Acrylonitrile Market Size, Share to Grow at a CAGR of 4.77% until 2035 | ChemAnalyst

Posted March 14, 2023 by chemanalystreports

The Acrylonitrile market witnessed steady growth in the historical years and is estimated to reach a market volume of 11 million tonnes with a CAGR of 4.77% until 2035.
According to ChemAnalyst report, “Global Acrylonitrile Market Analysis: Plant Capacity, Production, Process Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2035” The Acrylonitrile market witnessed steady growth in the historical years and is estimated to reach a market volume of 11 million tonnes with a CAGR of 4.77% until 2035.
Acrylonitrile is an organic compound with the chemical formula CH2CHCN. It is a substance that occasionally becomes yellow because of impurities. It is created using the ammoxidation process, in which high-temperature reactions between propylene, ammonia, and air take place in the presence of a catalyst. Acrylonitrile to create derivatives including acrylonitrile butadiene styrene (ABS), acrylic fibre, acrylamide, carbon fibre, and nitrile rubber which are further used in the construction sector. Acrylonitrile is anticipated to have considerable demand in the near future due to the plastics produced with the substance having numerous desirable qualities, including chemical resistance, longevity, good strength, and thermal resistance.

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The primary driver of the global Acrylonitrile market its usage to synthesize ABS. Acrylonitrile butadiene styrene is extensively utilised in the electronics and automotive industries thanks to its exceptional qualities, including strength and endurance at low temperatures. It is extensively utilised in the automotive and electronics industries because of its exceptional qualities, including lightweight, toughness, and stability at low temperatures. The market for consumer appliances is seeing an increase in the use of ABS resins. The segment growth is anticipated to be aided by the rising demand for nitrile rubber, which is used to manufacture non-latex gloves, auto gearbox belts, sealants, and bindings. Acrylic fibre is created by combining monomers with chemicals derived from petroleum. Its lightweight design, high performance, high sensitivity, and good moisture control capabilities make it useful in the textile industry. Polyester fibre has replaced acrylic fibre in the textile business because it is reasonably inexpensive which is restraining factor to the global Acrylonitrile market.

The Automotive sector. With the rapid urbanization, the demand for light-vehicles for transportation of goods along with personal vehicles is anticipated to propel the Acrylonitrile market. The growth of the market will further be driven by increasing patient safety and increasing public knowledge of substitutes for traditional rubber materials used in the production of various medical devices. Surgical gloves are becoming more and more essential in the medical industry, which contributes to the global Acrylonitrile market.

The global Acrylonitrile market is segmented based on end-use, sales channel, and region. Based on the end-user industry, the global Acrylonitrile market is segmented into ABS, Acrylic Fibre, Acrylamide, and Others. Among these, the ABS industry is dominating the Acrylonitrile market and consumed roughly 42% of the market in 2022. ABS is quite popular plastic. This is as a result of the product's expanding application in the construction sector, consumer products, technology, automobile, and consumer goods. The product is also more durable than PVC, corrosion-resistant, and has great mechanical strength.

Regionally, the Asia Pacific region is dominating the Acrylonitrile market, followed by Europe. This region held a market share of approximately 66% in 2022. Growing economies coupled with the rapidly growing population in developing countries like India, Japan, Malaysia, and China are imposing a higher demand for plastics for usage in the construction sector coupled with the growing usage of the acrylic fibre in India’s textile industries, is anticipated to further propel the Acrylonitrile market furthermore. Given the enormous demand for acrylonitrile in the automotive industry, Europe is predicted to foresee an expansion in demand. Growing automotive industry for producing energy-efficient cars in an effort to reduce carbon dioxide emissions. Based on production, Asia Pacific is dominating the Acrylonitrile market with China having the highest production capacity.

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“Global Acrylonitrile Market Analysis: Plant Capacity, Production, Process Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2035”, Significant players operating in the global Acrylonitrile market are Ineos Nitriles, Jiangsu Sailboat (Sierbang) Petrochemical Corp. Ltd. (Shenghong Holding Group), Ascend Performance Materials, Asahi Kasei Chemicals, AnQore (DSM Acrylonitrile), Cornerstone Chemical Company (Cytec Industries), PetroChina Company Ltd. (CNPC) (China National Petroleum Corp.), Shanghai SECCO Petrochemical Company, Sinopec Group (CPCC) (China Petroleum & Chemical Corp.), Tong Suh Petrochemical Corp., Ltd. (Asahi Kasei Chemicals), Saudi Japanese Acrylonitrile Company (Shrouq), and Others.

“Acrylonitrile is a versatile synthetic rubber which displays properties like flexibility, strength, and durability which is used in various downstream industries. Acrylonitrile is an essential feedstock to manufacture products like ABS, Acrylic Fibre, and Acrylamide. ABS is a versatile polymer and displays properties like high durability, light weight nature and corrosion resistance to which it is used in various industries such as automotives, electronics, general-use commodities, etc., which is majorly driving the Acrylonitrile market. Moreover, growing demand of acryllic fibre in the textile industry also contributes finely to the Acrylonitrile market. ” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.

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Last Updated March 14, 2023