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O-Nitroacetophenone Market - Forecast(2024 - 2030)
O-Nitroacetophenone Market Overview
The o-Nitroacetophenone
market size is forecast to reach US$120 million by 2027 after growing at a
CAGR of 4.1% during the forecast period 2022-2027. O-nitroacetophenone is a
liquid with clear yellow color with a molecular formula C8H7NO3. It is also known as acetophenone 2-nitro, 2'-nitroacetophenone,
2-acetylnitrobenzene, and methyl 2-nitrophenyl ketone. It is soluble in water
and extensively used as a synthetic reagent. It is used as a significant intermediate
for medicine production and also used in photosensitive resin as sensitizing
agent. Moreover, there is tremendous research and development underway for the
manufacturing of o-nitroacetophenone. For instance, Zhejiang University of
Technology (ZJUT) has filed a patent for the production of o-nitroacetophenone
using acetophenone, carbonyl
group, palladium, ethyl
acetate, and hydroxyamino. Thus, a wide range of applications and
remarkable research and development are fueling the market growth.
COVID-19 Impact
Many industries
across the globe have faced several challenges due to the COVID-19 pandemic.
The industries such as pharmaceutical, chemical, agriculture, and textile
including many others have experienced pitfalls. Many projects in such
industries have been halted due to an interrupted supply chain and employee
shortages due to quarantines. Also, the production and demand in textile
industry has declined due to an interrupted supply chain and cessation in the transportation of raw material. According to United States International Trade
Commission, in 2020, US exports of fibres and yarns decreased by 25.6% while
apparel export decreased by 22.7%. Thus, with the global pause in industrial
production and distribution, the demand and consumption of o-Nitroacetophenone
has hampered to an extent in several industries. However, the increase in adoption
of o-Nitroacetophenone in pharmaceutical industry has diminished the impact in during
pandemic.
Report Coverage
The “O-Nitroacetophenone Market Report –
Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the
following segments of the o-nitroacetophenone industry.
By Purity: Less than 95%,
95%, and More than 95%
By Application: Organic Synthesis,
Agrochemicals, Dyestuff, Synthetic Reagent, Pharmaceuticals Intermediate,
Photosensitive Resin, and Others
By End Use Industry: Pharmaceutical,
Chemical Industry, Agriculture, Textile, and Others
By Geography: North
America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy,
Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China,
Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan,
Malaysia, and Rest of APAC), and South America (Brazil, Argentina, Colombia,
Chile, and Rest of South America), and Rest of the World (Middle East and
Africa)
Key Takeaways
- Asia Pacific is the leading region in the global o-nitroacetophenone market. This growth is mainly attributed to the increased demand for o-nitroacetophenone in chemical and pharmaceutical industries.
- The significant growth in demand and production of agrochemicals is driving the growth of global o-nitroacetophenone market.
- O-nitroacetophenone plays a significant role as a pharmaceutical intermediate. The surge in development of global pharmaceutical industry is providing ample growth opportunities to the market players operating in global o-nitroacetophenone market.
Figure: Asia Pacific O-Nitroacetophenone Market Revenue, 2021-2027 (US$ Million)
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O-Nitroacetophenone Market Segment Analysis – By Type
The Agrochemical
segment held the largest o-nitroacetophenone market share in 2021, with a share
of over 24%. O-nitroacetophenone is extensively used as an intermediate in a wide
range of applications. It is
mainly utilized as raw material in organic synthesis and agrochemicals.
Moreover, it is used in agrochemicals such as pesticides and biocidal products.
According to Food and Agriculture Organization of the United Nations, the
global GDP share of agriculture has been constant at 4% since 2000. Moreover,
use of pesticides in agriculture grown to 36% from 2000 to 2019. Thus, increase
in agricultural out and use of pesticide, also increases the demand for
agrochemicals, in turn boosting the o-nitroacetophenone
market growth.
O-Nitroacetophenone Market Segment Analysis – By End Use Industry
The pharmaceutical segment is expected to grow at a fastest CAGR of 5.7% during the forecast period in the global o-nitroacetophenone market. O-nitroacetophenone is extensively used in organic synthesis and intermediate in pharmaceutical. The global increase in several diseases, need for continuous supply of medicine, and increase in medicine production is supporting the market growth. The Urgent Care Association, in November 2019, total number of centres in US had reached 9,616 showing a 9.6% increase compared to 2018. Also, according to The National Informatics Centre (NIC), Indian government has approved the Production Linked Incentive (PLI) Scheme for pharmaceutical sector which would be valid for financial year 2020-21 till 2028-29. Thus, such developments in clinical and pharmaceutical sectors are expected to provide substantial growth opportunities to the market players in coming years.
O-Nitroacetophenone Market Segment Analysis – By Geography
Asia Pacific held the largest o-nitroacetophenone market share in 2021, with a share of 37%. This growth is mainly attributed to the increase in demand for o-nitroacetophenone in several end use industries in this region across pharmaceutical, chemical, textile, and agriculture, etc. The presence of numerous developing countries such as China, India, Indonesia, and Malaysia including others are the major countries supporting the growth of the market. According to India’s National Investment Promotion and Facilitation Agency, in 2021, the country’s share in the global specialty chemicals market increased to 4%. According to Ministry of Textiles, from April to December 2021, textile exports of India grew by 41% compared 2020 for same period. Thus, growth in end-use industries in this region if further increasing the demand for o-nitroacetophenone.
O-Nitroacetophenone Market Drivers
Growth in Medical and Healthcare Sector
O-nitroacetophenone is majorly used as synthetic reagent and
pharmaceutical intermediate. It also has a wide range of use in organic synthesis.
It is extensively used in drug production which is further used in medical
industry. The increase in spending on
healthcare infrastructure has positively impacted the usage of o-nitroacetophenone.
For instance, according to US Census Bureau, in November 2021, construction
spending on healthcare was US$51.3 million showing 9% increase, compared to
US$46.7 million in 2020 same month. For instance, according to England’s
National Community Pharmacy Contractual Framework, in 2019, there were more
than 11,500 community pharmacies in England. Hence, such increase in medical
and healthcare sector will create more demand for o-nitroacetophenone, in turn
boosting the growth of global o-nitroacetophenone market.
Increase in demand for agrochemicals
O-nitroacetophenone
is highly adopted in agriculture sector where it is used as intermediate in the
manufacturing of agrochemicals. The global growth in growing agricultural
activities due to the surge in demand for food items in order to meet the food
demand from increased population. There is an increased utilization of
agrochemicals such as fertilizers, pesticides, insecticides, etc. for the
faster production of food items. For instance, according to Comprehensive
report from Food and Agriculture Organization, in 2019, global pesticides
consumption increased to 4.2 million tonnes showing 36% increase compared to
2000. Thus, increase in agricultural activities and surge in demand for
agrochemicals is boosting the growth of global o-nitroacetophenone market.
O-Nitroacetophenone Market Challenges
Health hazards associated with the use of O-Nitroacetophenone
O-Nitroacetophenone
is used in several industries such as pharmaceutical, chemical, textile, and
agriculture including many other. Also, it is extensively used in range of
applications such as dyestuff, photosensitive resin, and organic synthesis
among others. However, the adoption of o-nitroacetophenone in
aforementioned industries may hamper due to its hazardous effects of health. It
is considered a combustible chemical and requires storage in tightly sealed
containers. If it comes in contact with skin, it may cause redness and develops
irritation. It is considered as poisonous material if directly ingested. Thus,
the aforementioned health impact may hamper the demand for o-nitroacetophenone.
O-Nitroacetophenone Industry Outlook
O-Nitroacetophenone market top
10 companies include -
1. Cleanchem Laboratories
2. Wuhan Kemi-Works Chemical Co., Ltd.
3. Lianyungang Ziyan
4. Vineeth Chemicals
5. Alfa Aesar
6. Synthonix, Inc.
7. Thioxazo Bio-tech Laboratories Private Limited
8. Surya Fine Chem
9. Akkshat Pure Chem
10. Manav Bio Chem
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