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increase the demand for 2-Amino-2-Methylpropane Nitrile Market with 98% purity for the production of chemical reagents used in such manufacturing plants,
HYDERABAD, TELANGANA, INDIA, January 25, 2023 /einpresswire.com / -- IndustryARC, in its latest report, predicts that The 2-amino-2-methylpropane nitrile market size is forecast to reach US$2 billion by 2027, after growing at a CAGR of 5.1% during the forecast period (2022-2027). 2-amino-2-methylpropane nitriles are primarily used in applications such as chemical reagents which include phosphines, pyridines, dichloromethane, and other reagents along with pharmaceutical intermediates. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key takeaways:
This IndustryARC report on the 2-Amino-2-Methylpropane Nitrile Market highlights the following areas -
1. The purity 98% segment held a significant share in the 2-Amino-2-Methylpropane Nitrile Market in 2021, owing to its increasing demand for the production of chemical reagents used in chemical plants and facilities across the world. In January 2021, Sandpiper Chemicals LLC invested US$ 1 billion in the development of a new chemical plant in the U.S. The development of the chemical plant is scheduled to begin in November 2022 and be completed by October 2024.
2. Chemical reagents held the largest share in the 2-Amino-2-Methylpropane Nitrile Market in 2021, owing to the increasing demand for amino methylpropane nitrile as a raw material for the production of chemical reagents which include phosphines, pyridines, dichloromethane, and other reagents.
3. North America dominated the 2-Amino-2-Methylpropane Nitrile Market in 2021, owing to the increasing demand for amino methylpropane nitrile from the chemical sector of the region. In March 2022, ExxonMobil began the development of its new chemical manufacturing plant in the U.S. The plant will have a total production capacity of 350,000 metric tons per year and it is scheduled to be fully operational in mid-2023.
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Segmental Analysis:
1. The purity 98% segment held a significant share in the 2-Amino-2-Methylpropane Nitrile Market in 2021, owing to its increasing demand for the production of chemical reagents used in chemical plants and facilities across the world. For instance, in July 2020, SABIC began the development of its new chemical production plant in Spain.
2. North America held the largest share in the 2-Amino-2-Methylpropane Nitrile Market in 2021 up to 35%. The consumption of amino methylpropane nitrile is particularly high in this region due to its increasing demand from the chemical sector. For instance, LyondellBasell Industries invested US$ 175 million for the development of a new chemical plant in Texas, U.S. The new plant is expected to increase the production capacity to 550 million tons of Ethylene per year.
3. The chemical reagents held the largest share in the 2-Amino-2-Methylpropane Nitrile Market in 2021 and it is expected to grow at a CAGR of 5.2% between 2022 and 2027, owing to its increasing demand for the production of chemicals across the world. For instance, in February 2022, Toyo Engineering Corporation began the development of its new chemical plant in Nantong, China with the aim of increasing the company's production capacity.
Competitive Landscape:
The top 5 players in the 2-Amino-2-Methylpropane Nitrile Industry are
1. Toronto Research Chemicals
2. 3B Scientific Corporation
3. Waterstone Technology
4. Taizhou Yongfeng Chemical Industry
5. Creasyn Finechem
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