According to the latest research conducted, the demand for Acrylonitrile is anticipated to grow with a compelling growth rate of about 3.5% to 5.0% in between the coming assessment period of 2021-2031.
Ammonia, propylene and propane are used as a raw material for the production of acrylonitrile. It is used in many industries for the production of variety of polymers and thermoplastics. Some major uses include acrylic fibres, nitrile rubber, ABS and others.
The increasing demand for acrylic fibres manufactured from acrylonitrile is expected to drive the market over the forecast period. It is also one of the primary raw materials in the production of plastics and composites, which is further anticipated to propel its global demand.
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What is Driving Demand for Acrylonitrile
Major factors driving the market are the growing demand from construction industry and automotive industry.
The extensive usage of acrylonitrile in the building sector for headliners, interior grills, centre consoles, and other applications is one of the primary drivers driving the market’s growth.
The construction industry’s rapid rise has fueled the market demand.
It is also used in the automotive industry to make critical components such as seatbelts, instrument panels, dashboards, and other such items.
The increased usage of nitrile rubber and other plastics in automotive manufacturing aids in weight reduction and efficiency gains. These are the primary drivers of market growth over the forecast period.
Growth of Textile and Automotive Industry Increases the Demand of Acrylonitrile
The growing textile and apparel industry in emerging economies of the Asia-Pacific region, due to rising urbanization and increasing affordability is anticipated to drive the market for acrylic fibre over the forecast period.
Acrylic fibres are used extensively in the textile and packaging industries. They possess high resistance to laundry bleach, ultraviolet degradation, and microbiological attack, along with an aesthetic appeal.
These fibres are also light in weight and have a comfort feel the softness, making them a great choice for clothing.
People’s lifestyles have changed dramatically as a result of rapid urbanisation. As cities grow, so does the demand for transportation.
To meet this rising demand, many vehicle manufacturers have developed industrial operations in various regions of the world.
As the need for car parts, accessories, and raw materials has grown, so has the demand for spare parts, accessories, and raw materials.
Acrylonitrile is a chemical substance that is used to make bumpers, dashboards, seats, lighting equipment, centre consoles, and headliners for automobiles.
In recent years, such broad applications have significantly expanded the scope of this substance in the market.
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APAC Market Outlook
Due to the rapid expansion of the automotive and construction industries in the region’s growing countries, the Asia-Pacific region accounts for a large portion of the worldwide acrylonitrile market.
In China and India, high demand for electrical and electronics, household appliances, gadgets, and autos is boosting market growth.
The top importers in the region are China, India, and Korea. China is also a major manufacturer of the chemical.
Moreover, the demand for acrylic fibres in the garment and home furnishings industries is increasing.
Increased demand for acrylonitrile in China has come from an expansion in the manufacturing of electrical and electronic goods in the country over the years.
China is the world’s largest market for electric vehicles. The market is being driven by the country’s expanding demand for electric automobiles.
Europe and North America Demand Outlook
The market in North America is also expected to grow rapidly due to an increase in demand for lightweight materials in the transportation sector.
The acrylonitrile market in Europe is also expected to grow steadily due to its high demand in the region’s large automotive industry, particularly in the production of heavy-duty vehicles.
The expanding automotive industry in the European region, which is focusing to produce much more light-weight and energy-efficient vehicles in order to reduce carbon dioxide emissions, has increased market demand.
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Who are the Key Manufacturers and Suppliers
Some of the leading manufacturers and suppliers include
- Formosa Plastics Corp.
- Mitsubishi Chemical Corporation
- Sumitomo Chemical Company Ltd
- Sinopec Group
- Asahi Kasei
- INEOS
- Ascend Performance Material
- Taekwang Industrial Co. Ltd
- ShanghaiSECCOPetrochemical Company Limited and many others.
Significant growth of the acrylonitrile production in automotive, building construction areas and textile industry in countries such as China and India is driving the market in the Asian-pacific region.
Several countries are investing in China and India as they are the fastest-growing market in the future and the center hub of the automobile and textile industries; thus, several companies start investing in these industries.
The Acrylonitrile report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.