Fluorobenzonitrile Market

Fluorobenzonitrile Market Growth Outlook (2023-2033)

The global fluorobenzonitrile market is set to estimate a valuation of US$ 47.5 million in 2023 and it is anticipated to grow at a CAGR of 4.8% to reach US$ 75.9 million by the end of 2033.

Fluorobenzonitrile is an organic compound that is widely used as a solvent for perfumes in the cosmetic industry. Further, it is used in the synthesis of pharmaceutical prerequisites, fluorenone, as well as opioid receptor antagonists.

Report Attributes	Details
Market Size (2022A)	US$ 45.3 Million
Estimated Market Value (2023E)	US$ 47.5 Million
Forecasted Market Value (2033F)	US$ 75.9 Million
Global Market Growth Rate (2023-2033)	4.8% CAGR
North America Market Share (2023)	~34.3%
East Asia Market Growth Rate (2023-2033)	~5.2% CAGR
Middle East & Africa Market Growth Rate (2023-2033)	~4.0% CAGR
East Asia Market Share (2023)	~24.2%
Key Companies Profiled	Capot Chemical Co., Ltd Oceanic Pharmachem Pvt. Ltd Manus Aktteva Biopharma LLP VEEPRHO Avantor

Sales Analysis of Fluorobenzonitrile Market

The growing use of fluorobenzonitrile in agrochemicals as an intermediate compound drives sales growth. Further, it has also applications in the pharmaceutical industry as it is used for the synthesis of antifolate and antibacterial quinazoline derivatives. Such factors are anticipated to drive the market growth.

• Short Term (2023-2026): Rising cosmetic industry across the globe bolsters the growth of the market and increases the sales of the product.
• Medium Term (2026-2029): Growing pharmaceutical industry across the globe especially across emerging economies to drive the market’s growth.
• Long Term (2029-2033): Development in the agricultural sector to feed the growing population and ongoing research to protect the crops from various infections increases the consumption of fluorobenzonitrile.

Over the 2018-2022 historical period, the global fluorobenzonitrile market registered a CAGR of 3.5%, according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 4.8% CAGR between 2023 and 2033.

Market share analysis of fluorobenzonitrile based on end-use vertical and region is provided in a nutshell in the above image. Under the end-use vertical segment, the cosmetic sub-segment dominates with a 33.7% market share in 2023.

“Demand Across Flourishing Agricultural Sector to Drive the Fluorobenzonitrile Industry”

In order to meet the growing population's food demand, the government across both developed and developing nations adopting various techniques and taking assistance from chemicals to increase productivity. On the back of this, the agrochemical sector is witnessing high growth potential.

With the growing agrochemical industry, the demand for fluorobenzonitrile increases as it is used as a chemical intermediate in the production of agrochemicals. Hence, mushrooming agrochemicals market creates immense growth opportunities for the market to grow.

“Government Regulation to Hamper the Fluorobenzonitrile Market Growth”

Governmental strict laws and regulations regarding the use and production of the chemical could impede market expansion, and side effects caused by fluorobenzonitrile such as skin irritation and others have a negative impact on the market growth.

Further, the use of chemicals is heavily influenced by governmental guidelines and FDA approvals, any modifications to rules and permissions will limit the market's expansion.

Country-wise Insights

Why the U.S. is anticipated to be Lucrative for the Fluorobenzonitrile Market?

The pharmaceutical industry is witnessing high demand due to the growing prevalence of chronic diseases on a global scale. The diseases like diabetes, cancer, chronic immune deficiencies, congestive heart failure, and others have significantly increased.

• About 133 million Americans, or 40% of the nation's population, are affected by chronic diseases.

With the rising prevalence of chronic diseases, especially cancer, the demand for anti-cancer drugs increased. With the growing demand for an anti-cancer drug, fluorobenzonitrile is to witness high growth opportunities in the US market, as it is used for the synthesis of antifolate and antibacterial quinazoline derivatives.

Why is the India Fluorobenzonitrile Market Expected to Be Highly Lucrative?

Government initiatives and schemes create lucrative opportunities for the agrochemical market, which boost the market growth as fluorobenzonitrile is used in the production of pesticides. Hence, the flourishing agrochemical sector drives the market

• For instance, the government has created a 2034 vision for the chemicals and petrochemicals industry to look into ways to increase domestic production, decrease imports, and draw in investment.
• In order to build an ecosystem for end-to-end manufacturing, the government intends to execute a production-link incentive strategy with 10–20% output incentives for the agrochemical industry.

For the benefit of farmers, the government urged agrochemical industry participants to come out with new molecules of global standards. Further, CropLife India, the industry body, argued for stable regulatory and policy frameworks to support the sector's growth.

The aforementioned factors drive the agrochemical market growth, hence, fluorobenzonitrile is anticipated to witness growth on the back of the mushrooming agrochemical industry.

Category-wise Insights

By Grade, >98%, increases the demand for the product

Based on grade, >98% grade segment accounted for the largest share of the fluorobenzonitrile market in 2022 and it is expected that the accelerating end-use industries such as pharmaceuticals, cosmetics, and chemicals, increase the sales of the fluorobenzonitrile market in the projected period.

Due to all of these factors, the fluorobenzonitrile market is anticipated to grow at a CAGR of 4.6% over the forecast period. It is estimated that Fluorobenzonitrile will reach a valuation of USD 28.1 million in 2023.

Will Market Growth Be Led by the Pharmaceuticals End-use?

With the flourishing pharmaceutical industry across the globe, the end-use application of fluorobenzonitrile in the synthesis of fluorenone, pharmaceutical prerequisites, and others drives the consumption of fluorobenzonitrile. Further, it also helps in the synthesis of cytokine anti-inflammatory drugs (csAIIIs).

Furthermore, pharmaceutical industries and research laboratories are growing rapidly across the globe due to which drug development gains traction at a faster pace and demand for fluorobenzonitrile market increases.

Owing to the above-mentioned factors, the demand for fluorobenzonitrile from the pharmaceutical end-use is expected to expand at a CAGR of 4.3% in the upcoming period.

Key Strategies by Market Players

Prominent fluorobenzonitrile manufacturers are Capot Chemical Co., Ltd, Oceanic Pharmachem Pvt. Ltd, Manus Aktteva Biopharma LLP, VEEPRHO, Avantor, and other prominent player.

Manufacturers are adopting various strategies for gaining high-profit margins and remaining competitive in the market. Establishing long-term trade relations with the end-users to ensure revenue growth during unfavorable trade situations.

Fact.MR has provided detailed information about the price points of key manufacturers of fluorobenzonitrile positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Fluorobenzonitrile Industry Research

• By Grade :

  • <98%
  • >98%

• By End-Use Vertical :

  • Chemical
  • Pharmaceuticals
  • Cosmetic
  • Agrochemicals
  • Textile
  • Others

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA