Acetonitrile Market Size, Share, Industry, Forecast and outlook (2024-2031)

Acetonitrile Market is segmented By Application (Agrochemical, Pharmaceutical, Analytical & Extraction Industry, Others), By Type (Solvents, Derivative), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Acetonitrile Market Overview

Global Acetonitrile Market reached USD 220 million in 2022 and is expected to reach USD 430 million by 2030, growing with at a CAGR of 4.7% during the forecast period 2024-2031.  The main factor expected to fuel the global acetonitrile market's growth over the forecast period is the rising demand for specialized solvents, polymer products and lithium batteries.

Acetonitrile is a major element in battery applications because of its high dielectric constant and ability to dissolve electrolytes. 

Due to its application as a significant solvent in pharmaceuticals during the forecast period, the global acetonitrile market is projected to see significant growth. Due to its favorable physical and chemical characteristics, including low freezing and boiling points and low viscosity, acetonitrile is utilized as a solvent in the production of antibiotics. Due to its low toxicity compared to other solvents, it is also considered safe to be used.

Acetonitrile Market Scope and Summary

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Acetonitrile Market Dynamics

Rising Demand in HPLC Sector

In HPLC (High-performance liquid chromatography), acetonitrile is employed as a solvent to either maintain or dissolve chemical species of interest from a stationary phase. Acetonitrile with a certain concentration of trifluoroacetic acid, formic acid, 2-propanol or ammonium formate is used in HPLC. Additionally, it serves as a solvent for separating fatty acids and other oleochemicals from vegetable and animal oils. 

Acetonitrile is also used to identify chemical residue in chemical laboratories. It may be used as a needle or injection port wash solution. In the process of creating oligonucleotides from nucleoside phosphoramidites, acetonitrile plays a crucial role as the predominant solvent. Acetonitrile is a versatile solvent in the HPLC sector which is expected to drive the market. 

Health Hazards of Acetonitrile

Since acetonitrile is a highly flammable liquid and vapor, transporting it is subject to rules for hazardous goods. Acetonitrile handling requires careful attention to safety precautions, such as preventing sparks and open flames, hot surfaces and heated storage areas. When handling acetonitrile, necessary precautions must be taken to prevent contact with the skin or eyes. 

It is capable of having an impact on the central nervous system. High amounts of acetonitrile inhaled or consumed might cause symptoms like headaches, dizziness, disorientation, drowsiness and even unconsciousness. Acute exposure to high amounts of acetonitrile increases the probability of the adverse health effects. Low-level chronic exposure may potentially cause neurological side effects such memory loss, difficulties with concentration or nerve damage.

Acetonitrile Market Segment Analysis

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

Acetonitrile is a Key Solvent Driving Pharmaceutical Sector

The pharmaceutical industry uses acetonitrile largely as a solvent. It is expected to hold approximately 35% of the market share during the forecast period. Acetonitrile is utilized as a reagent, reaction solvent and extraction solvent in the pharmaceutical industry, holding a significant share of the market. 

Vitamins A & B, cortisone, carbonate medicines and certain amino acids can all be made using acetonitrile as a starting ingredient solvent. It is an appropriate solvent due to its ability to dissolve a variety of fine chemical and medical components. 

Source: DataM Intelligence Analysis (2023)

Acetonitrile Market Geographical Penetration

The Rising Investments in Asia-Pacific

During the forecast period, Asia-Pacific is expected to hold more than 1/2 of the market share in 2022. Research and development (R&D) efforts and investments in the creation and improvement of novel drugs and pesticides are the main factors impacting market growth. In the forecast period, India and China will also serve as the hub for creating generic medications for the global market and as an important player in the Asia-Pacific acetonitrile market. 

Major players are investing in expanding their production to meet the market demand in the region. For instance, Jindal Speciality Chemicals Private Limited invested over 100 crores in the construction of an acetonitrile manufacturing plant in Kheda, Gujarat, in 2023. The company produces acetonitrile, with an annual production capacity of 10,000 tonnes.

Source: DataM Intelligence Analysis (2023)

Acetonitrile Market Players

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.

COVID-19 Impact on Acetonitrile Market

COVID Impact

The pandemic's effects on the dynamics of supply and demand led to price instability in the global acetonitrile market. Due to global manufacturing downturn during the epidemic, acetonitrile was in short supply globally. In order to fight the Cronavirus, China and U.S. have drastically cut their manufacturing across all industries.

Anything that has an impact on mass manufacturing and production also has an impact on aceonitrile production. Due to the variations in the cost of raw materials, restrictions in the supply chain and changing market dynamics, the price of acetonitrile fluctuated. The uncertainty concerning the pandemic's duration and severity increased market instability, hampering the growth.

AI Impact 

It can be utilized in production-related process automation, quality control and assurance and predictive analytics in the manufacture of chemicals. As the chemical industry increasingly focuses on its environmental responsibilities, enterprises can utilize artificial intelligence-based solutions to look for environmentally friendly suitable substitutes for hazardous chemicals.

Acetonitrile production can be made more sustainable with the help of AI. AI algorithms can reduce the environmental impact of manufacturing operations by optimising resource use, waste management and energy usage. It fits with the increasing focus on sustainable practises and can help companies in the acetonitrile market build their reputations.

Russia-Ukraine War Impact

Any disruption in the supply chain or uncertainty surrounding the Russia-Ukraine conflict can result to price volatility in the global acetonitrile market. Supply shortages or trade restrictions may drive up prices, impacting both manufacturers and end-users of acetonitrile. Fluctuations in pricing can influence production costs, profitability and competitiveness across various industries such as pharmaceuticals that rely on acetonitrile.

By Type

• Solvents 
• Derivatives

By Application

• Agrochemical
• Pharmaceutical
• Analytical & Extraction Industry
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In April 2022, INEOS Nitriles (of INEOS group), a multinational British chemical firm with its headquarters and registration in London, expanded production in their main operating location in Köln, Germany.
• In 2022, Balaji Amines Limited, an Indian company that produces and sells specialty chemicals, aliphatic amines and derivatives, intended to invest more capital for a second acetonitrile plant with 15,000 TPA as part of Phase-2 growth. The facility is anticipated to begin operating by the middle of FY24.
• In June 2021, Pennsylvania-based Avantor, a chemicals and materials company, acquired RIM Bio, a privately held U.S. company that makes single-use bioprocess containers. The acquisition increased Avantor's market reach and bioproduction presence in China.

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 2024

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