Market Size of Specialty Nitriles Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Specialty Nitriles Market Analysis
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.
Specialty Nitriles Industry Segmentation
The specialty nitriles market report includes:
| Manufacturing Process | |
| Ammoxidation | |
| Hydrocyanation |
| Types | |
| Nitrile Butadiene Rubber | |
| Hydrogenated Nitrile Butadiene Rubber | |
| Others |
| Application | |
| Protective Gloves | |
| Automotive Components | |
| Electronic Components | |
| Adhesives & Sealants | |
| Oilfield Applications | |
| Others |
| Geography | |||||||
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Specialty Nitriles Market Size Summary
The specialty nitriles market is poised for significant growth, driven by their versatile applications in industries such as adhesives, pharmaceuticals, and automotive. Specialty nitriles, known for their chemical resistance and beneficial properties, are increasingly used in the production of nitrile rubber, which is a key component in various industrial and consumer products. The automotive sector, in particular, is a major consumer due to the demand for lightweight and fuel-efficient vehicles. Despite challenges such as health hazards from cyanide exposure and the impact of the COVID-19 pandemic, the market is expected to expand, with opportunities arising from the enzymatic hydrolysis of nitriles to produce diverse amides and organic acids.
The Asia-Pacific region is the largest and fastest-growing market for specialty nitriles, fueled by high consumption in the automotive, pharmaceutical, and electronics sectors. Countries like China, India, and Vietnam are at the forefront, contributing to the region's dominance. The demand for specialty nitriles is further bolstered by their use in therapeutic drugs and protective equipment, such as gloves, which are essential in various industries. The market is characterized by a few major players, including Ascend Performance Materials and INEOS Group, who hold a significant share of the market. As the automotive industry recovers and the demand for electric vehicles rises, the consumption of specialty nitriles is expected to increase, supporting the market's growth trajectory.
Specialty Nitriles Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Applications in Automotive Industry
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1.1.2 Others Drivers
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1.2 Restraints
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1.2.1 Health Hazard related to Nitrile Fumes
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1.2.2 Unfavorable Conditions Arising Due to COVID-19 Outbreak
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1.3 Industry Value Chain Analysis
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1.4 Porters Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Manufacturing Process
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2.1.1 Ammoxidation
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2.1.2 Hydrocyanation
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2.2 Types
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2.2.1 Nitrile Butadiene Rubber
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2.2.2 Hydrogenated Nitrile Butadiene Rubber
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2.2.3 Others
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2.3 Application
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2.3.1 Protective Gloves
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2.3.2 Automotive Components
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2.3.3 Electronic Components
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2.3.4 Adhesives & Sealants
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2.3.5 Oilfield Applications
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2.3.6 Others
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2.4 Geography
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2.4.1 Asia-Pacific
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2.4.1.1 China
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2.4.1.2 India
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2.4.1.3 Japan
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2.4.1.4 South Korea
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2.4.1.5 Rest of Asia-Pacific
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2.4.2 North America
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2.4.2.1 United States
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2.4.2.2 Canada
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2.4.2.3 Mexico
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2.4.3 Europe
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2.4.3.1 Germany
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2.4.3.2 United Kingdom
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2.4.3.3 France
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2.4.3.4 Italy
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2.4.3.5 Rest of Europe
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle-East and Africa
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2.4.5.1 Saudi Arabia
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2.4.5.2 South Africa
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2.4.5.3 Rest of Middle-East and Africa
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Specialty Nitriles Market Size FAQs
What is the current Specialty Nitriles Market size?
The Specialty Nitriles Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Specialty Nitriles Market?
Ascend Performance Materials, INEOS Group, AlzChem Group AG, Parchem fine & specialty chemicals and Zeon Chemicals L.P. are the major companies operating in the Specialty Nitriles Market.
