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

The Europe acetonitrile market was valued at US$ 36.31Mn in 2018 and is projected to reach US$ 55.41 Mn by 2027, it is expected to grow at a CAGR of 4.8% 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 in 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 Europe acetonitrile market has been segmented into pharmaceutical, analytical, agrochemical, extraction, and others. The pharmaceutical segment dominated the acetonitrile market in 2018, and the market for the same is projected to grow at a faster CAGR during the forecast period. The growth of the market for this segment is primarily attributed to the growing use of acetonitrile in API synthesis. It is used as a reagent, solvent, and extractant 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 maximum production and utilization of acetonitrile in various pharmaceutical applications, which supports the growth of market.

Europe includes several developed economies such as Germany, France, Italy, the UK, and Russia, along with the rest of European countries. The chemicals & materials industry is considered to be a crucial industry in the EU as it significantly contributes to the country’s GDP as well as employs huge share of population in the region. Increasing demand for acetonitrile in the chemical processing, oil extraction, petroleum extraction, and other industries is influencing the acetonitrile market in Europe. Acetonitrile is a colorless liquid and simplest organic nitrile. The solvent is produced mainly as the byproduct of acrylonitrile manufacture. It is also used as a polar aprotic solvent in organic synthesis of various substances and in the purification of butadiene. In laboratories, acrylonitrile is used as a medium-polarity solvent which is miscible with water and also with a range of organic solvents; however, it is not miscible with saturated hydrocarbons. Acetonitrile is widely used in battery applications due to its relatively high dielectric constant and ability to dissolve electrolytes. It is primarily used as a solvent in the manufacturing pharmaceuticals, casting and molding plastics, spinning fibers, extracting fatty acids from animal and vegetable oils. In chemical laboratories, the solvent is used for the detection of materials such as pesticide residues.

Honeywell International Inc.; Ineos Ag; Mitsubishi Chemical Corporation; AnQore B. V.; Concord Technology (Tianjin) Co., Ltd; and Formosa Plastics Corporation are among the major players operating in the Europe acetonitrile market.

The outbreak of COVID-19 initially took place in Wuhan (China) in December 2019; since then, it has spread at a fast pace across the world. 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. As a response to this emergency, lockdowns travel bans, and business shutdowns have been imposed by various countries, which, in turn, have restrained the economic flow in the market. The shutdown of chemicals & materials industry, and supply chain disruptions have curbed the supplies of the products of this industry. Italy has been hit hard by the COVID-19 outbreak in Europe. It is further expected to suffer an economic downfall due to a lack of revenue from various industries. Moreover, other member states in the EU have implemented drastic measures and travel restrictions, including partially closing their borders. This is anticipated to impact market growth in Europe.

The overall Europe 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 who typically take part in such a 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 specializing in the Europe acetonitrile market.

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 Europe 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.