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

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  • 108 Pages
  • July 2020
  • Region: Asia Pacific
  • The Insight Partners
  • ID: 5130830
UP TO OFF until Jun 30th 2024
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.

Reasons to Buy
  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific acetonitrile market, thereby allowing players to develop effective long term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

Table of Contents

1. Introduction
1.1 Scope of the Study
1.2 Report Guidance
1.3 Market Segmentation
1.3.1 Asia Pacific Acetonitrile Market - By Type
1.3.2 Asia Pacific Acetonitrile Market - By Application
1.3.3 Asia Pacific Acetonitrile Market - By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Acetonitrile Market Landscape
4.1 Market Overview
4.1.1 Asia Pacific PEST Analysis
5. Acetonitrile Market - Key Industry Dynamics
5.1 Key Market Drivers
5.1.1 Importance of acetonitrile in the industrial and pharmaceutical industry
5.1.2 Good solvent properties of acetonitrile to boost its demand in the global market
5.2 Key Market Restraints
5.2.1 Increasing Demand for Substitute Products
5.3 Key Market Opportunities
5.3.1 Growing demand from the developing countries
5.4 Key Future Trends
5.4.1 Production of acetonitrile from bio-ethanol ammoxidation
5.5 Impact Analysis of Drivers and Restraints
6. Acetonitrile- Asia Pacific Market Analysis
6.1 Asia Pacific Acetonitrile Market Overview
6.2 Asia Pacific Acetonitrile Market Forecast and Analysis
7. Asia Pacific Acetonitrile Market Analysis - By Type
7.1 Overview
7.2 Derivative
7.2.1 Overview
7.2.2 Asia Pacific Derivative Acetonitrile Revenue and Forecasts to 2027 (US$ Mn)
7.3 Solvent
7.3.1 Overview
7.3.2 Asia Pacific Solvent Acetonitrile Market, Revenue Forecast to 2027 (US$ Mn)
8. Asia Pacific Acetonitrile Market Analysis - By Application
8.1 Overview
8.2 Asia Pacific Acetonitrile Market Breakdown, By Application, 2018 & 2027
8.3 Pharmaceutical
8.3.1 Overview
8.3.2 Asia Pacific Pharmaceutical Acetonitrile Market Revenue and Forecasts to 2027 (US$ Mn)
8.4 Analytical Industry
8.4.1 Overview
8.4.2 Asia Pacific Analytical Industry Acetonitrile Market Revenue and Forecasts to 2027 (US$ Mn)
8.5 Agrochemical
8.5.1 Overview
8.5.2 Asia Pacific Agrochemical Acetonitrile Market Revenue and Forecasts to 2027 (US$ Mn)
8.6 Extraction
8.6.1 Overview
8.6.2 Asia Pacific Extraction Acetonitrile Market Revenue and Forecasts to 2027 (US$ Mn)
8.7 Others
8.7.1 Overview
8.7.2 Asia Pacific Others Acetonitrile Market Revenue and Forecasts to 2027 (US$ Mn)
9. Asia Pacific Acetonitrile Market - Country Analysis
9.1 Overview
9.1.1 Asia Pacific Acetonitrile Market Breakdown, by Key Countries China: Acetonitrile Market -Revenue and Forecast to 2027 (US$ Mn) China: Acetonitrile Market, by Type China: Acetonitrile Market, by Application Australia: Acetonitrile Market -Revenue and Forecast to 2027 (US$ Mn) Australia: Acetonitrile Market, by Type Australia: Acetonitrile Market, by Application Japan: Acetonitrile Market -Revenue and Forecast to 2027 (US$ Mn) Japan: Acetonitrile Market, by Type Japan: Acetonitrile Market, by Application India: Acetonitrile Market -Revenue and Forecast to 2027 (US$ Mn) India: Acetonitrile Market, by Type India: Acetonitrile Market, by Application South Korea: Acetonitrile Market -Revenue and Forecast to 2027 (US$ Mn) South Korea: Acetonitrile Market, by Type South Korea: Acetonitrile Market, by Application Rest of Asia Pacific: Acetonitrile Market -Revenue and Forecast to 2027 (US$ Mn) Rest of Asia Pacific: Acetonitrile Market, by Type Rest of Asia Pacific: Acetonitrile Market, by Application
10. Impact of COVID-19 Pandemic on Asia Pacific Acetonitrile Market
10.1 Overview
10.2 Asia Pacific: Impact Assessment of COVID-19 Pandemic
11. Company Profiles
11.1 Honeywell International Inc.
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.2 Concord Technology (Tianjin) Co., Ltd.
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.3 FORMOSA Plastic Corporation
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.6 Taekwang Industrial Co Ltd
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.7 Imperial Chemical Corporation
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
12. Appendix
12.1 About the Publisher
12.2 Glossary

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Concord Technology (Tianjin) Co., Ltd.
  • Formosa Plastics Corporation
  • Imperial Chemical Corporation
  • Honeywell International Inc.
  • IneosAG
  • Taekwang Industrial Co., Ltd.
  • Mitsubishi Chemical Corporation