Global Acetonitrile Market Report and Forecast 2024-2032
Global Acetonitrile Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the global acetonitrile market is projected to grow at a CAGR of 5.1% between 2024 and 2032. Aided by its extensive applications across diverse industries, including pharmaceuticals, agrochemicals, and analytical laboratories, the market is expected to grow significantly by 2032.
Acetonitrile, an organic compound with the formula CH₃CN, is a colourless, volatile liquid with a distinctively sweet odour. It's primarily produced as a byproduct of the acrylonitrile manufacturing process. Known for its excellent solvent properties, acetonitrile is widely used in the purification of butadiene in refineries and as a solvent in the synthesis of various pharmaceuticals and agricultural products. Its role is pivotal in high-performance liquid chromatography (HPLC), a critical analytical technique in research and quality control laboratories.
One of the key drivers for the acetonitrile market growth is the booming pharmaceutical industry. Acetonitrile is extensively used as a solvent in the synthesis of vitamins, antibiotics, and other active pharmaceutical ingredients (APIs). With the increasing global demand for pharmaceuticals, driven by an ageing population and the rising prevalence of chronic diseases, the demand for acetonitrile is expected to surge.
As per the acetonitrile market analysis, the agrochemical industry also plays a significant role in propelling the market. Used in the production of pesticides and herbicides, acetonitrile's role is vital in the synthesis of agrochemical products. The rising global demand for food due to the growing population, coupled with the shrinking arable land, has led to an increased reliance on agrochemicals, thereby propelling the demand for acetonitrile.
Analytical laboratories represent another significant application segment for acetonitrile. Its use in HPLC for the separation, identification, and quantification of compounds in mixtures underscores its importance, and further contributes to the acetonitrile market size. The growth in research activities across various sectors, including life sciences, environmental monitoring, and food testing, has led to a rise in the usage of HPLC, subsequently driving the demand for acetonitrile.
Moreover, the electronic industry's reliance on acetonitrile for the production of lithium batteries and semiconductor devices further bolsters its market growth. With the increasing demand for consumer electronics and the growing popularity of electric vehicles, the need for high-quality lithium batteries is rising, propelling the acetonitrile market demand.
Market Segmentation
The market can be divided based on end use, and region.
Market Breakup by End Use
- Pharmaceuticals
- Analytical Industry
- Agrochemicals
- Extraction Industry
- Others
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global acetonitrile market. Some of the major players explored in the report by Expert Market Research are as follows:
- Ineos AG
- Asahi Kasei Corporation
- Formosa Plastic Corporation
- Imperial Chemical Corporation
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
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