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The acrylonitrile market size is estimated to increase by USD 2.83 billion and grow at a CAGR of 4.21% between 2023 and 2028. The market's growth depends on several factors such as the high demand for acrylonitrile from APAC, the rising usage in the automotive industry, and the rise in construction activities. The acrylonitrile Market is experiencing robust growth, largely fueled by its burgeoning utilization within the automotive industry. This versatile compound serves as a vital raw material for manufacturing plastics, elastomers, and synthetic fibers, playing a pivotal role in the production of automotive components. As a significant alternative to metal components, acrylonitrile is extensively utilized in various automotive structural, powertrain, exterior, interior, and electronic parts, contributing significantly to efforts aimed at reducing vehicle weight.
The report includes a comprehensive outlook on the Market, offering forecasts for the industry segmented by Application, which comprises ABS and SAN, acrylic fibers, polyacrylamide, nitrile butadiene rubber, and others. Additionally, it categorizes End-user into electrical and electronics, automotive, construction, packaging, and others, and covers Geography regions, including APAC, North America, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
The market share growth by the ABS and SAN segment will be significant during the forecast period. Acrylonitrile-butadiene-styrene (ABS) and styrene-acrylonitrile (SAN) are used in several end-user industries such as home appliances, automotive, construction, and electrical and electronics. ABS plastic is used in household appliances such as control panels, vacuum cleaners, food, and refrigerator linings.
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The ABS and SAN segment accounted for USD 3.84 billion in 2018. In the automotive industry, ABS and SAN are used in dashboards, pillars, dashboard components, door trim and handles, backrests, and seat belt components. They are also used in exterior and interior parts of vehicles such as bumpers, fenders, panels, and handles. In the automotive industry, ABS and SAN are very popular plastic materials due to their properties such as lightness, high impact resistance and strength, and high chemical resistance. Growing production in the automotive industry will increase the consumption of ABS and SAN during the forecast period.
The electrical and electronics segment holds the largest share of the global market in 2023. As consumer appliances demonstrate qualities such as heat resistance and chemical resistance, the demand is rising as well. The need for consumer appliances is anticipated to be driven by evolving lifestyles, expanding consumer tastes, and rising per capita income. This will, in turn, increase demand in the consumer appliances sector during the forecast period. Due to all such factors, the global market is expected to grow significantly during the forecast period.
APAC is estimated to contribute 65% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The APAC market is led by end-user industries such as automotive, construction, and water treatment. The presence of major car manufacturers in countries such as China, India, Japan, and South Korea is driving the demand for acrylonitrile, which is used to produce ABS plastics, elastomers, and synthetic fibers in cars. Acrylonitrile is an important substitute for metal parts. Acrylonitrile is used in automotive structural components, power transmission, exterior and interior finishing, and electronic and electrical components. An increase in automotive production volume to meet the needs of customers will increase the demand in the region during the forecast period.
It is a colorless, volatile organic compound with a pungent smell. The highly flammable liquid is manufactured by the reaction of ammonia, propylene, and air in the presence of a catalyst, which contains a complex of catalytic oxides comprising bismuth, potassium, chromium, cobalt, cesium, cerium, nickel, iron, and molybdenum.
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The market is witnessing significant growth propelled by diverse factors. One driving force is the rising demand for carbon fibers, where acrylonitrile serves as a crucial precursor. These fibers, known for their lightweight nature and exceptional strength, find extensive use in industries like aerospace, automotive, and construction. Additionally, the demand for acrylonitrile-based plastics, including ABS and non-latex gloves, is increasing due to their durability and suitability for various applications in consumer goods, construction, and electronics sectors.
Furthermore, the textile industry's expansion, particularly in regions like Asia Pacific, fuels the demand for acrylic fibers produced from acrylonitrile. As the industry continues to grow, acrylonitrile remains a key component in acrylic fiber manufacturing. Moreover, with a focus on improving thermal stability and chemical resistance, acrylonitrile-based products are becoming increasingly favored in sectors such as construction and automotive. Additionally, the market is witnessing a shift towards renewable chemicals, with companies investing in the development of bio-based polymers derived from acrylonitrile, aligning with growing environmental concerns and regulatory requirements.
The market is primarily driven by its rising usage in the automotive industry, where it serves as a key raw material for manufacturing plastics, elastomers, and synthetic fibers. As a major substitute for metal components, acrylonitrile finds extensive application in automotive structural, powertrain, exterior, interior, and electronic components, contributing to lightweighting efforts. Major automotive manufacturing countries like China, Germany, and the US utilize acrylonitrile-based plastics in various vehicle parts, leveraging their large manufacturing facilities. With an increase in automotive production globally, driven by demand from these key markets, the Acrylonitrile Market is expected to witness sustained growth during the forecast period.
Technological advances in acrylonitrile production processes is the primary trend shaping market growth. The market players invest heavily in new production processes and advances in existing production technologies. The National Renewable Energy Laboratory (NREL) has developed a new catalytic method to produce renewable acrylonitrile using 3-hydroxy propionic acid (3-HP). This hybrid biological-catalytic process is used as an alternative to the conventional petrochemical production method for manufacturing acrylonitrile.
Furthermore, glycerol is collected as a by-product during biodiesel production. Therefore, unused glycerol is used for producing acrylonitrile. Glycerol is reacted with ammonia in the presence of oxygen and vanadium-antimony-based oxides as a catalyst, resulting in the formation, which will increase the production, promoting the growth of the global market during the forecast period.
Fluctuating raw material prices for producing acrylonitrile is a challenge that affects market growth. It is produced by propylene ammoxidation, wherein propylene, ammonia, and air are reacted in a fluidized bed in the presence of a copper catalyst. This process, also known as the Sohio process, is extensively commercialized and is widely used by acrylonitrile manufacturers.
In addition, propylene and ammonia are the major raw materials required to produce acrylonitrile. The price of acrylonitrile fluctuated in APAC during the first quarter of 2022, which led to an unstable demand and supply. The prices decreased by almost 17% at September end and settled at USD 1678/MT. Thus, fluctuating prices may impede market growth during the forecast period.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about key market companies, including:
AnQore, Ascend Performance Materials Operations LLC, Bhansali Engineering Polymers Ltd., China National Petroleum Corp., China Petrochemical Development Corp., Cornerstone Chemical Co., Formosa Plastics Corp., INEOS Group Holdings SA, LG Chem Ltd., Mitsubishi Chemical Corp., Petkim Petrokimya Holding AS, PJSC LUKOIL, Polymir, S.S.B. POLYMERS and S.S.B. ENTERPRISES, Sinopec Shanghai Petrochemical Co. Ltd., Sumitomo Chemical Co. Ltd., Taekwang Industrial Co. Ltd., Thermo Fisher Scientific Inc., and Tokyo Chemical Industry Co. Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2018-2022.
The Market showcases a dynamic landscape with a wide array of applications spanning various industries. Acrylonitrile Butadiene Styrene (ABS) and nitrile rubber are prominent derivatives widely used in aerospace & defense, automotive transmission belts, and consumer goods. Asahi Kasei Corporation, Solvay, and Repsol are key players in this sector, with a focus on alternative energy and bio-based polymers. The market also sees significant contributions from Trillium Renewable Chemicals and Capricorn Partners, emphasizing sustainability and innovation. Pricing analysis and import/export trends play crucial roles in shaping market dynamics, while durability and thermal stability remain essential characteristics driving the demand for acrylonitrile-based products.
Additionally, the market offers diverse application insights, spanning from adhesives to auto transmission belts, catering to industries like consumer appliances and the textile sector. With its role as a chemical intermediate, acrylonitrile contributes significantly to the production of carbon fibers, synthetic rubber, and non-latex gloves. The market's global presence extends to regions like Asia Pacific, where import/export and production-consumption analyses shape market trends. High strength and durability make acrylonitrile a preferred choice in the production of polyester fibers and binders. As companies like Southern Research and Lenntech BV drive innovation, patent analysis underscores ongoing advancements in this dynamic industry.
Acrylonitrile Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.21% |
Market growth 2024-2028 |
USD 2.83 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.48 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 65% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AnQore, Asahi Kasei Corp., Ascend Performance Materials Operations LLC, Bhansali Engineering Polymers Ltd., China National Petroleum Corp., China Petrochemical Development Corp., Cornerstone Chemical Co., Formosa Plastics Corp., INEOS Group Holdings SA, LG Chem Ltd., Mitsubishi Chemical Corp., Petkim Petrokimya Holding AS, PJSC LUKOIL, Polymir, S.S.B. POLYMERS and S.S.B. ENTERPRISES, Sinopec Shanghai Petrochemical Co. Ltd., Sumitomo Chemical Co. Ltd., Taekwang Industrial Co. Ltd., Thermo Fisher Scientific Inc., and Tokyo Chemical Industry Co. Ltd. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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