Global Benzonitrile Market growing at a CAGR of 3.6% from 2023 to 2031
Category : Materials And Chemicals | Published Date : Oct 2023
Key Market Overview
Consegic Business Intelligence analyzes that the benzonitrile market is predicted to grow at a compound annual growth rate of 3.6% from 2023 to 2031 and is expected to reach USD 329.65 million in 2031 and 247.63 million in 2023 which was valued at USD 240.05 million in 2022.
The report highlights the increasing demand from the healthcare sector, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the benzonitrile market.
Global Benzonitrile Market By Overview
The benzonitrile market is bifurcated into type, application, and end-use industry. Based on type, the market is segmented into 70%, up to 90%, and up to 99%. In 2022, the up to 99% segment dominated the overall benzonitrile market. Based on application, the market is segmented into drugs, perfumes, dyes, rubber, fabric, and others. In 2022, dyes segment dominated the overall benzonitrile market. Based on end-use industry, the market is segmented into chemical, pharmaceutical, textile, and others. In 2022, the textile segment dominated in the overall benzonitrile market.
Get Free SampleMarket Dynamics
Driver:
- Increasing demand from the healthcare sector is driving the market growth.
- Wide applications in the textile industry is boosting the growth of the benzonitrile market.
Restraints:
- Prevalence of alternatives is hampering the market growth.
Market Segmentation:
| Report Attributes | Report Details |
| By Type | Up to 70%, Up to 90%, and Up to 99% |
| By Application | Drugs, Perfumes, Dyes, Rubber, Fabric, and Others |
| By End-use Industry | Chemical, Pharmaceutical, Textile, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The market is dominated by certain major companies such as Lonza, BASF, and Evonik, which have a strong market position in the current market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions. Furthermore, the benzonitrile market is expected to witness substantial growth in the coming years due to technological advancements in the production process of benzonitrile in key regions such as North America, Asia Pacific, and others.
The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.
- Lonza
- BASF
- Evonik
- Dow Chemical
- Clariant
- Huntsman
- Eastman Chemical
- Chemsavers Inc.
- Vineeth Precious Catalysts Pvt. Ltd.
- Triveni Chemicals