Global Acetonitrile Market - 2023-2030

Global Acetonitrile Market - 2023-2030

Global Acetonitrile Market reached US$ 220 million in 2022 and is expected to reach US$ 430 million by 2030, growing with at a CAGR of 4.7% during the forecast period 2023-2030.

Acetonitrile is primarily employed as a solvent in various processes, including the refinery purification of butadiene the casting and molding of plastic materials. It can be compounded with other solvents to produce customized solvent mixtures that have specific qualities, like controlled evaporation rates, viscosity and compatibility with the used plastic resin.

It is also frequently used in battery applications because of its high dielectric constant and ability to dissolve electrolytes. The petrochemical industry also utilizes various acetonitrile grades extensively in the extraction, distillation and separation of C4-hydrocarbons and olefin-diolefin combinations. Acetonitrile can be used as a solvent for non-aqueous titrations, casting DNA synthesis, peptide sequencing and polymer spinning.

Market Dynamics

Growing Usage as a Fuel Alternative and Agrochemicals

Acetonitrile can be used as a fuel substitute in a variety of power plants, including fluidized bed-boiled power plants where methanol is used as a fuel for combustion. Alternative fuel demand is particularly high in European countries, fueling rapid growth in the sector. The specific use of acetonitrile as a fuel alternative may depend on factors such as regulatory requirements, environmental considerations and technological advancements.

Additionally, the rising production of agricultural pesticides using acetonitrile as a raw material and the increased consumption & production of epoxy hardeners in addition to agrochemicals are driving the expansion of the global acetonitrile market. Acetonitrile's solubility properties and ability to dissolve a range of substances make it useful in formulating and delivering agrochemical products. When applied to crops, it can help dissolve active ingredients and enhance their dispersion and efficacy.

Health Hazards of Acetonitrile

Acetonitrile can affect the digestive systems in humans because it triggers the body to create cyanide. Acetonitrile can irritate the skin, resulting in redness, itching or burning feelings when it comes into contact. Additionally, it can irritate the eyes, causing pain, wetness or redness. By irritating the respiratory system, acetonitrile vapor or mist can cause symptoms like sneezing, coughing and sore throats.

More severe respiratory symptoms could result from prolonged or high-level exposure. In animal studies, it has also been linked to kidney damage and liver malfunction. Moreover, it is anticipated that the long-term exposure to high levels of acetonitrile has been linked to an increased risk of certain cancers, hampering the growth of global acetonitrile market during the forecast period.

COVID-19 Impact Analysis

The pandemic had a significant impact on market demand and manufacturing. During the pandemic, numerous production plants worldwide were temporarily shut down or operated at less capacity. The production of acetonitrile and associated chemicals decreased as a result. Manufacturers are currently figuring out ways to stay in the market. For instance, Greyhound Chromatography stocks solvents in their UK warehouse.

As reversed-phase chromatography for separation and purification is one of the solvent's most common applications, the acetonitrile shortage has a wide range of effects for chemical research and development. Additionally, manufacturers had to adopt safety procedures and follow health regulations, which presented operational hurdles and slowed production.

Russia-Ukraine War Impact Analysis

Export restrictions and trade interruptions were put in place for some products, particularly chemicals, during the Russia-Ukraine conflict. The supply and cost of acetonitrile on the international market may be further impacted by the limits placed on exports of acetonitrile from Ukraine or the disruption in trade routes. Businesses may need to look into alternate supplier sources or change their procurement methods.

AI Impact Analysis

The market for acetonitrile can benefit from rapid research and development due to AI. Huge volumes of data, academic research and experimental findings can be analyzed by AI algorithms to find new formulations, improve process variables and find creative uses for acetonitrile. It may result in novel goods, enhanced formulations and improved performance traits.

Artificial intelligence can accelerate the early stages of drug development and the creation of new chemical combinations by anticipating the characteristics of the chemical products, which would otherwise require laborious manual examination. With the use of AI, the standard pharmaceutical industry procedure to market a drug can be reduced in half or more.

Segment Analysis

The Global Acetonitrile Market is segmented based on type, application and region.

Solvent Acetonitrile to Drive the Market Growth

During the forecast period, a rapid growth rate is expected for the solvent acetonitrile segment, holding approximately 1/3rd share of the global acetonitrile market. Acetonitrile is used as a solvent for non-aqueous titrations, casting DNA synthesis, peptide sequencing and polymer spinning. Due to its low chemical reactivity, excellent dispersion with water mixtures, low viscosity and low UV cut-off, acetonitrile has been chosen as the solvent for almost all chromatographic separations.

Geographical Analysis

The Establishment of New Facilities in Asia-Pacific

Asia-Pacific is anticipated to experience the fastest growth during the forecasted period. New acetonitrile production facilities are being constructed to meet the growing demand for acetonitrile, which is increasingly utilized in the pharmaceutical and agrochemical industries. For instance, in 2022, Under Phase-2 expansion, Balaji Amines Limited planned to invest further capital for a second acetonitrile facility with a 15,000 TPA capacity. The facility should start operating by the middle of FY24.

Competitive Landscape

The major global players include INEOS, Imperial Chemical Corporation, Connect Chemicals GmbH, Nantong Acetic Acid Chemical Co., Ltd., GFS Chemicals, Inc., Asahi Kasei, Formosa Plastic Corporation, Tedia Company, Inc., Avantor Performance Applications, LLC and Mitsubishi Chemical Corporation.

Why Purchase the Report?
• To visualize the Global Acetonitrile Market segmentation based on type, application and region and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of acetonitrile market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Acetonitrile Market Report Would Provide Approximately 54 Tables, 47 Figures And 204 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies