Rockville, May 23, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a provider of market research and competitive intelligence, the acrylonitrile market is expected to be valued at US$ 19.8 Billion by the end of 2033 and is predicted to witness a CAGR of 4% during the forecast period.
The manufacturing of derivatives such carbon fibre, acrylamide, nitrile rubber, acrylonitrile butadiene styrene, etc. uses acrylonitrile. Future demand for acrylonitrile is anticipated to be significantly influenced by the quick growth of sectors including the automotive and construction industries.
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The great strength, endurance, thermal stability, and strong chemical resistance of fibres and plastics manufactured from acrylonitrile are some of its distinguishing qualities, and they are widely used in a variety of industrial and commercial applications. Further elements that favour market expansion over the next ten years include shifting consumer lifestyle preferences, rising infrastructure development investments, rising vehicle production, and significant spending on R&D of novel chemicals and materials.
Report Attributes |
Details |
| Forecast Period | 2023 – 2033 |
| Value Projection (2032) | US$ 19.8 Billion |
| Growth Rate (2023-2032) | 4% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 76 Tables |
| No. of Figures | 141 Figures |
Drivers
- Acrylonitrile is a vital component in the production of ABS resins, which are widely used in the automotive, electronics, construction, and consumer goods industries. The increasing demand for lightweight and high-strength materials in these sectors drives the demand for ABS resins and, consequently, acrylonitrile.
- The automotive sector is a major consumer of acrylonitrile-based materials due to their high heat resistance, impact strength, and chemical stability. With the growing demand for automobiles globally, the Acrylonitrile market benefits from increased demand for ABS resins and other acrylonitrile-based products used in vehicle manufacturing.
- Acrylonitrile is used in the production of various consumer goods such as appliances, electronics, sports equipment, and toys. As the global population continues to rise and disposable incomes increase, the demand for these consumer goods expands, positively impacting the Acrylonitrile market.
- Acrylonitrile-based materials find extensive applications in the construction industry, including pipes, fittings, flooring, and insulation. As urbanization and infrastructure development projects continue to rise globally, the demand for acrylonitrile-based products in construction grows, driving the market.
- Acrylonitrile is a key raw material in the production of synthetic fibers such as acrylic fibers and carbon fibers. These fibers find applications in textiles, home furnishings, and industrial sectors. The growing demand for synthetic fibers due to their properties like durability, lightweight, and resistance to chemicals fuels the demand for acrylonitrile.
- Acrylonitrile is used in the manufacturing of carbon fiber, which is extensively used in the aerospace and wind energy industries. The increasing focus on renewable energy sources, such as wind power, drives the demand for acrylonitrile for the production of lightweight and strong carbon fiber materials used in wind turbine blades.
Restraints
- Acrylonitrile is primarily derived from propylene, which is a petroleum-based feedstock. Fluctuations in crude oil prices and the availability of propylene can lead to volatile raw material costs, impacting the profitability of Acrylonitrile manufacturers and influencing market dynamics.
- Acrylonitrile production and usage have raised environmental and health concerns due to its toxic nature and potential for air and water pollution. Stringent regulations related to emissions, waste disposal, and occupational safety create compliance challenges for manufacturers and can increase production costs.
- The Acrylonitrile market faces competition from alternative materials and technologies that offer similar properties or improved performance. For example, bio-based materials, such as bio-based polymers, are being developed as sustainable alternatives, posing a potential threat to the demand for Acrylonitrile-based products.
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Key Companies Profiled This Report
- INEOS
- Sumitomo Chemical Co. Ltd.
- China Petrochemical Technology Development Co. Ltd.
- SECCO
- Ascend Performance Material
- Chemelot
- Formosa Plastics
- Asahi Kasei Advance Corporation
- Mitsubishi Chemical Corporation
- Taekwang Industrial Co. Ltd.
Key Market Trends:
- There is an increasing focus on sustainability and reducing the environmental impact of chemical production. As a result, there is growing research and development in the field of bio-based acrylonitrile production. Bio-based routes, such as using renewable feedstocks or developing biological fermentation processes, are being explored to produce acrylonitrile with a reduced carbon footprint.
- The demand for high-performance polymers, such as engineering plastics and specialty resins, is on the rise in various industries. Acrylonitrile is a key component in the production of these polymers due to its excellent mechanical properties, heat resistance, and chemical stability. The increasing demand for high-performance polymers drives the demand for acrylonitrile.
- Industries such as automotive, aerospace, and transportation are emphasizing fuel efficiency and lightweight materials to reduce carbon emissions and improve performance. Acrylonitrile-based materials, particularly ABS resins, offer a lightweight alternative to traditional materials like metals, driving their adoption and boosting the demand for acrylonitrile.
- Continuous technological advancements are being made in acrylonitrile production processes to improve efficiency, yield, and environmental performance. Innovations such as catalyst developments, new reaction pathways, and process optimizations are being pursued to enhance the overall production efficiency and reduce the environmental impact.
Competitive Landscape:
Acrylonitrile manufacturers are focusing on various initiatives such as collaborations, mergers, and acquisitions to establish a strong market share.
- In January 2023, Lanxess (a company known for sourcing bio-circular acrylonitrile) announced that it had collaborated with Total Energies (an energy company based in France).
- In March 2021, INEOS Nitriles and LyondellBasell announced a collaboration to develop and commercialize a new Acrylonitrile Butadiene Styrene (ABS) resin technology. The collaboration aimed to enhance the properties and performance of ABS resins for various applications, including automotive, appliances, and consumer goods.
Key Segments of Acrylonitrile Industry Research Report
- By Application :
- Acrylic Fiber
- Adiponitrile
- Styrene Acrylonitrile
- Acrylonitrile Butadiene Styrene
- Acrylamide
- Carbon Fiber
- Nitrile Rubber
- Others
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global Acrylonitrile Market forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on By Application (Acrylic Fiber, Adiponitrile, Styrene Acrylonitrile, Acrylonitrile Butadiene Styrene, Acrylamide, Carbon Fiber, Nitrile Rubber) and Regions
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