Acetonitrile Global Market Report 2023: Increasing Demand from Various End-User Industries Bolsters Growth
Dublin, May 03, 2023 (GLOBE NEWSWIRE) -- The "Acetonitrile Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 By Type (Derivative Acetonitrile and Solvent Acetonitrile), By Application, By Purpose, By Region and Competition" report has been added to ResearchAndMarkets.com's offering.
Global Acetonitrile Market is anticipated to witness robust growth in the forecast period, 2024-2028. The global acetonitrile market is expanding due to continuous demand from different end-user industries, such as pharmaceuticals, specialty chemicals, electronics, HPLC applications, and biotechnological applications.
Acetonitrile is a principal component in the pharmaceutical industry. Queen's University Belfast states that the pharmaceutical industry captures 70% of the global acetonitrile market. An increase in acetonitrile demand is due to various factors, such as its excellent solvation ability and properties like low freezing, boiling points, and toxicity.
Acetonitrile's use in liquid chromatography analyses is rising because of its exceptional physicochemical properties for separation and detection. However, much junk material is generated from fluid chromatography analysis using acetonitrile. Therefore, alternative substitutes like acetone and Ethyl Lactate are also entering the market due to their lesser carbon footprint and similar physicochemical properties as acetonitrile.
Additionally, acetonitrile use in the petrochemical industry further stimulates market growth. It is fully miscible in water and can diffuse completely with complex compounds like carbon tetrachloride, chloroform, acetone, ether, ethanol, and ethylene chloride. Therefore, it is used to separate C4-hydrocarbons and olefin-diolefin mixtures. According to the International Energy Agency (IEA), petrochemicals will account for over a third of the growth in oil demand by 2030. Further, petrochemicals will consume 56 billion cubic meters of natural gas by 2030, nearly equal to half of Canada's total gas consumption.
Increasing Demand from Various End-User Industries
Due to its remarkable physical and chemical qualities, including low viscosity and low freezing/boiling point, acetonitrile finds significant application in the pharmaceutical sector as a critical solvent in manufacturing antibiotics and drug recrystallization. One of the primary factors driving the global acetonitrile market is the increasing use of acetonitrile in pharmaceutical and analytical sector applications.
As per the European Federation of Pharmaceutical Industries and Associations (EFPIA), In 2021, North America accounted for 49.1% of world pharmaceutical sales compared with 23.4% for Europe. In addition, in 2020, the pharmaceutical industry invested more than USD 39,600 million in R&D in Europe. All these factors are propelling the growth of the market.
Mergers & Acquisitions
Brenntag acquired Matrix Chemical, LLC, a North American solvent distributor and the largest acetone distributor in North America, in 2021. Most of the customer base is in countries such as the United States and Canada. These items are utilized in various industries, including personal care, adhesives, and paint & coatings.
Recently, scientists and researchers have developed a new process to produce acetonitrile from renewable sources that are sustainable and eco-friendly for the environment. Acetonitrile is made through ethanol ammoxidation and utilizes a lesser amount of ammonia. Ethanol is used as a reactant, as it is easily accessible from the fermentation process and can be used without further purification requirements.
In this report, Global Acetonitrile Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Acetonitrile Market, By Type:
Acetonitrile Market, By Application:
Research & Development
Acetonitrile Market, By Purpose:
Acetonitrile Market, By Region:
Middle East and Africa
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
5. Global Acetonitrile Market Outlook
6. Europe Acetonitrile Market Outlook
7. North America Acetonitrile Market Outlook
8. Asia-Pacific Acetonitrile Market Outlook
9. Middle East and Africa Acetonitrile Market Outlook
10. South America Acetonitrile Market Outlook
11. Market Dynamics
12. Market Trends & Developments
13. Global Acetonitrile Market: SWOT Analysis
14. Porter's Five Forces Analysis
15. Competitive Landscape
16. Strategic Recommendations
A selection of companies mentioned in this report includes
Filo Chemical Inc.
Continental Industries Group
Sterling Chemicals, Inc.
DuPont de Nemours, Inc.
CNPC Jilin Chemical Corp Ltd
Avantor Performance Materials LLC
Imperial Chemical Corporation
Asahi Kasei Medical Company Limited
Nova Molecular Technologies
For more information about this report visit https://www.researchandmarkets.com/r/4wgma1
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