Acrylonitrile Market Revenue To Grow Exponentially Till Forecast Period, 2030

Comments · 158 Views

In the post-COVID-19 world, many manufacturers of this base chemical are seeing that this is a market where they can make lots of money in.

The latest Market Research Future (MRFR) report states that the global acrylonitrile market is expected to upscale at a CAGR of 3.95% over the forecast period of 2016-2023. Acrylonitrile is produced through the reaction of propylene with ammonia using the process of ammoxidation. Acrylonitrile is transparent in color and has a pungent odor. Acrylonitrile is generally used as a monomer to make polyacrylonitrile styrene-acrylonitrile, acrylonitrile butadiene styrene, as well as acrylonitrile styrene acrylate.

Several factors are fueling growth in the global acrylonitrile market over the forecast period. With a fast-paced rise in the demand for acrylonitrile in different end-user industries such as automotive, packaging, and construction is contributing to sizeable growth noted in the global acrylonitrile market. Further, acrylonitrile has a larger scope of application in acrylic fiber, acrylonitrile butadiene styrene, as well as acrylamide, which is expected to drive growth in the market during the review period. Mushrooming demand in the pharmaceuticals and electronics industry is anticipated to push the global acrylonitrile market to a great extent.

Market Segmentation

The global acrylonitrile market is segmented by MRFR on the basis of application, end-users, and region. Based on application, the global acrylonitrile market is segmented into acrylic fiber, styrene-acrylonitrile resin, acrylamide, flocculants, antioxidants, surface active agents, and acrylonitrile butadiene styrene (ABS). Based on end-user, the global acrylonitrile market is segmented into electronics, automotive, construction industry, packaging industry, pharmaceuticals, and coatings.

Detailed Regional Analysis

The global acrylonitrile market is regionally segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. North America is sub-segmented into the US and Canada. Europe is further sub-segmented into Germany, Italy, France, U.K., Netherlands, and Rest of Europe. Asia Pacific is studied for the sub-segments of China, India, Japan, and the Rest of Asia Pacific.

Among these, Asia Pacific held the largest share in the global acrylonitrile market at the beginning of the forecast period. This growth is attributable to the burgeoning demand for acrylonitrile in several end-user industries such as automotive, construction, and packaging industries. China is expected to spearhead the country-specific market for acrylonitrile in Asia Pacific. Japan and India are anticipated to follow China and capture the second largest and third largest share in the regional acrylonitrile market, respectively. Increasing demand from the construction and packaging industry in India, Taiwan, and South Korea have aided Asia Pacific to capture the largest share in the global acrylonitrile market.

Europe is anticipated to follow Asia Pacific during the assessment period and garner the second largest share in the global acrylonitrile market. North America is expected to be the third largest market for acrylonitrile during the forecast period. On the other hand, Latin America and the Middle East Africa are also expected to grow at an accelerated rate through the review period. Such growth can be owed to the proliferated applications such as acrylic fiber, acrylonitrile butadiene styrene, styrene-acrylonitrile resin, and acrylamide.

Key Players

The global acrylonitrile market is highly influenced by various strategies undertaken by the prime market vendors across the globe. The report by MRFR has profiled some of these market vendors including Cytec Solvay Group (US), AnQore (Netherlands), INEOS Capital Limited (UK), Lukoil Company (Russia), Taekwang Industrial Co. Ltd. (South Korea), Mitsubishi Chemical Corporation (Japan), Formosa Plastics Group (Taiwan), Shanghai SECCO Petrochemical Company (China), Sumitomo Chemical Company Limited (Japan), and Repsol YPF, S.A. (Europe).

Industry Update

March 2019: INEOS Styrolution exhibited new structures with laser grained surfaces developed in collaboration with Reichle Technologiezentrum GmbH. Apart from this, it also gave a comprehensive overview of its material solutions portfolio for the automotive industry. This will include an overview of Luran S for exterior applications. Luran S, an acrylonitrile styrene acrylate polymer, is an award-winning product which is used for unpainted parts at SUV rear spoilers.

Read More Report Summary: