NEW YORK , March 22, 2023 /PRNewswire/ -- The global acrylonitrile market size is estimated to increase by 1,251.1 thousand tons between 2022 and 2027. The market's growth momentum will be progressing at a CAGR of 3.69% during the forecast period. The market is driven by the increasing demand for acrylonitrile in the automotive industry. Acrylonitrile is one of the major substitutes for metal components due to its lightweight. This attribute has increased its application in the automotive industry, widely used in automotive structural, powertrain, exterior, interior, and electronic and electrical components. With the rising focus on manufacturing lightweight, fuel-efficient, and environment-friendly automobiles, the demand for acrylonitrile is increasing in the automotive industry. All these factors are driving the growth of the market. Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report - Request a sample report
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Global competitiveness and key competitor positions
Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!
Global Acrylonitrile Market - Segmentation Assessment
Segment Overview Technavio has segmented the market based on application (ABS and SAN, acrylic fibers, polyacrylamide, nitrile butadiene rubber, and others), end-user (electrical and electronics, automotive, construction, packaging, and others), and geography (APAC, North America , Europe , Middle East and Africa , and South America ).
The market growth in the Acrylonitrile butadiene styrene (ABS) and styrene-acrylonitrile (SAN) segment will be significant during the forecast period. ABS and SAN are widely used for various applications in end-user industries such as household appliances, automotive, construction, and electrical and electronics. Their high demand can be attributed to properties such as high impact resistance, excellent insulating properties, high weldability, and abrasion and stress resistance. The increasing demand for household products and the increasing production of electrical and electronic items will drive the growth of the segment.
Geography Overview By geography, the global acrylonitrile market is segmented into APAC, North America , Europe , Middle East and Africa , and South America . The report provides actionable insights and estimates the contribution of all regions to the growth of the global acrylonitrile market.
APAC will account for 66% of the market growth during the forecast period. The region is home to several leading automotive manufacturers. This is one of the major factors driving the growth of the acrylonitrile market in APAC. The increase in construction activities is another major factor driving the regional market growth.
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Global Acrylonitrile Market – Vendor Analysis
The global acrylonitrile market is fragmented due to the presence of several vendors. Vendors in the market are investing heavily in R&D to introduce new products. They are also focused on developing long-term relationships with their customer base to maintain their positions and ensure continued demand for their products. Some of the key players covered in the report include:
Ascend Performance Materials Operations LLC - The company delivers acrylonitrile by railcar, tanker truck, and ISO container throughout North America and via barge, ship, and ISO container throughout the world.
China Petrochemical Development Corp. Ltd. - The company manufactures acrylonitrile chemical which is the main raw material for making acrylic fiber and ABS plastics.
Cornerstone Chemical Co. - The company manufactures high-quality products that are shipped around the globe, including acrylonitrile, melamine, sulfuric acid, and urea.
S.S.B. POLYMERS and S.S.B. ENTERPRISES - The company is a manufacturer, supplier, and exporter of acrylonitrile butadiene styrene granules and ABS granules in India .
Global Acrylonitrile Market – Market Dynamics
Key Trends – The increase in carbon fiber production is identified as the key trend in the market. Carbon fiber is lighter and stronger than steel. This has increased its use in the aerospace and defense, sports and leisure, wind energy, and automotive industries. For instance, in the aerospace and defense industry, carbon fibers are used to manufacture various structures and components. Some of the applications include hot air balloon gondolas and gliders, passenger airliners, fighter planes, and space shuttles. In the automotive industry, carbon fibers are used as fairings for recumbent bikes. The growing demand for carbon fiber will increase the consumption of acrylonitrile during the forecast period.
Major challenges – Fluctuating prices of raw materials is the major challenge affecting the growth of the market. Acrylonitrile is produced commercially by propylene ammoxidation. The process is also known as the Sohio process and is widely used by vendors. The process involves the use of raw materials such as propylene and ammonia. The fluctuation in the prices of these raw materials is adversely affecting the production of acrylonitrile, thereby hindering market growth.
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What are the key data covered in this acrylonitrile market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the acrylonitrile market between 2023 and 2027
Precise estimation of the size of the acrylonitrile market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the acrylonitrile market industry across APAC, North America , Europe , Middle East and Africa , and South America
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of acrylonitrile market vendors
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The predicted growth for the Europe acrylonitrile market from 2021 to 2026 is 160.53 thousand tons at a progressing CAGR of 3.34%. The increasing demand for acrylonitrile from the automotive industry is notably driving the acrylonitrile market growth in Europe , although factors such as health hazards caused by acrylonitrile may impede the market growth.
The acrylonitrile butadiene styrene (ABS) market size is expected to increase by 1.38 million t from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 3.09%. The increasing demand for abs from China is notably driving the acrylonitrile butadiene styrene (ABS) market growth, although factors such as fluctuating crude oil prices may impede the market growth.
Accelerate at a CAGR of 3.69%
APAC, North America, Europe, Middle East and Africa, and South America
US, China, Japan, South Korea, and Germany, Canada, Mexico, Italy, Spain, India, Japan, Australia, and South Korea
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
AnQore, Asahi Kasei Corp., Ascend Performance Materials Operations LLC, Bhansali engineering polymers limited, China Petrochemical Development Corp. Ltd., Cornerstone Chemical Co., Formosa Chemicals and Fibre Corp., INEOS Group Holdings SA, Mitsubishi Chemical Corp., Petkim Petrokimya Holding AS, PJSC LUKOIL, Polymir, Reliance Industries Ltd., S.S.B. POLYMERS and S.S.B. ENTERPRISES, Shanghai SECCO Petrochemical Co. Ltd., ShengHong petrochemical group Co. Ltd., Sumitomo Chemical Co. Ltd., Taekwang Industrial Co. Ltd., Tokyo Chemical Industry Co. Ltd., and Thermo Fisher Scientific Inc.
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
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3.4 Market outlook: Forecast for 2022-2027
6.3 ABS and SAN - Market size and forecast 2022-2027
6.4 Acrylic fibers - Market size and forecast 2022-2027
6.5 Polyacrylamide - Market size and forecast 2022-2027
6.6 Nitrile butadiene rubber - Market size and forecast 2022-2027
6.7 Others - Market size and forecast 2022-2027
7.3 Electrical and electronics - Market size and forecast 2022-2027
7.4 Automotive - Market size and forecast 2022-2027
7.5 Construction - Market size and forecast 2022-2027
7.6 Packaging - Market size and forecast 2022-2027
7.7 Others - Market size and forecast 2022-2027
9.3 APAC - Market size and forecast 2022-2027
9.4 North America - Market size and forecast 2022-2027
9.5 Europe - Market size and forecast 2022-2027
9.6 Middle East and Africa - Market size and forecast 2022-2027
9.7 South America - Market size and forecast 2022-2027
9.8 China - Market size and forecast 2022-2027
9.9 US - Market size and forecast 2022-2027
9.10 Japan - Market size and forecast 2022-2027
9.11 South Korea - Market size and forecast 2022-2027
9.12 Germany - Market size and forecast 2022-2027
10.3 Impact of drivers and challenges
12.5 Ascend Performance Materials Operations LLC
12.6 China Petrochemical Development Corp. Ltd.
12.8 Formosa Chemicals and Fibre Corp.
12.15 S.S.B. POLYMERS and S.S.B. ENTERPRISES
13.3 Currency conversion rates for US$
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