Find Out More About Acrylonitrile Market Global Growth With Rising CAGR And Forecast Till 2030
Posted by Mrudula Anil Karmarkar on March 17th, 2023
The global acrylonitrile market size is expected to reach USD 13.33 billion by 2030, registering a CAGR of 1.3% over the forecast period, as per the new report by Grand View Research, Inc. The growth is majorly driven by the increasing demand for acrylonitrile from the Acrylonitrile Butadiene Styrene (ABS) segment. ABS is in high demand in various end-use industries, such as automotive, construction, and electronics. ABS is widely used in the automotive industry as it is easy to install and lightweight, which makes it more durable than PVC. In addition, it has strong mechanical strength and is corrosion-resistant & highly durable. The aforementioned factors are estimated to have a positive impact on product demand from the construction industry over the forecast period.
In the Asia Pacific region, acrylonitrile is extensively used in the construction, textile, consumer goods, and home furnishing industries. High awareness among end-use manufacturers regarding the product properties has resulted in substantial demand for acrylonitrile. Furthermore, the rising construction sector on account of infrastructure development and shifting automotive bases to developing economies, such as India, is likely to result in high product demand as it offers great durability and strength. The majority of the industry participants are inclined toward differentiating themselves from other players, as the industry is concentrated and competitive. Manufacturers use direct sales channels due to quick delivery times and a lack of middlemen. To increase supply efficiency while lowering costs, key producers rely on their internal distribution networks.
The increasing demand for acrylonitrile from end-use industries, such as automotive and construction, is expected to drive the industry. Due to the growing construction industry, the consumption of acrylonitrile is increasing, which is projected to positively influence industry growth. Acrylonitrile is used in producing derivatives, such as acrylonitrile butadiene styrene, acrylic fiber, acrylamide, carbon fiber, and nitrile rubber, which are being utilized in the construction industry. As the plastics made using the product show many properties, such as chemical resistance, durability, high strength, and thermal stability, acrylonitrile is estimated to witness high demand in the near future.
The product demand is also increasing in the consumer appliances industry as it showcases properties, such as heat resistance and chemical resistance. Changing lifestyles, growing consumer preferences, and increasing per capita income are expected to drive the demand for the consumer appliances market, which, in turn, will fuel the demand for acrylonitrile in the consumer appliances industry. The growth in the automotive industry is also projected to increase the consumption of acrylonitrile. Due to its low weight and high strength & durability at low temperatures, it is widely used in the automotive industry. Acrylic fibers have high demand, especially in the automotive industry, which is further estimated to contribute to the industry's growth.
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The demand for acrylonitrile is increasing due to the increasing use of acrylic fibers. Moreover, growing textile and garment industries in Asia Pacific, as a result of rapid urbanization, will also support industry development. Acrylic fibers have a strong resistance to microbiological attack, UV deterioration, and laundry bleach. These fibers are excellent choices for clothes as they are lightweight. It is the main raw material used for manufacturing acrylic fibers. Due to the lightweight and high performance of acrylic fiber, it is used in the textile & garment industry. However, the demand may reduce due to the introduction of new, inexpensive polyester fibers. It is also anticipated that the preference for bio-based polymers, particularly in developed economies, will hamper the acrylic fibers’ demand.
Acrylonitrile Market Report Highlights
Carbon fiber is widely used in the aerospace & defense, automotive, alternative energy, and construction industries. The market for carbon fiber is likely to grow at a faster pace in Asian countries on account of the high spending on aerospace technology, especially in countries, such as China and India. However, high prices of carbon fiber are anticipated to significantly restrict its demand in the coming years. Nitrile rubber, a synthetic rubber, is obtained from the copolymerization of butadiene and acrylonitrile. It is used as a synthetic rubber due to its resistance to oil and solvents.
The global industry is heavily concentrated among a small number of firms, including Sinopec Group, Sumitomo Chemicals, Ascend Performance Materials, and Mitsubishi Chemical Corp. Large sums of money are being spent by businesses on R&D efforts for the creation of novel goods and process advancements. To maintain their position in the worldwide industry and assure a consistent demand for the product, they are also concentrating on developing long-term relationships with their customer base. To withstand the competitive surrounding, companies are undergoing several execution programs to increase their operational efficiency, and strategic planning, and increase their presence globally.
Some of the prominent players in the global acrylonitrile market include:
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
Articles Posted: 1,099
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