Acrylonitrile Market By Application (Acrylic Fiber, Adiponitrile, Styrene Acrylonitrile, Acrylonitrile Butadiene Styrene, Acrylamide, Carbon Fiber, Nitrile Rubber)- Global Market Insights 2019 to 2029
Acrylonitrile Market Exhibits Steady Growth Through 2029
Soaring demand for acrylic fiber for the manufacturing of plastics and composites will drive the demand for acrylonitrile.
Manufacturers are aiming at capacity expansion by forging strategic partnerships with raw material vendors. The global acrylonitrile market will grow 1.6X from 2019 to 2029.
Being a petrochemical derivative, the acrylonitrile market is highly influenced by changing oil & gas prices.
However, advancements in material science and extraction methods will drive the demand for acrylonitrile during the forecast period.
Surging automotive production across countries contributes significantly to the demand of acrylonitrile. The chemical is widely used as a raw material for manufacturing parts for the automotive industry.
Acrylonitrile Butadiene to Account for 1/3rd of total Market Value
Acrylonitrile butadiene styrene accounts for a majority share among various applications with over 1/3rd of the total market value.
Versatile applications in manufacturing of thermoplastic and polymer based components in industries such as automotive and construction drive demand from this segment.
Nitrile rubber holds the second largest share with over 1/4th of the total market value.
Properties such as high resistance to solvents make nitrile rubber an ideal raw material for manufacturing non-latex gloves, automotive transmission belts, binders, and adhesives.
The nitrile rubber segment will offer the most lucrative growth opportunities through 2029.
East Asia Maintains Hegemony over Global Sales
East Asia exhibits share-wide dominance with over 40% share of the total market revenues. Presence of prominent manufacturers in countries such as China, and Japan are a central factor to this region’s leadership.
The fall in propylene prices in developed economies have created a level playing field for manufacturers.
Multiplying automotive production on the back of increasing disposable income in South Asia & Oceania countries position the region as the highest growth region during the forecast period.
Easy availability of raw material in early adopters such as the US will drive demand in North American countries.
Further, increasing investments in oil & gas exploration and infrastructure trickles down to rise in demand for acrylonitrile based products.
Omnipresent development trends across countries will increase the demand for high-strength and resilient products manufactured using acrylonitrile as a raw material.
Capacity Expansion to Shape Competitive Landscape
The global acrylonitrile market is consolidated in nature with major manufacturers holding a majority of the market value share.
Competition in the acrylonitrile market is driven by strategic investments in countries with abundance of raw material.
China is the leading producer of the chemical and home to leading market players. Other Asia Pacific countries such as India are also emerging as high-revenue territories.
Energy efficient processes give the competitive advantage to acrylonitrile manufacturers in developed economies.
However, availability of raw material in Asian continent also influences the competitive landscape.
Major players in the global acrylonitrile market are, but not limited to
- China Petrochemical Technology Development Co. Ltd.
- Asahi Kasei Advance Corporation
- Ascend Performance Material
- Formosa Plastics
- Mitsubishi Chemical Corporation
- Taekwang Industrial Co. Ltd.
- Sumitomo Chemical Co. Ltd.
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Global Acrylonitrile Market: In-Depth Assessment on Key Segments
The global acrylonitrile market is segmented on the basis of application and region.
This taxonomy and the detailed TOC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.
Country-specific assessment on demand for acrylonitrile has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous acrylonitrile manufacturers, experts, and suppliers.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
The report provides company-level market share analysis, which has been derived on the basis of the company’s annual sales and segmental revenue in all the target end-use industries.
The market has been forecasted based on constant currency rates. The report provides detailed competitive and company profiles of key participants operating in the global acrylonitrile market.
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