A Look into Acrylonitrile Market …Deep Analysis….
Posted by Nicky Arora on February 9th, 2021
The global acrylonitrile market size is projected to reach USD 16.5 billion by 2027, expanding at a revenue-based CAGR of 4.3%, according to a new report by Grand View Research, Inc. The increasing demand for acrylonitrile butadiene styrene (ABS) is anticipated to drive growth over the forecast period.
ABS is expected to have strong demand from the automotive, construction, and electronics industries, especially in the developing countries such as China and Brazil. The increasing production of consumer durable electronics in China due to the growing affordability and innovations in the industry are anticipated to propel the demand. ABS offers excellent heat stability and resistance to chemicals making it suitable in the manufacture of electronic devices.
Apart from ABS, styrene-acrylonitrile resins manufactured using acrylonitrile and styrene are also expected to play a key role in fueling the demand for the product. These are used in consumer electronics and automotive manufacturing. These resins are also gaining preference in the pharmaceutical industry due to chemical resistance, dimensional stability, and hygiene and safety benefits.
In spite of the various application of acrylonitrile across major end-use industries, the acrylonitrile market is projected to witness moderate growth over the forecast period. The constant fluctuations in raw material prices, the trade complications of petrochemicals caused by U.S.-China trade war, economic and political disruptions in Iran, and other Middle Eastern countries are likely to hinder the smooth supply of raw materials affecting the production cycle.
The acrylonitrile producers and consumers are under high scrutiny in Europe, due to the health and environmental hazards. In October 2019, INEOS announced a potential closure of its ACN manufacturing plant in U.K. due to high investment of Euro 200 million in order to comply with the environmental standards and regulations. Such issues have resulted in a shift in end-user preference for environment compliant or bio-based polymers, thus restraining the regional market.
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Acrylonitrile Market Report Highlights
Acrylonitrile Market Segmentation
Grand View Research has segmented the global acrylonitrile market on the basis of application and region:
Acrylonitrile Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
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About the AuthorNicky Arora
Joined: October 15th, 2019
Articles Posted: 389
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