China’s acetonitrile market is anticipated to grow at a CAGR of 5.9% during the forecast period (2021-2027). The growing expansion investment in the country to meet the demand for chemicals is a key factor driving the market growth. For instance, Sinopec Group has launched a $1.5 billion investment company in China, and Shanghai SECCO Petrochemicals has selected Emerson for a $30 Million Automation Project for its China Petrochemical facility.
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Additionally, manufacturers in the country are taking initiatives along with competitive pricing which may support an increase in market share over a projected time frame. Manufacturers are extensively investing in new production techniques and strategies to produce sustainably and reduce environmental degradation. For an instance, in June 2021, Avantor acquired RIM Bio to expand its bioproduction footprint in China. Thus, the China operations became Avantor’s first single-use production facility in the AMEA region doubling Avantor’s global single-use cleanroom space to meet global demand for single-use solutions.
Further, China holds a dominant position in the acetonitrile market, owing to the growing pharmaceutical, textile, and chemical industries in the country. For instance, according to International Trade Association, China was the second-biggest pharmaceutical market in 2015, with a value of US$ 108 billion, which was expected to increase to $167 billion by 2020. Acetonitrile is used in the textile industry for dyeing fabrics such as cotton and polymers. The country has experienced a massive enhancement in industrialization in recent years and consequently, became a hub for textile production that further contributes to the acetonitrile chemical market in the country.
China is the world’s largest textile and apparel producer and exporter with the world’s largest and most complete industrial system from raw material supply, design, and R&D to textile printing, dyeing, and processing, as well as retail. According to statistics from China’s National Textile & Apparel Council (CNTAC) in 2018, China’s total fiber processing volume reached 54.6 million tons, accounting for more than 50% of the world’s total fiber processing volume. China’s manufacturing capacity and level in all links of the industrial chain are firmly at the forefront of the world. Thus, the growing textile industry is demanding more dyeing fabrics hence, driving the market for acetonitrile in the country.
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Market Coverage
· The market number available for – 2020-2027
· Base year- 2020
· Forecast period- 2021-2027
· Segment Covered-
· By Type
· By Application
· By End-User
· Competitive Landscape- CNPC, Jilin Chemical Group, Henan GP Chemicals Co., Ltd, Sinopec Group, Shanghai SECCO Petrochemicals, and so on
China Acetonitrile Market – Segmentation
By Type
· Derivative
· Solvent
By Application
· Organic Synthesis
· Specialty Chemicals
· HPLC Solvents
· Pharmaceutical
· Extraction
· DNA and RNA Synthesis
· Others
By End-User Industry
· Pharmaceutical Industry
· Analytical Industry
· Agricultural Industry
· Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
