In 2018, the global acetonitrile market was valued at US$ 236.18 million and is projected to experience a compound annual growth rate (CAGR) of 5.1% from 2019 to 2027, reaching an estimated US$ 368.60 million by the end of the forecast period.
Acetonitrile, also known as methyl cyanide or ethanenitrile, is a colorless, volatile, flammable, and toxic solvent. It is recognized as the simplest organic nitrile and can be mixed with water as well as most organic solvents. Additionally, it demonstrates high miscibility with alcohol, acetone, and epoxy resins, facilitating epoxy polymerization without interference. This clear liquid is the most straightforward organic nitrile to produce, although hydrogen cyanide is simpler, the cyanide anion is not classified as organic.
The acetonitrile market is categorized by application into several segments: pharmaceuticals, analytical industry, agrochemicals, extraction, and others. In 2018, the pharmaceuticals segment was the leading contributor to the acetonitrile market and is anticipated to show the highest growth rate during the forecast period. This growth is largely driven by the increasing utilization of acetonitrile in the synthesis of active pharmaceutical ingredients (APIs). It serves as a reagent, solvent, extraction solvent, and starting material for the production of vitamin A, vitamin B1, cortisone, carbonate drugs, and various amino acids. Approximately 50% of the acetonitrile produced is utilized in the manufacturing of insulin and antibiotics, including third-generation cephalosporins. Furthermore, it plays a crucial role in the production of synthetic pharmaceuticals. The rising demand for nutritional and antibacterial medications is propelling the need for acetonitrile in pharmaceutical applications.
The acetonitrile market is divided into regions: North America, Europe, Asia Pacific, the Middle East and Africa (MEA), and South America. In 2018, the Asia Pacific region held the largest share of the global acetonitrile market. The growth in this region can be attributed to the rapid expansion of manufacturing industries across various sectors, including agriculture, pharmaceuticals, and oil refining. The increasing demand for pharmaceuticals, agrochemicals, and petrochemicals in developing nations such as India and China significantly influences the acetonitrile market in this area. Acetonitrile is predominantly used as a solvent in high-performance liquid chromatography (HPLC), and the growing application of HPLC in biotechnological fields is expected to further enhance the demand for acetonitrile in the upcoming years.
The COVID-19 pandemic, which originated in Wuhan, China, in December 2019, has rapidly spread worldwide. Countries such as China, Italy, Iran, Spain, South Korea, France, Germany, and the United States have been notably affected, with high confirmed cases and fatalities reported as of April 2020. According to the latest figures from the World Health Organization (WHO), there are approximately 2,719,896 confirmed cases and 187,705 deaths globally due to this pandemic. The outbreak has had a profound impact on economies and businesses across various nations, resulting in lockdowns, travel restrictions, and business closures. The global chemicals and materials industry is among the sectors experiencing the most severe repercussions from these circumstances, significantly affecting the growth of the acetonitrile market.
Key players in the global acetonitrile market include AnQore B.V., Concord Technology (Tianjin) Co., Ltd., Imperial Chemical Corporation, Honeywell International Inc., INEOS AG, MITSUBISHI CHEMICAL CORPORATION, Nova Molecular Technologies, Taekwang Industrial Co Ltd, and Tedia Company, Inc.
The overall size of the global acetonitrile market has been determined through both primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry participants and experts to validate the information and gain deeper analytical insights. Participants typically involved in this process include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, along with external consultants like valuation experts, research analysts, and key opinion leaders specializing in the acetonitrile market.