The global acrylonitrile market size was valued at around USD 11.95 billion in 2022 and is anticipated to reach USD 13.42 billion by 2031, expanding at a CAGR of around 1.3% during the forecast period, 2023 – 2031. The growth of the market is attributed to the rising demand for acrylonitrile butadiene styrene in the construction industry.
Acrylonitrile is a synthetic material produced through a process called ammoxidation that combines several elements namely ammonia, propylene, and air. In addition to these, several other raw ingredients such as propane are used, which are required to make some derivatives of the materials. Acrylonitrile is a flammable organic liquid with a strong odor and is mainly extracted or derived from crude oil.
Owing to its highly reactive nature with other elements such as oxidizers, copper, strong acids & bases, and particularly bromine, it is usually required to be kept in a controlled environment. However, the substance is known for its certain key properties including strength, durability, and heat resistance. Due to which, it is extensively used in various applications such as making certain rubbers, plastics, and chemicals.
The Covid-19 pandemic had negative impact on the market due to drastically disrupting of the supply chain and raw materials, impacted by the emergency lockdown. Major factors such as work stoppages, labor shortages, and precautionary quarantines are vital features during the pandemic that largely affected the market.
Market Trends, Drivers, Restraints, and Opportunities
-
Increased demand and uses of acrylonitrile in the manufacturing of electronics and consumer goods is projected to drive the market in the coming years.
-
Extensive use of lightweight substance such as ABS in the automobile sector presents another key driver of the market.
-
Strict government regulations towards the use of hazardous chemicals in industry and the risk of being exposed to acrylonitrile by workers associated with the manufacturing of acrylic fibers and plastics are major hurdles of the market expansion.
-
High fluctuation of the crude oil and raw materials of the substance acts another key restraint of the market.
-
Rising construction as well as rapid expansion of the plastic and chemical sectors are expected to offer several growth opportunities of the market during the targeted period.
Scope of the Report
The report on the global acrylonitrile market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Acrylonitrile Market – Global Industry Analysis, Growth, Share, Size, Trends, Coid-19 Impact, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016–2021
|
|
Forecast Period
|
2023–2031
|
|
Segmentation
|
Application (Nitrile Butadiene Rubber, Acrylic Fiber, Polyacrylamide, Acrylonitrile Butadiene Styrene, and Others)
|
|
Regional Scope
|
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
Chemelot; China Petroleum & Chemical Corporation; Ascend Performance Material; INEOS; and Asahi Kasei Corporation
|
Market Segment Insights
Acrylonitrile butadiene styrene segment is expected to grow at a rapid pace
Based on applications, the acrylonitrile market is divided into nitrile butadiene rubber, acrylic fiber, polyacrylamide, acrylonitrile butadiene styrene, and others. The acrylonitrile butadiene styrene (ABS) segment is expected to grow at a rapid pace during the forecast period as it offers certain advantages including chemical, heat, and impact resistance.
Increasing the consumption rate for ABS resins in consumer appliances, which accounted for around 40% of worldwide ABS resin usage in 2020 presents a key driver of the market. The electrical and electronics industry is the second-largest end-user of the material, accounting for around a quarter of total consumption and about 12% of worldwide ABS resin is consumed by the automobile sector.
It is frequently utilized in the automotive and electronics sectors due to its outstanding qualities including as strength and endurance at low temperatures. According to the Organization for International Cooperation on Automobiles (OICA), automotive manufacturing fell by roughly 23% in the first nine months of 2020 compared to the same duration in 2019.
Asia Pacific is anticipated to constitute a key market share
In terms of regions, the market is classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period due to increasing expansion of the manufacturing and industrial powerhouse.
Moreover, the high demand for electrical and electronic goods due to the large increased in middle-class population and rising per-capita income of a large number of the regional population presents another key driver of the market.
Within the region, China is a leading market for ABS resins due to wide expansion of the electronic and automotive industries. China is currently the world's largest market for electric vehicles and the Chinese government is actively offering substantial financial & non-financial incentives to encourage purchase of electric vehicles.
Segments
The global acrylonitrile market has been segmented on the basis of
Applications
- Nitrile Butadiene Rubber
- Acrylic Fiber
- Polyacrylamide
- Acrylonitrile Butadiene Styrene
- Others
Regions
- Asia Pacific
- North America
- Europe
- Latin America
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global acrylonitrile market are Chemelot; China Petroleum & Chemical Corporation; Ascend Performance Material; INEOS; and Asahi Kasei Corporation. Some of the key players are constantly implementing several marketing strategies such as merge & acquisitions, capital investments, partnerships, and new product development to expand geographical reach of their products.
For instance, INEOS announced a USD 2 billion agreement with Saudi Aramco and Total in June 2019 to develop its first three facilities in the Middle East. The three sites aimed to develop critical components for engineered polymers, carbon fiber, and synthetic lubricants on a global scale.
Request For Customization
Enquiry Before Buying
Speak With Analyst
