a byproduct of acrylonitrile manufacture. It is used as a polar aprotic solvent in organic synthesis and in the purification of butadiene. Asia Pacific is considered to be a dominant region for acetonitrile and derived its products, owing to the rising production of generic pharmaceuticals, engineered drugs, and pesticides in the region.
The major factor that is expected to propel the growth of the Acetonitrile Market during the forecast period includes the strong demand for acetonitrile from end-use industries like pharmaceutical manufacturing, biotechnological applications, electronics, specialty chemicals, and HPLC applications. The increasing prices of acetonitrile are one of the major factors that are expected to hamper the growth of the acetonitrile market during the forecast period.
2018 to 2022 Acetonitrile Market Outlook in Comparison to 2023 to 2033 Growth Forecast
The market of acetonitrile was worth US$ 229.63 million in 2018 and it reached a valuation of US$ 277 million in 2022 while securing a CAGR of 4.8% during the forecast period.
The major application of acetonitrile in the pharmaceutical industry as a key solvent for manufacturing antibiotics is a significant driving factor for market growth. Its favorable physical and chemical properties, including low freezing/boiling point and low viscosity, make it a preferred choice. Moreover, its low toxicity compared to other major solvents like hydrogen cyanide and dichloromethane adds to its safety profile, further boosting its demand in the pharmaceutical sector.
The market for acetonitrile is expected to be driven by its high demand in the pharmaceutical and agrochemical industry, where it is used to extract fatty acids from foods and vegetable oils. This surge in demand has led investors to invest in local production facilities to lower manufacturing costs and decrease imports. Additionally, the thriving manufacturing industry for specialty solvents is expected to further shape the demand for acetonitrile in the forthcoming years. The demand for acetonitrile across the globe is projected to rise at a CAGR of 5.5% during the forecast period.
Which are Some Prominent Drivers Spearheading Acetonitrile Market Growth?
Growing Use of Acetonitrile in Pharmaceutical and Petrochemical Industries to Fuel Market Expansion
The increasing use of acetonitrile in pharmaceutical and analytical industry applications is one of the major factors driving the growth of the acetonitrile market across the globe. Moreover, the flourishing pharmaceutical industry across the globe, along with the increased use of acetonitrile in the analytical industry is expected to drive the growth of the acetonitrile market during the forecast period.
The growing adoption of the compound in the pharmaceutical industry, predominantly as a solvent, to cast and mold plastic materials, and extract fatty acids from animals and vegetable oils, is expected to boost the market growth. Moreover, it’s escalating usage in the development of personal care and cosmetic products, including perfumes and acrylic nail removers, will also fuel the acetonitrile extraction activities in the upcoming years.
Acetonitrile grades are widely used in extractive distillation and separation of C4-hydrocarbons and olefin-diolefin mixtures across the petrochemical sector. Thus, the rapid expansion of the pharmaceutical and petrochemical industries is one of the major factors strengthening the acetonitrile market during the forecast period.
The growing demand for acetonitrile products such as acrylic fibers, polyacrylamide, and acrylic plastics is a major factor that is expected to accelerate the growth of the market during the forecast period.
What are the Challenges Faced by the Acetonitrile Industry?
High Cost and Supply Shortage to Restrain Industry Expansion
Although Acetonitrile has numerous end uses, the ever-increasing prices of acetonitrile, as well as the shortage in supply is expected to hamper the growth of the global Acetonitrile Market during the forecast period. In addition, alternatives such as solvents used in the pharmaceutical and analytical industries also possess a threat to the growth of the global acetonitrile market. Acetonitrile can be hazardous to human health during prolonged exposure.
The volatility in its supply, along with its relatively poor environmental profile, has asserted a negative influence on its use across laboratories and manufacturing processes over the past years, which in turn acts as a hindrance factor for the market.
Which Region is emerging as an Opportunistic Acetonitrile Market?
Increasing Production of Generic Pharmaceuticals to Drive Growth in the Region
Asia Pacific is expected to dominate the acetonitrile market and the trend is expected to continue into the forecast period owing to the rapidly rising production of generic pharmaceuticals, engineered drugs, and pesticides in the region. The Asia Pacific acetonitrile market is anticipated to grow at a significant CAGR of 5.7% during the forecast period. The region is expected to accumulate over 35.4% market share in 2023.
The continuously increasing population and a growing number of end-use industries in the region (especially in China and India) have also led to increased demand for acetonitrile in the Asia Pacific region. This, in turn, is fueling the growth of the Asia Pacific acetonitrile market. In addition, continuous Research and Development activities being carried out in the region for the development of new medicines and pesticides are also fueling the growth of the Asia Pacific acetonitrile market.
How is North America Contributing to the Growth of the Acetonitrile Market?
North America: A Lucrative Frontier for Industrial Diamond with Promising Acetonitrile Market Growth
According to Future Market Insights, North America is expected to provide immense growth opportunities for Industrial Diamond, with the United States expected to steer the bulk of all regional growth. The United States is one of the major producers of Acetonitrile. The demand for acetonitrile in the United States alone is expected to rise with a CAGR of 5.5% during the forecast period.
Several domestic and international Acetonitrile companies have a strong foothold in North America. In the region, the United States is a major market for acetonitrile, followed by Canada and Mexico, respectively. The region largely supports the growth of the acetonitrile market through effective manufacturing and trade policies. The solvent is produced mainly as the byproduct of acrylonitrile manufacture.
Competitive Landscape
Major market players are working closely with the end users to meet consumer requirements. Manufacturers are also providing design as well as consulting services to customers in order to strengthen their market position in global as well as regional markets.
The key industry players are Filo Chemical, NeuChem, Continental Industries Group, Achemica, GFS Inc., Sterling Chemicals, DuPont, CNPC Jilin Chemical, Asahi Kasei Medical Company Limited, Nova Molecular Technologies, BP Chemicals, AlzChem AG, Purification Technologies, Inc., J.T. Baker Chemicals.
