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.
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.
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.
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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.
Key Segments
By End- Use:
- Automotive
- Construction
- Electrical and Electronics
- Textile
- Packaging
- Others
By Application:
- Styrene (ABS)
- Acrylic Fibre
- Acrylamide
- Nitrile Butadiene Rubber
- Others
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Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
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