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The Hydrocyanic Acid And Its Derivatives Market size is estimated to reach US$1.2 billion by 2027, after growing at a CAGR of 5.2% during the forecast period 2022-2027. The use of hydrocyanic acid
and its derivatives in chemicals & pharmaceuticals has increased
significantly. Hydrocyanic acid and its derivatives are used in a variety of
chemical processes such as fumigation, case hardening of iron and steel,
electroplating and ore concentration. Its derivatives include amino amides,
amino acids, cyanohydrins and nitriles. The chemical industry is expanding
rapidly as a result of increased demand for chemistry technology and innovative
chemical compounds. According to the National Investment Promotion and
Facilitation Agency, India's chemical industry is expected to reach US$300
billion by 2025.
Hydrocyanic Acid And Its
Derivatives Market: The Chemical & Pharmaceutical Segment Leads the Market
On the basis of the end-use
industry, the Hydrocyanic Acid & Its Derivatives market
can be segmented into the agriculture industry, oil & gas, chemical &
pharmaceutical, electrical & electronics, mining industry and others. The hydrocyanic
acid & its derivatives market’s leading segment has been evaluated as chemical
& pharmaceutical. During the
forecast period 2022-2027, the chemical & pharmaceutical segment is
expected to grow at a CAGR of 6.1%. The chemical industry is expected to grow
rapidly in the hydrocyanic acid & its derivatives industry during the
forecast period due to rising production in the chemicals
industry.
According to the European Chemical Industry Council (CEFIC), the chemical
output in EU27 is estimated to grow by 2.5% in 2022, after following a growth of 6% in 2021.
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Hydrocyanic Acid And Its
Derivatives Market: Asia-Pacific Holds the Largest Market Share
On the basis of geography, the Hydrocyanic Acid & Its Derivatives market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most profitable region in the market. In 2022, the Asia-Pacific region held a 6.6% share of the total revenue earned by the market globally. Asia-Pacific countries including the India and China are ahead comparatively in terms of chemical & pharmaceutical products. With the rise in chemical production and flourishing chemical processing base in APAC, the demand for hydrocyanic acid & its derivatives would grow. According to Make in India, the chemical industry in India is expected to reach US$304 billion and a growth rate of 9.3% per annum by 2025. According to the International Trade Administration (ITA), the estimated value of specialty chemicals in Korea accounted for US$55 billion in 2020, an increase of 3% compared to 2019. The Hydrocyanic Acid & Its Derivatives market would also gain demand from the North American region. The USA and Canada are emerging as competitive countries in the Hydrocyanic Acid & Its Derivatives market.
Hydrocyanic Acid And Its
Derivatives Market: Competitive Landscape
Key companies holding major
shares in the Hydrocyanic Acid & Its Derivatives market are Evonik
Industries AG, INEOS Group Ltd, Air Liquide S.A., Matheson Tri-Gas Inc.,
Hindusthan Chemicals Company, The Dow Chemical Company, DuPont, Asahi Kasei
Corporation, Taekwang Industry Co Ltd. and Kuraray Co. Ltd.