3-Nitro Acetophenone Market - Forecast(2023 - 2028)

3-Nitro Acetophenone Market Overview

3-Nitro Acetophenone Market size is forecast to reach $535 million by 2026, after growing at a CAGR of 4.6% during 2021-2026 owing to the increasing consumption of 3-nitro acetophenone as a synthetic intermediate as a food flavoring agent in the food & beverage industry, and as chemical intermediates in pharmaceutical & cosmetics sector. 3-nitro acetophenone is a crystalline powder in white to light yellow or yellow to green color. It is insoluble in water (melting point 77oC to 80oC) at high temperatures (approx. 202oC). 3-nitro acetophenone is formed by the oxidation process of cumene and benzene, acetyl chloride, and aluminum chloride are used as raw materials in the formation process of 3-nitro acetophenone. Hence, 3-nitro acetophenone is used as a fuel cell component. There is disclosed fuel cell formulation which is used for batteries. Therefore, increasing demand from pharmaceutical, food & beverages, cosmetics, and other industries is estimated to grow the demand for 3-nitro acetophenone.

Impact of COVID-19

Due to the COVID-19 pandemic, the consumption of 3-nitro acetophenone in the pharmaceutical industry has positively affected the market growth. 3-nitro acetophenone is used for the synthesis of many pharmaceuticals. Hence, increasing the demand for pharmaceutical intermediates supported the market size soon.

Report Coverage

The report: “3-Nitro Acetophenone Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the 3-nitro acetophenone industry.

By Purity: >98%, 98%, and >99%
By Application: Chemical Intermediate, Flavoring Agent, Fragrance Agent, Solvent Intermediate, Organic Synthesis, and Others
By End-Use Industry: Personal care & Cosmetics, Pharmaceutical, Food & Beverages, Plastic & Resins, and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, ANZ, Indonesia, Taiwan, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa)

Key Takeaways

• Asia-Pacific dominates the 3-nitro acetophenone market owing to increasing demand from various end-use industries such as pharmaceutical, cosmetics, plastic & resins, food & beverages, and others in developing Asian countries such as India, China, and others.
• 3-nitro acetophenone (a fuel cell compound) is used as pharmaceutical intermediates, synthetic intermediate, food flavoring agent, dyes intermediation, and others which positively affect the market growth.
• Additionally, resins are produced from acetophenone with formaldehyde that is used in coatings, inks, and adhesives which is estimated to grow the consumption of 3-nitro acetophenone.
• Furthermore, 3-nitro acetophenone is a highly flammable crystalline powder. It requires cold space for storage as they can be easily burned by heat, which may limit the consumption of 3-nitro acetophenone.

Figure: Asia Pacific 3-Nitro Acetophenone Market, 2021-2026 (US$ Million)

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3-Nitro Acetophenone Market Segment Analysis – By Material

98% purity segment held the largest share in the global 3-nitro acetophenone market in 2020. 98% pure 3-nitro acetophenone consists of moisture minimum 35%, thus, is used in food products as a flavoring agent. It is highly soluble in water at high temperatures. This purity of 3-nitro acetophenone is used as a synthetic intermediate for the manufacturing of dyes and pharmaceutical drugs, cosmetics, and others, which is expected to drive the market.

3-Nitro Acetophenone Market Segment Analysis – By Application

Chemical intermediated held the largest share for the global 3-nitro acetophenone market in 2020 followed by flavoring agent. 3-nitro acetophenone uses as a chemical intermediate to manufacture pharmaceutical drugs. That drugs are used for various types of diseases such as cancer. Hence, the growing surgical investment is growing in the pharmaceutical sector which, in turn, is estimated to grow the consumption of 3-nitro acetophenone. According to the American Society for Aesthetic Plastic Surgery (ASAPS), in the United States, patients were spent US$ 761 million on breast lift surgery, US$ 358 million on eyelid surgery, and US$ 1.1 billion on silicone breast implant surgery in 2018. Also, 3-nitro acetophenone is used as a food flavoring agent for food products. Flavoring agent used in confectionery and soft drinks to cereals, cakes, and yogurts and maintain the taste of foods. In October 2018, Conagra acquired Pinnacle Foods Inc. (US); the acquisition helped Pinnacle foods to widen its frozen meals & snacks, and sweet treats categories. Hence, increasing preference towards packed food is estimated to grow the consumption of 3-nitro acetophenone.

3-Nitro Acetophenone Market Segment Analysis – By End-Use Industry

Pharmaceutical industry dominated the global 3-nitro acetophenone market in 2020 and growing at a CAGR of 4.8% during 2021-2026. 3-nitro acetophenone is used as organic pharmaceutical intermediates to manufacture adrenaline drugs and anti-tumor drugs. Adrenaline drugs are used for the treatment of allergic reactions and heart-related issues. Anti-tumor drugs can prevent cancer from spreading. Hence, such factors are projected to boost the 3-Nitroacetophenone market.  According to India Brand Equity Foundation (IBEF), India’s domestic pharmaceutical market is estimated at US$ 41 billion in 2021. The sector is also expected to reach US$ 65 billion by 2024 and ~US$ 120-130 billion by 2030. Additionally, according to the National Healthcare of United States, healthcare spending increased 4.6 percent to reach $3.8 trillion in 2019. Furthermore, according to the international trade administration, in Mexico, medical devices and supplies reached US$ 4.9 billion in 2019, and the pharmaceutical market was US$ 2.5 billion in 2019. Hence, the growing pharmaceutical sector is expected to propel market growth.

3-Nitro Acetophenone Market Segment Analysis – By Geography

Asia Pacific dominated the global 3-nitro acetophenone market with more than the share of 30% in 2020 due to growing demand from the cosmetic sector, food industry, pharmaceutical, and others in developing countries such as China and India. 3-nitro acetophenone is used as a synthetic intermediate in cosmetic and food flavoring agent. The Government of India tacking some initiatives to improve the food processing sector in India. Under Union Budget 2016-2017, the Government of India planned to allow two Indian dairy companies, Parag Milk Foods, and Schreiber Dynamix Dairies, to export milk products to Russia for six months, after that these companies were approved for their products by Russian inspection authorities. Additionally, according to the China Food Industry (CFI) almost 15,00 tonnes of fresh food, 1.8 million bottles of disinfectant solution, and 3 million bottles of liquid soap were sold in 2020. Furthermore, the growing healthcare sector is creating an opportunity for the market size. According to the India Brand Equity Foundation (IBEF), the healthcare market is expected to increase by Rs. 8.6 trillion (US$ 133.44 billion) by 2022, which is expected to drive the demand for 3-nitro acetophenone. Furthermore, the increasing cosmetics market in Asian countries is also boosting the market. According to Cosmetic Europe, a personal care association, the cosmetic industry increased by euro 32.6 billion (US$ 36.49 billion) in 2019 as compared to euro 29.4 billion (US$ 34.7 billion) in 2018. Hence, all such factors are growing demand for 3-nitro acetophenone in the region.

3-Nitro Acetophenone Market Drivers

Increasing Research and Development Expenditure in Pharmaceutical Industry

According to the European Federation of Pharmaceutical Industries and Association, the R&D expenditure in the pharmaceutical sector in the United States increased by US$ 64.3 billion in 2019 compared to US$ 62.2 billion in 2018 and US$ 57.7 billion in 2017. Therefore, the annual growth rate in pharmaceutical R&D expenditure increased by 7.6% during 2016-2020 in the United States. In Europe, this expenditure increased by euro 37.7 billion (US$ 42.20 billion) in 2019 as compared to euro 36.3 billion (US$ 42.86 billion) in 2018 and euro 35.4 billion (US$ 39.10 billion) in 2017. Thus, increasing demand as organic pharmaceutical intermediates to manufacture anti-tumor drugs which are used for the treatment of allergic reactions and heart-related issues is estimated to grow the market size of 3-nitro acetophenone.

Growth in Cosmetic Industry at Global Level

3-Nitroacetophenone is used as a fragrance agent in perfumes and synthetic intermediate in other cosmetic products. Thus, growth in the cosmetics industry is expected to augment the 3-nitro acetophenone market soon. According to Cosmetic Europe, a personal care association, China’s cosmetics market increased by 15.33 % to euro 54.9 billion (US$ 61.45 billion) in 2019 compared to euro 47.6 billion (US$ 56.21) in 2018. Additionally, the cosmetic industry also increased in other Asian countries such as Indian and Japan. According to Cosmetic Europe, a personal care association, the Cosmetic industry in India increased by euro 12 billion (US$ 13.43 billion) in 2019 as compared to euro 10.7 billion (US$ 12.63 billion) in 2018. Furthermore, the US cosmetics industry grew by 3.95% to euro 73.7 billion (US$ 82.50 billion) in 2019 compared to euro 67.2 billion (US$ 79.36 billion) in 2018. Hence, the globally increased cosmetics market is estimated to boost the consumption of 3-nitro acetophenone.

3-Nitro Acetophenone Market Challenges

3-Nitro Acetophenone Poses Health Risk

3-nitro acetophenone is a highly flammable and toxic crystalline powder that causes skin and eye irritation. It highly affects the human body due to high toxicity. During inhalation, it may damage the respiratory system and lungs. When it comes to the contact of the body is may create chronic health effects. Hence, due to various health effects, the demand for 3-nitro acetophenone may be limited in the near future.

3-Nitro Acetophenone Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the 3-nitro acetophenone market. Major players in the 3-nitro acetophenone market include:

1. Fluorochem Ltd.
2. Shanghai Re-found Chemical Co., Ltd.
3. Matrix Scientific
4. AstaTech, Inc.
5. Sichuan Xinlu Pharmaceutical Co., Ltd.
6. Apin Chemicals Ltd.
7. BOC Sciences
8. Oakwood Products, Inc.
9. HENAN BON INDUSTRIAL CO., LTD., and among others.

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