The global propionitrile market was valued at US$ 8.40 million in 2019, by Application (Additives and Intermediate), by End-Use (Personal Care, Pharmaceutical, Agriculture, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global propionitrile market is expected to surpass US$ 12.22 million by 2027, exhibiting a CAGR of 5.9% during the forecast period (2020-2027). The growth of the propionitrile market is expected to be driven by growth of the pharmaceutical industry. For instance, according to Coherent Market Insights’ analysis, the U.S. pharmaceutical market was valued at approximately US$ 865 Bn in 2018. Demand for propionitrile is increasing due to increasing demand from the pharmaceutical and agricultural industry across the globe.
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Browse 50 market data tables* and 45 figures* on ‘Propionitrile Market’ - Global Forecast to 2027.
Key Trends and Analysis of the Global Propionitrile Market:
- Among regions, North America accounted for a significant market share in 2019. Growth of pharmaceutical industry in the region is expected to drive market growth for propionitrile over the forecast period. For instance, according to the International Trade Association (ITA), total pharmaceutical sales in 2016 was valued at US$ 333 billion in the U.S. The growth is due to increasing demand for pharmaceutical products.
Key Takeaways of the Propionitrile Market:
- Among applications, intermediates segment held the largest revenue share of 92.5% in the global propionitrile market in 2019. As an herbicide and pharmaceutical intermediate, propionitrile is a precursor to propylamines (nPA, DnPA, and TnPA), C-3 building blocks used in the preparation of Trifluralin (herbicide), and Flopropione (pharmaceutical).
- Major players operating in the global propionitrile market include Air Liquide, Alfa Aesar, Ascend Performance Materials, Indo Amines Limited, Shanghai Worldyang Chemical Co., Ltd., Sigma Solvents Private Limited, TCI, Toronto Research Chemicals, Inc., and Triveni Chemicals
Global Propionitrile Market - Impact of Coronavirus (Covid-19) Pandemic
- The coronavirus pandemic represents a key challenge to the healthcare ecosystem including the pharmaceutical industry. On the other hand, it does represent a sizeable market opportunity for the pharmaceutical companies. China is one of the major suppliers of herbicide active ingredients globally. The virus outbreak in China and the gradual spread of the virus all over the globe has disrupted the supply chains. The current shortages in agrochemicals are estimated to have a severe impact on planting, crop development, and harvest in 2020, which might lead to food crisis. According to Agriculture Ministry Analysis, the pesticide industry is heavily dependent on raw materials imported from China and could be hampered by the Covid-19 pandemic.