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 |
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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.
