Northbrook, IL -- (SBWire) -- 01/17/2018 --The growth of acetonitrile market can be majorly attributed to the flourishing pharmaceutical industry across the globe as it is the major consumer of acetonitrile.
The derivative type segment of the acetonitrile market is projected to grow at the highest CAGR during the forecast period, in terms of value.
In terms of value, the derivative type segment of the acetonitrile market is projected to grow at the highest CAGR during the forecast period due to the increased use of acetonitrile in pharmaceutical and analytical industry applications. As a derivative, acetonitrile is widely used in the pharmaceutical industry for manufacturing Vitamin B1 and sulfa pyrimidine. It is also used as a raw material for manufacturing agriculture pesticides and aromatizers. Moreover, the increased consumption of acetonitrile in the production of epoxy hardeners and agrochemicals is also driving the growth of derivative type segment of the acetonitrile market.
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The pharmaceutical application segment is projected to lead the acetonitrile market between 2017 and 2022, in terms of value.
In terms of value, the pharmaceutical application segment is projected to lead the acetonitrile market during the forecast period. The growth of this segment of the market can be attributed to the increased use of acetonitrile in the pharmaceutical industry for manufacturing Vitamin B1 and sulfa pyrimidine. The highly profitable margins in the pharmaceutical industry have boosted market leaders across the globe to upgrade their infrastructures to compete at an international level.
The Asia Pacific acetonitrile market is projected to grow at the highest CAGR during the forecast period, in terms of value.
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), among others are the key players operating in the acetonitrile market.
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Acetonitrile Market to Exceed 277.1 Million USD by 2022
Acetonitrile Market by Type (Derivative and Solvent), Application (Pharmaceutical, Analytical Industry, Agrochemical, and Extraction), Region (Asia Pacific, Europe, North America, Middle East & Africa, and Latin America) - Global Forecast to 2022