CHICAGO, Aug. 30, 2023 /PRNewswire/ -- The report "Acetonitrile Market by Type (Derivative, Solvent), Application (Organic Synthesis, Analytical Applications, Extraction), End-use Industry (Pharmaceutical, Analytical industry, Agrochemical), Region - Global Forecast to 2028", is estimated at USD 439 million in 2023 and is projected to reach USD 595 million by 2028, at a CAGR of 6.2% from 2023 to 2028. Acetonitrile is used in a variety of applications in the analytical industry, pharmaceutical, agrochemical, and many other end-use industries, which is fuelling the market to grow across the world. The pharmaceutical industry is a major consumer of acetonitrile due to various applications such as drug synthesis, compound manufacturing, and other analytical applications. The growth of various end-use industries is having a positive impact on the global acetonitrile market.
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The Derivative type segment is expected to account for the second-largest market share during the forecasted period.
Based on the type, the acetonitrile market has been segmented into solvent and derivative types. The derivative type segment accounted for the second largest market share in terms of value in 2022. It is the fastest-growing segment, owing to the increasing usage of acetonitrile as a derivative in the pharmaceutical industry. Derivative acetonitrile serves as an intermediate during the production of active pharmaceutical ingredients (APIs) and other related compounds. It also gets widely used in the synthesis of a variety of agrochemicals, including insecticides, herbicides, and fungicides.
The organic synthesis application segment is expected to account for the second-largest share of the acetonitrile market during the forecast period in terms of value.
Acetonitrile is used in pesticides, along with other compounds for the extraction of fatty acids and vegetable oils or pesticide residue. The organic synthesis segment is projected to grow at a significant CAGR during the forecast period. The growth in the organic synthesis segment is due to acetonitrile being used as raw material starting materials for various chemicals such as acetophenone thiamine, acetamidine etc.
The analytical end-use industry segment is expected to account for the second-largest share of the acetonitrile market during the forecast period in terms of value.
The analytical industry is the second-largest consumer of acetonitrile. Acetonitrile has wide usage in the analytical industry in various lab applications such as HPLC and others. Acetonitrile in the analytical industry is widely used for mobile phases in reversed-phase chromatography. Continuous research & development, along with ongoing innovations, have driven the acetonitrile market in the analytical industry across the world.
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North America is expected to account for the third-largest share in 2022.
The acetonitrile market has been studied in Asia Pacific, North America, Europe, the Middle East & Africa, and Latin America. North America is one of the significant markets in the global acetonitrile market. Investments in R&D for drug discovery are one of the major factors driving the growth of the North American acetonitrile market. Other significant factors influencing the growth of this market in North America include the well-established pharmaceutical industry in the region, a large number of ongoing drug discovery activities, the presence of CROs, and inclination towards outsourcing of preclinical, clinical, and laboratory testing services by pharmaceutical and biopharmaceutical companies.
Prominent companies in the acetonitrile market include INEOS AG (Switzerland.), Asahi Kasei Corporation (Japan), Nova Molecular Technologies (US), PetroChina Co. Ltd. (China), Formosa Plastic Corporation (Taiwan), ShengHong Petrochemical Group Co. Ltd. (China), Avantor Performance Materials LLC (US), Imperial Chemical Corporation (Taiwan), Tedia Company Inc. (US), Avantor Performance Materials, LLC (US), Shanghai Secco Petrochemical Company Limited (China), Qingdao Shida Chemical Co., Ltd. (China), Nantong Acetic Acid Chemical Co., Ltd. (China), and others.
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