Phenylacetonitrile market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Phenylacetonitrile Industry Hit Worst due to Russia-Ukraine War Impact?
The global phenylacetonitrile market size is expected to expand on account of the versatility of the product’s usage in various industries, shares Fortune Business Insights™, in its report, titled, “Phenylacetonitrile Market, 2021-2028.”
Phenylacetonitrile is alternatively called benzene acetonitrile, benzyl cyanide, and 2-Phenylacetonitrile. As it has an aromatic odor, it is used to produce perfumes and flavors with the assistance of phenyl acetic acid. It is also used to manufacture insecticides, to bleach fibers, and others. Furthermore, it is also applied in the cosmetic, chemical industry, pharmaceutical, and food & beverages industries.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Phenylacetonitrile market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Phenylacetonitrile market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
The phenylacetonitrile market is divided into two attributes, such as by application and geography.
On the basis of application, the market is categorized into food & beverages, cosmetic, pharmaceutical, and chemicals. With geographical stand-point, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Highlights of the Report
The report offers an in-depth analysis of the phenylacetonitrile market. A holistic evaluation about the current market trends and future opportunities for business investors is provided in the report. Possible threats and restraints and driving factors in the market are shared in the report. Furthermore, tangible insights about the competitive landscape and key players and their prominent strategies to bolster the market growth are offered in the report.
High Demand for Benzyl Cyanide from Cosmetic and Pharmaceutical Industry to Spur Growth
The multi-functional property of phenylacetonitrile in various domains is resulting in the surging demand for the product. In the cosmetic industry, the demand for this chemical is increasing with each passing day owing to the rising skin care consciousness amongst people. It is the primary ingredient used in several anti-fungal ointments to cure skin conditions. But, in the pharmaceutical industry, the application of phenylacetonitrile is done in the formation of antimalarial and anti-depressant medication. The consistent use of this chemical in the cosmetic and pharmaceutical industry is set to boost the market growth globally.
However, direct exposure to phenylacetonitrile can cause severe harm. Inhalation of the chemical can result in skin irritation or even hypertension. This may dampen the phenylacetonitrile market growth.
For example, in July 2000 the New Jersey Department of Health and Senior Services published a fact sheet stating the hazardous impacts of the chemical. It stated that the exposure to the chemical can cause irritation to one’s nose, eyes, skin, throat, and lungs resulting in wheezing, coughing, or shortness of breath. The higher level of exposure can cause vomiting, nausea, headache, or can be fatal in some cases.
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Asia Pacific to Ace Fueled by Surging Usage as Food Additive
Asia Pacific to hold the major phenylacetonitrile market share and dominate in the upcoming years. The increasing adoption of the chemical in food and beverages as a food additive is anticipated to boost the market in this region.
The surging demand for the product in the pharmaceutical production is estimated to drive growth in the European region.
In the North American market, the application of the chemical is majorly done in the cosmetic industry for creating antifungal ointments. Hence, the demand for the chemical is high, which, in turn, would result in the regional growth of the market.
Latin America and the Middle East and Africa are set to witness noteworthy progress owing to the increased demand of phenylacetonitrile in these regions.
Acquisitions amongst Key Players to Boost Market Growth
Key players in the market are planning strategies to maintain their positions as leading companies. Some of these strategies are to launch products on regional basis and partner up with competitive players and end-users for a better reach of the product.
For instance, Tokyo Chemical Industry Co. Ltd., a leading chemical manufacturing company acquired Kaunas University of Technology (KTU) in Lithuania who owned the license for the patent for its innovation in synthesized materials.
List of Key Players Covered in the Phenylacetonitrile Industry Report
- The Good Scents Company
- Tokyo Chemical Industry Co., Ltd.
- Alfa Aesar
- LCG Limited
- CHEM SERVICE, INC.
- ALS Environmental
- Santa Cruz Biotechnology, Inc.
- Enamine Ltd.
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