Specialty Nitriles Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for specialty nitriles is expected to grow at a CAGR of more than 4% globally during the forecast period. Nitriles are organic compounds having a triple bond between carbon and nitrogen. They are also known as cyanides. The most commonly occurring nitrile is nitrile rubber which is a synthetic copolymer of unsaturated acrylonitrile and conjugated butadiene. Such a form of rubber is highly resistant to chemicals. Owing to the versatile and favorable chemical properties of specialty nitriles, its application in adhesives, pharmaceuticals and automotive is growing exponentially, consequently propelling the market growth.

However, the health hazards due to cyanide poisoning results from inhaling cyanides or ingesting cyanides are likely to hinder the growth of the studied market. Moreover, unfavorable conditions arising due to the COVID-19 outbreak is also expected to hamper the market growth.

Achieving a wide diversity of amides and organic acid from the enzymatic hydrolysis of nitriles are likely to provide opportunities for the specialty nitriles market over the next five years.

Asia-Pacific region dominates the specialty nitriles market, owing to the soaring consumption of specialty nitriles in adhesive, pharmaceutical and automotive segment from countries, such as China, India and Vietnam.

Key Market Trends

Automotive Components to Dominate the Market

• Automotive components stands to be the dominating segment, where its requirement is widely driven by the growing need for lightweight, high fuel efficiency and low emission vehicles.
• Increasing application of nitrile rubber in the pipelines, hoses, tubes, conveyor belts, shoes, seals and glues, etc. and rising utilization in adhesive and automotive are expected to provide thrust to specialty nitriles market.
• Initiatives under Clean Energy Ministerial (CEM) like electric vehicle initiative and the growing popularity of electric vehicles is likely to increase the consumption of specialty nitrile in the automotive industry.
• Since 2018 automotive industry experience a decline in production in countries like United States of America, China, and Germany, etc. owing to which consumption of specialty nitrile is anticipated to drop. However, from 2021 the automotive industry is likely to regain production which is expected to increase the demand from automotive applications during the forecast period.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific region stands to be the largest and fastest-growing market for specialty nitriles. Factors, such as increasing utilization in pharmaceutical, adhesives and automotive segment is likely to drive the market growth.
• Nitrile containing compounds widely used in therapeutic drugs as specialty nitrile can alter the physicochemical and pharmacokinetic properties to improve bioavailability, enhance the selectivity and binding affinity to target proteins by hydrogen bond interactions. Hence with increasing consumption of therapeutic drugs; the demand for specialty nitrile has been increasing in the pharmaceutical industry.
• Beneficial attributes of specialty nitriles like good resistance to oil, heat, ozone, chemicals give it a secure position in the automobile, adhesives and electronics industry.
• Asia-Pacific region is considered to be the base for electrical & electronics manufacturing across the globe. Countries like China, India, Japan, South Korea, and Vietnam contribute most to the electronic components manufacturing in the region.
• Due to its property of sturdiness, it is extensively used in protective gloves used in chemistry laboratories to resist the effect of the chemicals and stringent regulations regarding industrial protective gears, has propel the demand for gloves consequently driving the market growth.
• Asia-Pacific is the fastest-growing region for protective gloves due to the high production and usage of protective gloves in the healthcare, manufacturing, food & beverage, construction, and transportation industries.
• Hence, all such market trends are expected to drive the demand for specialty nitriles market in the region during the forecast period.

Competitive Landscape

The global specialty nitriles market is consolidated in nature with a few major players dominating a significant share of the market demand. Some of the major companies are Ascend Performance Materials, INEOS Group, AlzChem Group AG, Parchem fine & specialty chemicals and Zeon Chemicals L.P. amongst others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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