BENZYL CYANIDE MARKET ANALYSIS

Benzyl Cyanide MarketSize and Trends

Market Dynamics:

• The usage of benzyl cyanide as a precursor for synthesizing pharmaceuticals and growing pharmaceutical industry, worldwide is expected to drive growth of the benzyl cyanide market. For instance, according to the report, Pharmaceutical industry and global health’ published in February 2017 by International Federation of Pharmaceutical Manufacturers & Associations, 56 new pharmaceuticals were launched in 2015. Moreover, as per the same source, the global pharmaceutical market is expected to reach US$ 1,430 billion by 2020. Therefore, growing pharmaceutical industry is expected to result in increasing demand for benzyl cyanide over the forecast period.
• However, toxic nature of benzyl cyanide is expected to hamper the market growth. For instance, according to the European Chemicals Agency (ECHA), phenylacetonitrile substance is fatal if inhaled, is toxic if swallowed, and is toxic when it comes in contact with skin.

Market Outlook:  

• Asia Pacific is expected to account for significant market share in the global benzyl cyanide market over the forecast period, owing to growing end-use industries in countries such as India, China, and Japan. For instance, according to report of Agriculture and Allied Industries published by India Brand Equity Foundation in February 2018, India was the world’s 4th largest producer of agrochemicals, globally in 2017, whereas agrochemicals market in India is estimated to reach US$ 7.5 billion in FY19. Moreover, as per the same source, agrochemicals export from India was US$ 1.05 billion in 2010, which is expected to reach US$ 6.30 billion by 2020. The use of benzyl cyanide as starting material for synthesis of agrochemicals such as pesticides and fungicides, and growth of agrochemical industry in the region is expected to boost demand for benzyl cyanide over the forecast period.
• Moreover, due to the characteristic aromatic odor possessed by benzyl cyanide, it is also been used in perfumes and fragrance industry. For instance, Lluch Essence, S.L. offers benzyl cyanide under the name Benzyl Nitrile, which is a colorless, pale yellow liquid and 98% pure compound. Company claims that it possesses bitter almonds, spicy, and floral odor, and can be used for fragrance application.