Key Market Overview:
Acrylonitrile Market size was valued at USD 11.91 Billion in 2022, registering a CAGR of 1.2% during the forecast period (2023-2030), and the market is projected to be worth USD 13.35 Billion by 2030.
Acrylonitrile is a colorless, highly flammable liquid with a pungent, sweet odor. It is an organic compound with the chemical formula CH2CHCN, also known as vinyl cyanide, propenenitrile, and cyano ethylene. Acrylonitrile is an important industrial chemical used in the production of a variety of products such as synthetic fibers, plastics, and rubber. It is primarily used as a monomer, which means that it is a building block for the production of polymers. For instance, they are used in the production of acrylic fibers, used in textiles, carpets, and outdoor fabrics. Additionally, they are used in the production of ABS and SAN resins that are further used in automotive parts, toys, and appliances, and in the production of nitrile rubber, which is used in gloves, gaskets, and seals.
Moreover, the Asia-Pacific was the largest market for acrylonitrile in 2022, accounting for a significant share of the global demand, due to the presence of major textile and automotive industries in countries such as China, India, and Japan.
Market Dynamics:
Driver:
The growing demand for synthetic fibers made from acrylonitrile is due to the growing population and changing fashion trends are boosting the growth of the acrylonitrile market. For instance, Ascend Performance Materials provides acrylonitrile for the production of acrylic fiber for clothing, blankets, and textiles. In addition, the increasing demand for acrylonitrile-based plastics and rubber products to their growing use in the automotive, construction, and electronics industries is driving the market growth. For instance, LG Chem Ltd. offers acrylonitrile for the production of ABS (Acrylonitrile Butadiene Styrene) that further finds a wide variety of applications in various end-user industries including automotive and consumer electronics.
Restraints:
The toxic and reactive nature of acrylonitrile is a major restraint to its market growth. The harmful effects of this chemical on workers and the environment are has led to strict regulations and safety measures being put in place. Exposure to acrylonitrile can cause serious health effects such as respiratory irritation, eye irritation, and skin irritation. Long-term exposure to this chemical can lead to even more severe health problems like cancer, neurological damage, and liver damage.
Opportunities:
Research and development of bio-based acrylonitrile as an alternative to petroleum-based acrylonitrile is likely to offer lucrative opportunities to the market. Bio-based acrylonitrile is derived from renewable sources such as biomass which reduces the carbon footprint of the production process and increases sustainability. For instance, in January 2022, Solvay SA announced its partnership with Trillium Renewable Chemicals to develop the supply chain for bio-based acrylonitrile named bio-ACN. Under this partnership, Trillium will provide Solvay with bio-ACN from its forthcoming commercial asset, while Solvay will assess the feasibility of using bio-ACN for carbon fiber production as part of its long-term mission to create sustainable solutions from recycled or bio-based sources.
Acrylonitrile Market Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | 13.35 billion |
| CAGR (2023-2030) | 1.2% |
| By Application | Acrylic Fiber, Adiponitrile, Styrene Acrylonitrile, Acrylonitrile Butadiene Styrene (ABS), Acrylamide, Carbon Fiber, Nitrile Rubber, and Others |
| By End Use | Automotive, Electrical And Electronics, Construction, Packaging, and Others |
| By Geography | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Players | Asahi Kasei Corporation, AnQore B.V., Ascend Performance Materials Operations LLC, INEOS AG, Mitsubishi Chemical Corporation, Taekwang Industrial Co. Ltd, Sumitomo Chemical Co., Ltd, Lenntech BV, Versalis S.p.A, and LG Chem, Ltd. |
Market Segmentation:
By Application
By the application segment, the market is divided into acrylic fiber, adiponitrile, styrene-acrylonitrile, acrylonitrile butadiene styrene (ABS), acrylamide, carbon fiber, nitrile rubber, and others. The acrylic fiber segment dominated the acrylonitrile market in terms of revenue in 2022 due to the increasing demand for synthetic fibers in the textile industry. Acrylic fibers are widely used in the production of blankets, carpets, and clothing due to their properties such as warmth, softness, and lightweight. The demand for acrylic fiber is also increasing in the automotive industry for the production of seat covers, floor mats, and other interior components.
Moreover, acrylonitrile butadiene styrene (ABS) is anticipated to witness significant growth in the acrylonitrile market over the forecast period. ABS is a thermoplastic polymer that is increasingly use in the automotive, construction, and consumer goods industries. ABS is used in the production of a variety of products such as pipes, fittings, toys, and electronic housings, among others. The growth in demand for ABS is attributed to its properties such as high impact resistance, toughness, and heat resistance, which make it suitable for use in various applications.
By End Use
Based on end-use the market is segmented into automotive, electrical and electronics, construction, packaging, and others. The automotive industry dominated the market in 2022. This is due to the increasing demand for lightweight and high-performance materials in the automotive industry. Acrylonitrile-based products such as ABS and carbon fiber are widely used in the production of various automotive components such as body panels, interior parts, and engine parts.
Moreover, the electrical and electronics sector is expected to register the fastest-growing CAGR over the forecast period in the acrylonitrile market. This is attributed to the fact that acrylonitrile-based products such as ABS and styrene acrylonitrile (SAN) are widely used in the production of various electrical and electronic components such as housings, connectors, and switches, among others.
By Region
According to region, the acrylonitrile market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The Asia Pacific held the largest share of the acrylonitrile market in 2022 owing to the several major countries such as China, India, Japan, South Korea, and Southeast Asian countries, all of which have witnessed steady growth in demand for acrylonitrile due to the increasing consumption of synthetic fibers and plastics. Additionally, the increasing demand for acrylonitrile due to the expanding textile and automotive industries in the region, which use acrylonitrile-based products such as acrylic fibers, carbon fiber, and ABS resins.
Furthermore, North America is likely to witness significant growth over the forecast period. This is attributed to the growth in demand for acrylonitrile for the consumption of synthetic fibers, plastics, and ABS resins in various end-use industries, such as automotive, textiles, and construction.
Acrylonitrile Market Competitive Landscape:
The acrylonitrile market is highly competitive comprising numerous players operating in the industry. The players are focusing on strategic initiatives, such as mergers and acquisitions, partnerships, collaborations, new product launches, and capacity expansions to strengthen their market position and expand their global presence.
The following are the major key players operating in the acrylonitrile market:
- Asahi Kasei Corporation
- AnQoreV.
- Ascend Performance Materials Operations LLC
- INEOS AG
- Mitsubishi Chemical Corporation
- Taekwang Industrial Co. Ltd
- Sumitomo Chemical Co., Ltd
- Lenntech BV
- Versalis S.p.A
- LG Chem,
Recent Developments
- In December 2022, INEOS Group Limited acquired 50% of Shanghai SECCO Petrochemical Company Limited (“SECCO”), a subsidiary of Sinopec. This acquisition will help to bolster INEOS’s position in the market and provide new opportunities for growth in the region.
- In October 2021, Asahi Kasei Corporation announced that their wholly-owned subsidiary in South Korea, Tongsuh Petrochemical Corp., Ltd. (TSPC), acquired the globally recognized ISCC PLUS1 certification for its acrylonitrile (AN) as a sustainable product. This achievement highlights TSPC’s commitment to promoting sustainability in AN production, and it is expected to enhance the company’s reputation as a leading player in the industry.
Table of Content
To check our Table of Contents, please mail us at: [email protected]
Research Methodology
The Market Research Community offers numerous solutions and its full addition in the research methods to be skilled at each step. We use wide-ranging resources to produce the best outcome for our customers. The achievement of a research development is completely reliant on the research methods implemented by the company. We always faithful to our clients to find opportunities by examining the global market and offering economic insights.Market Research Community are proud of our widespread coverage that encompasses the understanding of numerous major industry domains. Company offers consistency in our research report, we also offers on the part of the analysis of forecast across a range of coverage geographies and coverage. The research teams carry out primary and secondary research to carry out and design the data collection methods.