Acrylonitrile Market - Forecast(2024 - 2030)

Report Code: CMR 41993 Report Format: PDF + Excel
Overview

The Acrylonitrile market is anticipated to attain a value pool of US$ 13 Billion by 2023-end. Global demand for Acrylonitrile is expected to rise at a CAGR of 4.4% to US$ 20 Billion in 2030. Acrylonitrile is a colorless volatile liquid with a pungent odor and is produced using raw materials such as propylene, propane and ammonia, along with hydrogen cyanide and acetonitrile as byproducts. It is widely used in manufacturing plastics such as polyacrylonitrile, acrylic fibers, acrylonitrile butadiene styrene (ABS) and others. The rise in applications for automotive dashboards, bumpers, exterior panels and others in automotive sector is driving the acrylonitrile industry. In addition, the growing building and construction activities owing to rise in green buildings demand, infrastructural projects and urbanization are fuelling the demand for acrylonitrile. Acrylonitrile, a critical raw material in the synthesis of Acrylonitrile-butadiene-styrene (ABS) resins, plays a pivotal role in meeting the diverse needs of industries such as automotive, electronics, and consumer goods. ABS resins, known for their versatility as thermoplastics, have seen a notable surge in demand attributed to their exceptional properties, including high strength, impact resistance, and resistance to heat. Within the automotive sector, ABS resins have become an integral component in the production of various parts and components, ranging from interior trim and panels to exterior components, owing to their ability to withstand challenging operating conditions. cus on Sustainable Production Processes:

The chemical industry, including the production of acrylonitrile, is experiencing a trend toward more sustainable and environmentally friendly practices. Manufacturers are exploring and implementing technologies that reduce the environmental impact of acrylonitrile production. This includes efforts to improve energy efficiency, reduce greenhouse gas emissions, and explore alternative feedstocks.

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The report: Acrylonitrile market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Barium Sulphate Industry. Market.

By Application: Acrylonitrile Butadiene Styrene (ABS), Acrylic Fibers Carbon Fiber, Nitrile Rubber, Adiponitrile, Styrene-Acrylonitrile Resin (SAR), Polyacrylamide (PAM) and Others

By End-use Industry: Building & Construction (Residential, Commercial, Industrial and Infrastructural), Automotive (Passenger Vehicles (PVs), Light Commercial Vehicles (LCVs) and Heavy Commercial Vehicles (HCVs), Packaging (Rigid and Flexible), Electrical & Electronics (Home Appliances, Gadgets and Others), Medical & Pharmaceuticals (Drugs, Medical Equipments and Others), Textiles and Others. 

By Geography: North America, South America, Europe, APAC, and RoW.

Key Takeaways

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. 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.

By Geography - Segment Analysis

The Asia-Pacific held the largest Acrylonitrile Market share in 2023 up to 49%. The lucrative growth scope for acrylonitrile in this region is influenced by the established base for the automotive sector, flourishing manufacturing base and rapid urbanization. The automotive industry is significantly growing in APAC owing to factors such as rising public transportation, demand for fuel-efficient and vehicle electrification and rising income levels. Asia-Pacific dominated the worldwide market with a significant market share. The Asia-Pacific market is expected to witness faster growth in comparison to other countries, owing to the significant increase in the per-capita income of the middle-class population and the resultant increase the sales of consumer goods in the region. China is the global leader in the electric car market. The Chinese government is providing strong financial and non-financial incentives to boost electric car sales. The statistics from the China Passenger Car Association show that total passenger EV sales in China in 2023 jumped 180.1% from a year ago to nearly 4.99 million: about half of all EVs sold globally
According to Government of India, 1.32% of all vehicle sales in FY21-22 were electric. In April 2022, the electric car sales was 2,161 which grew in May to 2,855 and has shown continuous upward trends reaching 3,419 in September 2022.

Market Share (%) By Region, 2023

                        
 

Rising Demand from Acrylonitrile Butadiene Styrene (ABS) Application.

The growth scope for acrylonitrile butadiene styrene and polyacrylonitrile in the automotive sector for dashboards, exteriors panels, bumpers and others is rising. The automotive industry is rapidly growing owing to factors such as a rise in vehicle production, vehicle electrification and rising income level Acrylonitrile butadiene styrene (ABS) is a thermoplastic that provides a diverse combination of properties, like resistance to chemicals, heat, and impact. The consumption of ABS resins is increasing in the consumer appliances segment. ABS finds application in various end-user industries such as oil and gas, food handling and equipment, oil and gas, aircraft, defense, and aerospace, Additionally, growing developments in 3D printing around the world are also projected to increase the scope of application for ABS in the near future. According to the IEA 2022 Outlook, worldwide electric car sales doubled in 2022 and reached 8 million. The sales increased strongly in 2023, with 4 million electric cars sold across the globe in the first quarter of 2023. The construction sector is growing significantly due to rapid residential housing projects, demand for green buildings and others According to the International Trade Administration (ITA), the construction sector in China is expected to grow at an annual average rate of 9.2 % between 2023 and 2030. With the fast-paced growth in the construction and automotive sector, the applicability of acrylonitrile butadiene styrene is anticipated to grow rapidly in the acrylonitrile industry during the forecast period

Drivers

Increasing demand for acrylic fibres in the healthcare industry

Acrylonitrile, which is produced using propylene and others, has major applications in the medical & pharmaceutical sector for various medical equipment, insulin pens, miniature implants, respiratory devices, drug delivery systems and others. According to the India Brand Equity Foundation (IBEF), the Indian pharmaceuticals sector is expected to reach US$65 billion by 2024 and further expand to US$120 - US$130 billion by the year 2030.

Acrylic fibres are being used in various medical settings such as wound dressings, surgical gowns, and bed linens. With the increasing demand for healthcare products, there is also a growing need for acrylonitrile, a crucial ingredient in the production of acrylic fibres used in these applications.

Flourishing Growth of the Electronics Industry

Acrylonitrile has significant applications in the electrical & electronics industry for home appliances, computer cases, electronic gadgets and others due to superior features such as lightweight, high impact resistance and insulation. The electronics sector is growing rapidly owing to growth factors such as robust demand for consumer electronic devices, soaring production base and urbanization. Acrylonitrile has significant applications in the electrical & electronics industry for home appliances, computer cases, electronic gadgets and others due to superior features such as lightweight, high impact resistance and insulation. The electronics sector is growing rapidly owing to growth factors such as robust demand for consumer electronic devices, soaring production base and urbanization.

Challenges

Harmful Impacts of Acrylonitrile

The acrylonitrile is highly flammable and can explode when exposed to open flames. Exposure to acrylonitrile in the environment leads to harmful impacts on soil, air, water and others. It reacts with formaldehyde and other volatile organic compounds (VOCs), hydrogen cyanide and produces photochemical smog, which degrades the environment. Moreover, the threat of acrylonitrile to human health is also high as it creates major issues such as difficulty in breathing, skin irritations and others. The rising waste disposal of acrylonitrile in an open environment impacts the atmosphere. Thus, the preventive and environmental regulations affect the applicability and growth scope for the acrylonitrile and other types; thereby the acrylonitrile industry faces a major slowdown.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Acrylonitrile Market. The top 10 companies in the Acrylonitrile Market are:Sinopec Group, Mitsubishi Chemical Corporation, Sumitomo Chemicals, INEOS, Asahi Kasei, Formosa Plastics Corp, Ascend Performance Materials, LUKOIL, Lenntech BV, Repsol

Developments:

In February 2023, Sumitomo Chemical received its inaugural ISCC PLUS certification for acrylonitrile production at its Ehime Works in Niihama, Ehime, Japan. The International Sustainability and Carbon Certification (ISCC) awarded this prestigious certification, validating the sustainable nature of the product.

In June 2023, INEOS Nitriles introduced its inaugural bio-attributed product line for Acrylonitrile, branded as InvireoTM. The newly launched product will be manufactured at INEOS Nitriles' state-of-the-art facility in Cologne, Germany. The production of InvireoTM involves the utilization of bio-attributed propylene, enabling the replacement of conventional fossil fuel resources. This innovative product contributes to a reduction in greenhouse gas emissions and aids in the conservation of natural resources by incorporating renewable feedstock. INEOS has obtained certification from the Roundtable on Sustainable Biomaterials (RSB) and the International Sustainability & Carbon Certification (ISCC Plus).

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1. Acrylonitrile Market - Market Overview
    1.1 Definitions and Scope
2. Acrylonitrile Market - Executive Summary
    2.1 Key Trends by Application
    2.2 Key Trends by End-use Industry
    2.3 Key Trends by Geography
3. Acrylonitrile Market – Comparative analysis
    3.1 Market Share Analysis - Major Companies
    3.2 Product Benchmarking - Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis - Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Acrylonitrile Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Acrylonitrile Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Acrylonitrile Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porter's Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Acrylonitrile Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Acrylonitrile Market – By Application (Market size – US$ Million/Billion)
    8.1 Acrylonitrile Butadiene Styrene (ABS)
    8.2 Acrylic Fibers
    8.3 Carbon Fiber
    8.4 Nitrile Rubber
    8.5 Adiponitrile
    8.6 Styrene-Acrylonitrile Resin (SAR)
    8.7 Polyacrylamide (PAM)
    8.8 Others
9. Acrylonitrile Market - By End-use Industry (Market Size - US$ Million/Billion)
    9.1 Building & Construction
        9.1.1 Residential
        9.1.2 Commercial
        9.1.3 Industrial
        9.1.4 Infrastructural
    9.2 Automotive
        9.2.1 Passenger Vehicles (PVs)
        9.2.2 Light Commercial Vehicles (LCVs)
        9.2.3 Heavy Commercial Vehicles (HCVs)
    9.3 Packaging
        9.3.1 Rigid
        9.3.2 Flexible
    9.4 Electrical & Electronics
        9.4.1 Home Appliances
        9.4.2 Gadgets
        9.4.3 Others
    9.5 Medical & Pharmaceuticals
        9.5.1 Drugs
        9.5.2 Medical Equipment
        9.5.3 Others
    9.6 Textile
    9.7 Others
10. Acrylonitrile Market - By Geography (Market Size - US$ Million/Billion)
    10.1 North America
        10.1.1 the USA
        10.1.2 Canada
        10.1.3 Mexico
    10.2 Europe
        10.2.1 the UK
        10.2.2 Germany
        10.2.3 France
        10.2.4 Italy
        10.2.5 the Netherlands
        10.2.6 Spain
        10.2.7 Belgium
        10.2.8 Rest of Europe
    10.3 Asia-Pacific
        10.3.1 China
        10.3.2 Japan
        10.3.3 India
        10.3.4 South Korea
        10.3.5 Australia and New Zeeland
        10.3.6 Indonesia
        10.3.7 Taiwan
        10.3.8 Malaysia
        10.3.9 Rest of APAC
    10.4 South America
        10.4.1 Brazil
        10.4.2 Argentina
        10.4.3 Colombia
        10.4.4 Chile
        10.4.5 Rest of South America
    10.5 Rest of the World
        10.5.1 Middle-East
            10.5.1.1 Saudi Arabia
            10.5.1.2 UAE
            10.5.1.3 Israel
            10.5.1.4 Rest of the Middle-East
        10.5.2 Africa
            10.5.2.1 South Africa
            10.5.2.2 Nigeria
            10.5.2.3 Rest of Africa
11. Acrylonitrile Market – Entropy
    11.1 New Product Launches
    11.2 M&As, Collaborations, JVs and Partnerships
12. Acrylonitrile Market – Industry/Competition Segment Analysis Premium
    12.1 Company Benchmarking Matrix – Major Companies
    12.2 Market Share at Global Level - Major companies
    12.3 Market Share by Key Region - Major companies
    12.4 Market Share by Key Country - Major companies
    12.5 Market Share by Key Application - Major companies
    12.6 Market Share by Key Product Type/Product category - Major companies
13. Acrylonitrile Market – Key Company List by Country Premium Premium
14. Acrylonitrile Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    14.1. Sinopec Group
    14.2. Mitsubishi Chemical Corporation
    14.3. Sumitomo Chemicals
    14.4. INEOS
    14.5. Asahi Kasei
    14.6. Formosa Plastics Corp
    14.7. Ascend Performance Materials
    14.8. LUKOIL
    14.9. Lenntech BV
    14.10. Repsol 
* "Financials would be provided to private companies on best-efforts basis."
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