Asia Pacific Acetonitrile Market to 2027- COVID-19 Impact and Regional Analysis by Type; by Application; and Country

The Asia Pacific acetonitrile market was valued at US$ 138.87 million in 2018 and is projected to reach US$ 220.05 million by 2027; it is expected to grow at a CAGR of 5.3% during the forecast period.

Acetonitrile, otherwise called methyl cyanide or ethane nitrile, is a dull, unpredictable, combustible, and lethal solvent. It is the simplest form of natural nitrile and can be blended in with water alongside most other natural solvents. It additionally shows high miscibility with liquor, acetone, and epoxy gum with no obstruction with epoxy polymerization. Acetonitrile is dry fluid that is the least complex natural nitrile (hydrogen cyanide is a less complex one, but the cyanide anion isn't categorized under natural compounds). It is obtained as a byproduct of acrylonitrile production process. It is utilized as a polar aprotic solvent in natural amalgamation and butadiene refinement. It is utilized to make pharmaceuticals, aromas, elastic items, pesticides, acrylic nail removers, and batteries. Acetonitrile is also used in the process of removal of unsaturated fats from animal and vegetable oils. The high demand of acetonitrile is due to its impeccable solvation ability toward a wide range of polar and non-polar solutes, and physical properties such as low freezing/boiling points and low viscosity. Acetonitrile is also comparatively inert due to the strong carbon-carbon bond, which can be hydrolyzed only under extreme conditions; this makes it an excellent solvent for various reactions. The excellent solvent properties of acetonitrile have also favored its application in the agrochemical, industrial, and other chemical applications.

Based on application, the Asia Pacific acetonitrile market has been segmented into pharmaceutical, analytical industry, agrochemical, extraction, and others. In 2018, the pharmaceutical segment dominated the market, and the market for the same is projected to grow at the highest CAGR during the forecast period. The growth of the market for this segment is primarily attributed to the growing use of acetonitrile in the synthesis of active pharmaceutical ingredients (APIs). It is used as a reagent, solvent, and extraction solvent, as well as a starting material for synthesizing vitamin A, vitamin B1, cortisone, carbonate drugs, and several amino acids. Most of acetonitrile produced is used in the production of insulin and antibiotics, including third-generation cephalosporins. It is also used in the manufacture of synthetic pharmaceuticals. The manufacturers are also focusing on the production and maximum utilization of acetonitrile in various pharmaceutical applications.

Asia Pacific includes economies such as China, India, Japan, South Korea, Australia and Rest of Asia Pacific. Acetonitrile is widely used across in pharmaceutical industry as prime solvent, especially in production of antibiotics. Therefore, the growth of this industry is expected to drive the growth of the market. For instance, according to International Trade Association, the global pharmaceutical market was worth US$ 1 trillion in 2015, and it is expected to reach US$ 1.3 trillion by 2020. India, Japan, and China are among the key markets for acetonitrile in Asia Pacific. Rising foreign direct investments also lead to economic growth in the region. Rising production and demands for agricultural products is, further, expected to raise the demand for acetonitrile in the region. Positive government initiatives such as National Food Security Mission (NFSM) are anticipated to expand the crop yield for rice, wheat, pulses and coarse cereals, which may bolster the demand for agrichemical products. Moreover, the presence of small- and large-scale chemical companies in India, China, Japan, and Thailand also supports the acetonitrile market growth in Asia Pacific.

Concord Technology (Tianjin) Co., Ltd.; Formosa Plastics Corporation; Imperial Chemical Corporation; Honeywell International Inc.; Ineos AG; Taekwang Industrial Co., Ltd.; and Mitsubishi Chemical Corporation are among the major players operating in the Asia Pacific acetonitrile market.

The COVID-19 pandemic first began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace across the globe. As of March 2020, China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the worst-affected countries in terms confirmed cases and reported deaths. The pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdowns of chemicals & materials industry and disruptions in supply chains due to lockdown of countries has created a strain on the supplies of the various products offered by this industry. Countries such as India and China have reported a higher number of confirmed cases of COVID-19 infection than other Asia Pacific countries. This is impacting the chemicals industry as the shutdowns in the country to contain the infection are affecting the Asia Pacific supply and distribution chains. In addition, the pandemic would also affect overall manufacturing processes, research, and development activities.

The overall Asia Pacific acetonitrile market size has been derived in accordance to both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders.

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