Flourishing agriculture industry is facilitating growth of the Acetonitrile market

 

Acetonitrile Market

Acetonitrile, also known as MeCN or Cpvs, is a compound of carbon and hydrogen atoms bonded together. It was first used in the 20th century as an additive for many types of chemicals and is now extensively used in several areas of science, including medicine, chemistry, electronics, and energy. Acetonitrile is a very simple yet important chemical - its chemical reaction produces a compound called octanoyl peroxide or just simply octane. Octanoyl peroxide is well known and respected because it is one of the most effective disinfectants in existence today. The compound has been found useful in the treatment of various forms of poisoning, including anthrax, food poisoning, and even sewage contamination.

The growing usage of acetonitrile in the pharmaceutical industry is a key factor driving the growth of the acetonitrile market. Moreover, increasing demand for pesticide as it is used as a raw material in the production of agriculture pesticides, this is again propelling the growth of the acetonitrile market. According to the ResearchGate GmbH, approximately, 2 million tons of pesticides are utilized annually worldwide, where China is the major contributing country, followed by the USA and Argentina, which is increasing rapidly. However, by the year 2020, global pesticide usage has been estimated to increase up to 3.5 million tons. Thus flourishing agriculture industry around the globe is fostering the growth of the acetonitrile market over the forecast timeframe.

North America is projected to gain significant growth over the forecast period and this is attributed to high demand for acetonitrile from the pharmaceutical industry where it is used in the production of drugs and various research and development programs. According to Pharmapproach Limited, in 2019, the United States remained the world's largest single pharmaceutical market, generating more than $490 billion of revenue. Despite being only a 0.2% increase from the previous fiscal year, the United States market accounted for 48 percent of the global pharmaceutical market.

Key Developments:

1.      In November 2020, BAL increased capacities for acetonitrile with an installed capacity of 9,000 tonnes currently and approval to increase the capacity by another 9,000 tons in the future

2.      In June 2019, INEOS has announced it will invest $2 billion in building its first-ever manufacturing plants in Saudi Arabia. A new state-of-the-art 425,000-tonne acrylonitrile plant will use INEOS’ technology and catalyst. It will be the first plant of its kind in the Middle East when it starts up in 2025


Location: India

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