Global Acrylonitrile Market - Overview
Market Research Future (MRFR) in their latest report on the acrylonitrile market revealed a possibility of attaining 3% CAGR during the forecast period (2021-2027). The market would scale substantial valuation by 2027. Acrylonitrile is a colorless, organic compound that is volatile in nature. It is derived from the ammonia catalysis of propylene. It gets significant traction from the production of the several components such as homopolymers and numerous copolymers like styrene acrylonitrile (SAN), acrylonitrile butadiene styrene (ABS), acrylonitrile styrene acrylate (ASA), and synthetic rubbers. ABS technology can significantly lower the weight of the automotive sector.
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. The technology is widely used in manufacturing handles, panels, and bumpers. This indirectly lowers fuel consumption and minimalizes carbon footprint. The technology also provides rigidity and toughness owing to which it can be used in the production of headliners interiors grills, trims, and center consoles which find a taker in the construction industry. The global acrylonitrile market can rely on the automotive sector and on the construction industry for substantial growth. However, the acrylonitrile market faces a daunting challenge from the presence of harmful chemicals in the manufacturing procedure which can give rise to the carbon emission. With various governments putting stringent measures in effect, this predicted growth can get sluggish in the coming years.
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Global Acrylonitrile Market – Prominent Players
Asahi Kasei Corporation (Japan), Solvay (US),,AnQore, Koninklijke DSM NV (Netherlands),,Ascend Performance Materials (US),,INEOS (UK),,LUKOIL (Russia),,Mitsubishi Chemical Corporation (Japan),,Taekwang Industrial Co. Ltd (South Korea),,Formosa Plastics Corporation (Taiwan),,Sumitomo Chemical Co., Ltd (Japan),,Lenntech BV (Netherlands), and,Repsol (Spain).
The global Acrylonitrile market is expanding continually due to rapid industrialization and urbanization worldwide. A vast amount of Acrylonitrile is consumed to manufacture molded, lightweight, yet study automotive components and other parts required in the building, electronics, construction, sports, and consumer goods industry. Moreover, augmenting demand from various burgeoning sectors, such as automotive, construction, and electronics, accelerate market growth, substantially.
Additional factors impacting the market growth, positively, include growing applications of Acrylonitrile due to the improved standards of living and disposable income, allowing people to invest more in the high-end construction and decorative home activities. Automotive manufacturers are continually looking to reduce vehicle weight without affecting stability.
In such a scenario, the Acrylonitrile offers a lightweight plastic solution, which in turn drives the market growth. On the flip side, price volatility and the demand-supply gap in the raw materials required for the production of Acrylonitrile is major tailwind impeding the growth of the market. Nevertheless, the increasing uses of Acrylonitrile industry would support market growth throughout the forecast period.
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Acrylonitrile Market - Segments:
MRFR made an analysis of the entire acrylonitrile market by segmenting it into application and end-user.
Based on the application, the global acrylonitrile market can be segmented into the acrylic fiber, acrylonitrile butadiene styrene (ABS), styrene-acrylonitrile resin, acrylamide, and others (intermediates for flocculants, antioxidants, surface active agents). ABS technology has widespread use in the automotive and construction sector owing to which the segment is holding substantial sway over the market.
On the basis of end-user, the global acrylonitrile market can be segmented into automotive, electronics industry, construction industry, packaging industry, and others (pharmaceuticals and coatings). Automotive segment is gaining extensively from various applications of this component.
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Global Acrylonitrile Market -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.
Industry/ Innovation/ Related News
June 05, 2019 ----- Ineos (the UK), one of the world's largest chemical producers a significant player in the oil and gas market, announced the signing of an agreement to build three new chemical plants in Saudi Arabia with USD 2 BN investment. The company has entered an MoU with Saudi Aramco and France's Total to build the new plants at Jubail 2 petrochemical complex.
This is a significant milestone for Ineos that marks its first investment in the Middle East region. Ineos is bringing advanced downstream technology, which would add value and create jobs. Ineos accounts for one of the largest producers for Acrylonitrile and acetonitrile and has four manufacturing plants, two in the US while others in Germany and the UK.
As per the MoU, Ineos would build an acrylonitrile plant of capacity 425,000t, a linear alpha olefin (LAO plant) with 400,000t, and an associated polyalphaolefin (PAO) facility. Planned to begin production in 2025, the plants will produce key building blocks for carbon fiber, engineering polymers, and synthetic lubricants.
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