Global Benzonitrile Market to Reach USD 329.65 Million by 2031 | CAGR of 3.6%
Category : Materials And Chemicals | Published Date : Oct 2024 | Type : Press Release
Benzonitrile Market Scope & Overview:
In the newly published report Consegic Business Intelligence states that the Benzonitrile Market size was valued at USD 240.05 Million in 2022 and is projected to reach USD 329.65 Million by 2031, growing at a CAGR of 3.6% from 2023 to 2031. Benzonitrile is a colorless, oily liquid with a distinct almond-like odor, commonly used as a solvent for nitrile rubber, resins, and polymers. Additionally, it serves as an intermediate in the synthesis of various chemicals, pharmaceuticals, and dyes, while its applications in textiles, coatings, and rubber manufacturing support its growing industrial use.
The report comprises the Benzonitrile Market Share, Size & Industry Analysis, By Type (Up to 70%, Up to 90%, Up to 99%), Application (Drugs, Perfumes, Dyes, Rubber, Fabric, Others), End-use Industry (Chemical, Pharmaceutical, Textile, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2023-2031.
The report contains detailed information on Benzonitrile Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profile, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
The rising demand for benzonitrile in pharmaceuticals and increasing use in textile manufacturing are primary market drivers. Technological advancements in production processes also present opportunities for market growth.
Segmental Analysis :
Based on type, the market is segmented into up to 70%, up to 90%, and up to 99%.
- Up to 99% accounted for the largest share in 2022, driven by its high purity, making it suitable for pharmaceutical and fine chemical applications.
Based on application, the market includes drugs, perfumes, dyes, rubber, fabric, and others.
- Dyes held the largest market share in 2022, with benzonitrile widely used as an intermediate in textile dye production.
- Drugs are projected to grow at the fastest rate, with benzonitrile applications in producing antibiotics and antiviral drugs.
Based on end-use industry, the market is segmented into chemical, pharmaceutical, textile, and others.
- Textile held the largest share in 2022 due to its use in synthetic fibers and textile coatings.
- Pharmaceutical is expected to grow rapidly, with benzonitrile utilized in various drug synthesis applications.
Based on regions, the global market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
- Asia-Pacific dominated the market in 2022 due to significant industrial activity in China and India.
- North America is projected to grow steadily, supported by demand from the pharmaceutical sector and sustainable initiatives in production.
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2031 | USD 329.65 Million |
| CAGR (2024-2031) | 3.6% |
| By Type | Up to 70%, Up to 90%, Up to 99% |
| By Application | Drugs, Perfumes, Dyes, Rubber, Fabric, Others |
| By End-use Industry | Chemical, Pharmaceutical, Textile, Others |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The competitive landscape encompasses major innovators, aftermarket service providers, industry giants, and niche players, all of which are thoroughly examined by Consegic Business Intelligence in terms of their strengths, weaknesses, and value-addition potential. This report includes detailed profiles of key players, market share analysis, mergers and acquisitions, resulting market fragmentation, and emerging partnership trends and dynamics.
List of prominent players in the Benzonitrile Industry:
- Lonza
- BASF
- Evonik
- Dow Chemical
- Clariant
- Huntsman
- Eastman Chemical
- Chemsavers Inc.
- Vineeth Precious Catalysts Pvt. Ltd.
- Triveni Chemicals
Recent Industry Developments :
- In June 2023, Lonza acquired Synaffix B.V., enhancing its bioconjugate technology for ADC and gene therapy applications.
- In June 2021, Evonik expanded its portfolio with the acquisition of Infinitec Activos, focusing on active ingredient delivery for cosmetics.
