The European acetonitrile market is anticipated to grow at a CAGR of 3.8% during the forecast period (2021-2027). The growing demand for Econitrile owing to its low carbon footprint and reduced effect on the environment is contributing to the growth of the market. The key companies across the region are highly inclined towards the adoption of different growth strategies including capacity expansion, partnerships, mergers and acquisitions, geographical expansion, new product launch, and product innovation to remain competitive in the marketplace. For instance, In September 2019, Anqore announced the launch of Econitrile. Econitrile is a brand under which AnQore started producing and supplying certified sustainable acrylonitrile. It has a significantly lower impact on the environment. Econitrile is made from non-fossil feedstocks and is based on ISCC+ certification and mass balance calculation. According to a life cycle assessment study performed by AnQore in cooperation with Maastricht University, Econitrile has a 60% lower carbon footprint when compared with acrylonitrile.
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Apart from this, it is used to make pharmaceuticals, to manufacture antibiotics as an industrial process solvent and insulin. The growth of pharmaceuticals in the region is driving the market of acetonitrile. According to the European Federation of Pharmaceuticals Industries and Association (EFPIA), in 2016 North America accounted for 41.0% world’s pharmaceuticals as compared to 21.55% for Europe. Additionally, according to the same source the total pharmaceutical industry R & D expenditure of Europe in 2015 was $39.7 billion. Further, the pharmaceuticals exports in Europe in 2015 accounted for $43.4 billion. The UK held the highest share for pharmaceuticals import with $39.6 billion.
Further, the expansion and establishment of new battery plants in the region owing to acetonitrile’s application in making batteries due to its high dielectric constant and ability to dissolve electrolytes are contributing to the growth of the market. For instance, in February 2020, Saft and the PSA Group had announced their plans to set up two battery cell plants in Europe. The growth in the battery industry across the region is anticipated to drive the European acetonitrile market.
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- AnQore BV, Formosa Plastic Corporation, INEOS, Mitsubishi Chemical Corporation, Asahi Kasei Corp., Greenfield Global Inc., and so on.
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European 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.)
