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Impact of COVID-19 on Specialty Nitriles Market Share : Implications on Business Till 2027

08-14-2020 06:57 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Transparency Market Research

/ PR Agency: Transparency Market Research
During manufacturing of acrylonitrile, specialty nitriles are produced as the end products of it. Specialty nitriles include nitriles such as acetonitrile, oxazole, hydrogen cyanide, acetone cyanohydrin, and ammonium sulphate. Nitriles is an organic compound, which has a triple bond between carbon and nitrogen. These are also known as cyanides.

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Specialty Nitriles Market: Drivers & Restraints

Increase in demand for specialty nitriles from the pharmaceutical sector in developing economies is a key driver for the specialty nitriles market. Additionally, rise in deposable income is fueling the demand for automotive across the globe. This, in turn, is anticipated to drive the market across all regions, as specialty nitriles is employed in the manufacturing of vehicles tire. Specialty nitriles emit hazardous fumes into the environment, which is likely to restrain the global market.

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Specialty Nitriles Market: Key Segments

Based on type, the global specialty nitriles market can be segmented into acetonitrile, oxazole, hydrogen cyanide, acetone cyanohydrin, and ammonium sulphate. Acetonitrile is an important byproduct derived from the manufacturing of acrylonitrile ammoxidation of propene or propane. Acetonitrile is extensively employed used as a solvent to synthesize vitamins A and B1, cortisone, carbonate drugs, and other amino acids. Acetonitrile is also used as a solvent in the production of insulin, antibiotics, and cephalosporins. Additionally, it is employed in finding out the content of pesticide and insecticide in food, feed, water, or soil samples. Acetonitrile is used as a solvent for UV spectrum and polarography. Oxazole is co-product obtained during processing of acrylonitrile by ammoxidation of propylene. Oxazole is used as an oil additive and as a solvent in industrial applications. Hydrogen cyanide is a highly volatile, colorless, and extremely poisonous in nature. Hydrogen cyanide is used for electroplating, mining of gold and silver, fumigation, chemical synthesis, and to manufacture synthetic fibers, plastics, dyes, and pesticides. Acetone cyanohydrin is a raw material produced from methacrylic acid and its esters, primarily methyl methacrylate. Methyl methacrylate is utilized to manufacture acrylic sheets, hot tubs, and surface coatings in the automotive industry.

In terms of end-use, the global specialty nitriles market can be segregated into automotive, pharmaceutical, paints & coatings, agrochemical, and others (including plastics). The automotive segment is likely to dominate the global market during the forecast period. Hydrogen cynide, a specialty nitrile, finds usage in the production of adiponitrile, which is a precursor to Nylon-6, 6. It finds application in the manufacture of products such as acrylonitrile, adiponitrile, cyanogen chloride, cyanuric chloride, acrylates, methacrylates, cyanide, and ferrocyanide. Owing to these diverse application, is anticipated to drive the global specialty nitriles market.

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Specialty Nitriles Market: Regional Outlook

Based on region, the global specialty nitriles market can be divided into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific is anticipated to constitute major share of the global market during the forecast period. The specialty nitriles market in Asia Pacific is estimated to expand at a rapid pace due to the rise in per capita income of people across the region. Increase in income has propelled the usage of automotive in the region. Rise in use of specialty nitriles for manufacturing rubber products is estimated to propel the specialty nitriles market in Asia Pacific.

Specialty Nitriles Market: Key Players

Prominent players operating in the global specialty nitriles market include INEOS AG, Ascend Performance Materials, EMERALD PERFORMANCE MATERIALS, LLC, and Asahi Kasei Corporation. The global market is dominated by a few players and they are mainly engaged in research & development activities, strategic alliances, and mergers & acquisitions to gain higher market share.

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