Hydroxy Benzo Nitrile (HBN) Market Size, Share, Growth and Industry Analysis by Type (4-hydroxybenzonitrile, and, 2-hydroxybenzonitrile) By Application (Pesticide intermediate, and, pharmaceutical intermediates, and, others) Regional Forecast To 2031

Updated On: 22 April 2024

Hydroxy Benzo Nitrile (HBN) Market REPORT OVERVIEW

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global hydroxy benzo nitrile (hbn) market size was USD 113.41 million in 2022 and market is projected to touch USD 169.3 Million By 2031, exhibiting a CAGR of 4.55% during the forecast period.

Hydroxy benzo nitrile, is a chemical which is also known by the name salicylonitrile. It is a key intermediate substance that is used in the production of various pharmaceuticals, agrochemicals, and dyes. This substance is also used in the production of aspirin. Hydroxy benzo nitrile (HBN) is an important component of agrochemical dyes as well and has high demand in the market.

With new innovations being introduced in the market, key industry players have introduced alternative methods of productions that are sustainable, and, much more effective as compared to traditional methods. This is considered as the latest trend in the market.

Painkillers are taken for a wide range of diseases that range from cancer to arthritis. Expansion of textile industry has helped in the market growth as benzo nitrile is used in the production of dye and agrochemicals that are used in agriculture. All of these factors have contributed in the development of the hydroxy benzo nitrile (HBN) market growth.

COVID-19 Impact:  Increase in Demand for Painkillers During Pandemic Period Increased Market Growth

The COVID-19 pandemic created a lot of obstacles for the growth and development of various sectors throughout the world. Shortage of working capital, loss due to low demand and change in customer preference changed the dynamics of the market. However, some industries were positively affected during the pandemic period.

Hydroxy Benzo Nitrile (HBN) is an important component which is used in the production of painkillers. The demand for painkillers and other pharmaceuticals has increased significantly during the pandemic, leading to a rise in the demand for hydroxy benzo nitrile. Outbreak of infectious coronavirus brought in many health issues. As a result, the sale of painkillers was high during the pandemic. This helped in the development of the market during the pandemic period.

LATEST TRENDS

"Introduction of Alternative Production Methods to Increase Market Growth"

Environmental concerns are increasing day by day due to human activities, and strict government rules are being imposed regarding the sustainable operation of factories and industries.  This has resulted in the introduction of sustainable and eco-friendly production methods. Manufacturers have shifted their focus on reducing carbon emissions.

In order to do this, producers are exploring alternative production processes that are less harmful to the environment. Using enzymes in place of traditional chemical catalysts can be considered to be a sustainable move. Enzymes have several advantages over chemical catalysts. Some of them include higher yields, reduced waste generation, and lower energy consumption. Incorporation of enzymes into the production of this chemical is the latest trend in the market.

Hydroxy Benzo Nitrile (HBN) Market Segmentation

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• By Type:

The market can be divided on the basis of type into the following segments.

4-hydroxybenzonitrile, and, 2-hydroxybenzonitrile.  The 4-hydroxybenzonitrile segment is expected to lead the market during the forecast period.

• By Application:

Classification based on application is as follows:

Pesticide intermediate, and, pharmaceutical intermediates, and, others. The pesticide intermediate segment is the segment that is expected to lead the market during the forecast period.

DRIVING FACTORS

"Increasing Prevalence of Wide Range of Diseases to Increase Market Growth"

Due to urbanization and rapid development of the economies, there has been a drastic change in the lifestyle of people all over the world. People are resorting to unhealthy and sedentary way of life, which has increased the risk of several dangerous diseases. People are suffering from a wide range of health issues that varies from cancer to arthritis. Painkillers are a common part of the prescription for such conditions. This has added to the growth of the market

Other than being used in the production of pharmaceutical products, hydroxy benzo nitrile (HBN) is also used in the manufacturing of dyes. From the past few decades’ agrochemicals and dye industries have experienced tremendous growth due to high demand from the textile industry. All of the above-mentioned factors have contributed to the expansion of the hydroxy benzo nitrile (HBN) market share.

"Growing Demand for Personal Care Products to Amplify Market Growth"

Hydroxy beno nitrile is also used as an ingredient in the production of personal care products that range from skin care, cosmetics, to soaps and detergents. Recently there has been a high demand for personal care products and toiletries due to the rising awareness of people regarding cleanliness.

High disposable income and changing lifestyles of consumers are the two major factors that are contributing to the growth of this market segment. Agrochemicals, such as herbicides and fungicides, produced from hydroxy benzo nitrile are used in agriculture. Exceptional development of textile industry will also create many growth opportunities for the market in the upcoming years.  

"High Toxicity Associated with Hydroxy Benzo Nitrile (HBN) to Decrease Market Growth"

There are certain factors that can be detrimental to the growth and development of the market. One such factor is the high toxicity that is associated with hydroxy benzo nitrile. Therefore, it has to be used with a lot of precautions as they are used in the production of pharmaceutical products.

Toxicity of this chemical can pose health risks to workers as well as the environment. Raw materials that are used in the production of benzo nitrile are not easily available and they have fluctuating prices. This can have a negative impact on the costs and profit margins of manufacturers. Availability of cheaper substitutes and the increasing adoption of alternative pain management therapies can totally deteriorate the market growth and development.

Hydroxy Benzo Nitrile (HBN) Market Regional Insights

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"Asia Pacific to Dominate Market During Forecast Period"

Asia Pacific is the leading region in the market, and this can be attributed to the numerous favorable factors that are prevalent in this region. Asia Pacific occupies almost one-fourth of the market share. This region has a well-developed network of many pharmaceutical companies. Countries like India, and China are the leading manufacturers of this chemical.

The demand for painkillers and other pharmaceuticals in the region is very high and is therefore driving the demand for hydroxy benzo nitrile. This chemical is used in textile, personal care, and agrochemical industries. Adoption of eco-friendly methods of production can further develop the market growth in Asia Pacific.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Hangzhou Xinyuanzhong Chemical Co., Ltd. (China)
• Yongtong Co., Ltd. (South Korea)
• Changzhou Huihe Chemical (China)
• Anhui Guangxin Agrochemical Co., Ltd (China)
• Alzchem (Germany)
• Xiangyang Yujue Chemical (China)
• Pingyuan Xinda Chemical (China)
• Tianchen Chemical (China)
• Hubei Yuanhuan Industrial Investment (China)
• Jiangxi Yangpu Biotechnology Co., Ltd. (China)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. FAQs have also been given to outline the report.