The acetonitrile market is projected to reach USD 277.1 Million by 2022, at a CAGR of 4.8% between 2017 and 2022. The growth of the acetonitrile market can be attributed to the flourishing pharmaceutical industry across the globe as it is the major consumer of acetonitrile.
The Asia Pacific region is the largest market for acetonitrile, globally. The Asia Pacific acetonitrile market is projected to grow at the highest CAGR during the forecast period, in terms of value. The growth of the Asia Pacific acetonitrile market can be attributed to the increased demand for acetonitrile from the emerging economies of the region for use in various applications. High economic growth in the Asia Pacific region and increased investments in the pharmaceutical and agrochemical sectors by various governments and leading market players are also fueling the growth of the Asia Pacific acetonitrile market.
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INEOS AG (Switzerland), Asahi Kasei Corporation (Japan), Nova Molecular Technologies (US), Formosa Plastics Corporation (Taiwan), Avantor Performance Materials LLC (US), and Imperial Chemical Corporation (Taiwan) are some of the leading companies operating in the acetonitrile market.
These key companies have adopted strategies of expansions, agreements, new products launches, and mergers & acquisitions to enhance their position in the acetonitrile market. INEOS AG (Switzerland) and Asahi Kasei Corporation (Japan) have been mostly focusing on new product launches and expansions to increase their reach to untapped markets.
Founded in 1998 and headquartered in Rolle (Switzerland), INEOS AG is the largest manufacturer of acetonitrile in the world. It offers acetonitrile through its subsidiary INEOS Nitriles (Switzerland). The company offers a wide range of products for petrochemicals, specialty chemicals, oil & gas, and automotive sectors. It focuses on increasing its acetonitrile production capacity through joint ventures. For instance, in 2013, INEOS Nitriles (Switzerland) and Tianjin Bohai Chemical Industry Group Corporation (China) entered into a joint venture for establishing an acrylonitrile plant in Tianjin (China). The company through its proprietary technologies carries out purification of acetonitrile. INEOS AG has its presence in the European, Asia Pacific, and North American regions.
Asahi Kasei Corporation (Japan) is one the leading companies providing products and solutions for various industries such as textiles, chemicals, electronics, and healthcare, among others. The company offers three grades of acetonitrile, namely, chemical grade, reagent grade, and highly purified grade through its acetonitrile product segment. It has adopted the strategy of expansions to enhance its position in the acetonitrile market. For instance, Asahi Kasei Corporation completed the construction of its new acetonitrile plant in Ulsan (South Korea), which started functioning in January 2014. Apart from expansions, the company also focuses on R&D activities. For instance, in 2016, Asahi Kasei Corporation announced to expand and strengthen its R&D facilities at Mizushima Works in Okayama (Japan). This expansion of R&D facilities includes the construction of a new research complex and technological development center at Mizushima Works
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