Chloroacetonitrile Market Size, Share & Trends Growth [2031]

Report Description

Market Outlook:

The global chloroacetonitrile market was estimated at USD 20,634.1 Thousand in 2022 and is anticipated to reach USD 35,590.8 Thousand by 2031, expanding at a CAGR of 6.4% during the forecast period. The global chloroacetonitrile held market volume XX Tons in 2022 and is expected to increase at a growth rate of 4.6% by the year 2031.

Chloroacetonitrile is the organic compound with the formula, ClCH2CN. It is a colorless liquid, derived from acetonitrile (CH3CN) by replacement of one hydrogen atom with chlorine. In practice, it is produced by dehydration of chloroacetamide.

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Chloroacetonitrile has applications in synthesis of various chemicals, including pharmaceuticals and agrochemicals. Chlorine functionality present in chloroacetonitrile enables its use as a preferred intermediate for synthesis of a wide range of chemicals. Fenoxycarb is an insecticide that is prepared through a synthetic route involving chloroacetonitrile as organic intermediate. Chloroacetonitrile plays a pivotal role in the synthesis of guanithidine, which is a cardiovascular drug. 

Macro-economic Factors

Increase in Industrial Production

Industrial production refers to the overall output of manufactured items, mined materials, and utility services within an economy. Increase in industrial production creates demand for a variety of commodities, including chemicals. Increase in production of chemicals enables the development of industrial infrastructure, which strengthens the overall supply chain. Increasing production brings down the overall cost of production, owing to decreased spending on overheads. Thus, increasing industrial production of commodities creates a positive environment for the market growth.

Crude Oil Prices

Crude oil is a main source for majority of the organic compounds, which are prepared through physical or chemical processes involving crude oil and its fractions. Crude oil serves as a backbone for synthetic organic chemicals though a variety of feedstocks, such as C1, C2, C4, C5, C6, and C8. Price fluctuations for crude oil creates disruptions down the value chain, as it mainly hampers the profitability of chemicals produced down the value chain.

Environmental Regulations

Environmental regulations imposed by governments in respective countries control the chemicals produced and consumed within the country. Chemicals are classified into various grades according to the threats posed by chemicals to environment and humPersistent and bio-accumulative chemicals are regulated to control the environmental damage caused by these chemicals. Environmental regulations play an important role in determining the usage pattern of certain chemicals, especially those which are termed hazardous.

Market Dynamics

Market Driver- Increasing Demand for Agrochemicals

The global population has been steadily increasing since the past decade. The increase in global population creates high demand for food grains, as governments in various countries strive for food security for their citizens. Chemicals such as herbicides, pesticides, fungicides, and fumigants play a crucial role in increasing the crop yields. Chemicals such as chloroacetonitrile are used in the synthesis of chemicals, such as insecticides and fumigants. Increasing demand for insecticides and fumigants creates high demand for chloroacetonitrile, thereby propelling the market.

Market Driver- Growth of pharmaceutical industry

Pharmaceutical industry is one of the fastest growing industries, owing to the increasing purchasing parity of the patients, prevalence of lifestyle disorders, increasing penetration of healthcare facilities, and advancements in medical science. Active pharmaceutical ingredients, commonly known as APIs, are synthesized by a series of chemical reactions. Chemicals such as chloroacetonitrile are used as intermediates for the synthesis of drugs, such as guanethidine. Thus, the growth of the pharmaceutical industry is creating high demand for chloroacetonitrile, thus boosting the market.

Market Restraint- Environmental Regulations and Restrictions

Chloroacetonitrile is a highly flammable chemical, which is easily ignited by heat, sparks or flames. It reacts with vapors to form explosive mixtures with air, which creates fire or explosion hazards. It is toxic in nature, which causes fatal hazards if inhaled, ingested or absorbed through skin. If contact or inhaled, it causes irritation, burning sensation, dizziness or asphyxiation. These properties make chloroacetonitrile a highly regulated chemical, which hampers the market growth.

Market Opportunities: Technological Advancements in Production Process

Technological advancements in the manufacturing process of chloroacetonitrite is expected to create opportunities for the manufacturers. Research and development are at the core of technological advancements and enable manufacturers to gain a competitive advantage over the competitors. Technological advancements contribute in reducing the price, which increases the adoption of the chemical, thus creating opportunities for the manufacturers.

Scope of the Report  

The report on the global chloroacetonitrile market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Segmental Outlook

Based on purity, the global chloroacetonitrile market is segmented into purity below 99% and 99% and above. The below 99% purity chloroacetonitrile, also known as technical grade chloroacetonitrile, is often used for organic synthesis, whereas chloroacetonitrile with purity 99% and above has applications in the preparation of pharmaceutical intermediates, owing to stringent purity requirements. The price of chloroacetonitrile increases with increase in purity, as high purity is achieved through rigorous separation process.

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On the basis of application, the global chloroacetonitrile market is divided into organic synthesis intermediate, pharmaceutical intermediate, fumigant, and others. The others segment includes applications, such as extraction solvents and laboratory reagent. The pharmaceutical intermediate segment holds a significant market share, owing to the extensive use of chloroacetonitrile for synthesis of pharmaceuticals.

Chloroacetonitrile has several applications in the agrochemical industry. It is used in manufacturing herbicides to control undesirable vegetation and control pests. It is used in synthesis of insecticide fenoxycarb. It is also used in industrial processing as an organic intermediate in the synthesis of the cardiovascular drug, guanethidine.

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On the basis of distribution channel, the global chloroacetonitrile market is divided into direct sales through manufacturers and distributor/wholesaler. The distributor/wholesaler segment holds a significant market share, owing to its multiple benefits, such as easy availability of chemicals through distributors. Distributors facilitate the timely delivery of chloroacetonitrile, especially in regions such as Latin America and the Middle East & Africa where production is relatively on the lower side.

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Regional Outlook

On the basis of regions, the global chloroacetonitrile market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Asia Pacific held XX% market share in 2022. The market in the region is driven by the growing demand for chloroacetonitrile, mainly from the pharmaceutical industry. The market in Asia Pacific is expected to expand at a lucrative CAGR, owing to rising industrial production of chloroacetonitrile and increasing demand for chloroacetonitrile from the pharmaceutical industry.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the global chloroacetonitrile market

• Historical, Current, and Projected Market Size in terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on Global Chloroacetonitrile Market Performance