Acetonitrile, also known as methyl cyanide, ethyl nitrile and cyanomethane, is a colourless chemical compound with the formula CH3CN. It is produced as a by-product while manufacturing acrylonitrile. Acetonitrile has a sweet, ethereal odour and acts as a vital intermediate in the pharmaceutical industry. For instance, it is used as a derivative in the production of sulpha pyrimidine and Vitamin B1. Apart from this, it also finds application as a raw material for manufacturing aromatizers, epoxy hardeners and agriculture pesticides. A new research report by IMARC Group, titled “Acetonitrile Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” estimates that the global acetonitrile market reached a volume of nearly 108,357 Tons in 2017. The report further anticipates the market to reach a volume of 137,765 Tons by 2023, exhibiting a CAGR of more than 4% during 2018-2023.
Global Acetonitrile Market Drivers/Constraints:
- One of the primary factors driving the growth of the market is the usage of acetonitrile as a solvent for high performance liquid chromatography (HPLC) owing to its ultraviolet transparency, and low chemical reactivity and viscosity.
- Acetonitrile is employed in the production of vitamins, agrochemicals, pesticides, plastics, special paints, synthetic fibre, etc. in industries such as chemical, pharmaceutical and petrochemical. Expansion in these industries represents another growth-inducing factor of the market.
- Acetonitrile finds application in the manufacturing of batteries due to its high dielectric constant, stability and ability to dissolve electrolytes. Strong demand for lithium-ion batteries, as a result of their growing usage in electronic devices, is further propelling the market growth.
- Some of the factors that hamper the global acetonitrile market include availability of the substitutes in the pharmaceutical industry, fluctuating prices of the raw materials and harmful consequences for human beings on prolonged exposure.
Based on end-use, the pharmaceutical industry currently represents the largest end-use segment of acetonitrile where it is used in the production of carbonate drugs, vitamins, certain amino acids and antibiotics.
On a geographical front, Asia enjoys the leading position in the global acetonitrile market. Increasing population and growth in the end-use industries in the region have led to a rise in the consumption of acetonitrile. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
The market is characterised with the presence of a small number of players. The manufacturers try to widen their regional presence and product portfolio so as to increase their profitability. Some of the leading players operating in the market are:
- Asahi Kesai
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