Acrylonitrile Market Size & Share, by Manufacturing Process (Propylene Ammoxidation, Propane Ammoxidation); Application (Acrylonitrile Butadiene Styrene, Acrylic Fibers, Carbon Fiber, Nitrile Rubber, Adiponitrile, Styrene-Acrylonitrile Resin, Polyacrylamide); End-use Industry (Building & Construction, Automotive, Packaging, Electrical & Electronics, Consumer Goods, Medical & Pharmaceuticals, Textile) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5973
  • Published Date: Apr 03, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Acrylonitrile Market size is expected to reach USD 19 Billion by the end of 2036, growing at a CAGR of 4% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of acrylonitrile was over USD 12 Billion. The industry is predicted to be driven by the growing need for acrylonitrile in the building sector. Acrylonitrile demand is being driven by the expanding construction industry, which is expected to have a favorable impact on industrial growth. Derivatives of acrylonitrile are used in the construction sector to make products such as nitrile rubber, acrylonitrile butadiene styrene, acrylic fiber, acrylamide, and carbon fiber. Spending on construction as a whole was USD 1.98 trillion in August 2023, 7.4% more than the previous year.

Furthermore, it is anticipated that acrylonitrile will discover new uses due to technical breakthroughs, such as the creation of bio-based acrylonitrile. Since bio-based acrylonitrile is produced using renewable resources, such as waste materials and biomass, it is thought to be a more sustainable option than regular acrylonitrile. It is anticipated that the acrylonitrile market will see new opportunities as a result of the increased demand for sustainable products, which will fuel the expansion of bio-based acrylonitrile.


Acrylonitrile Market
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Acrylonitrile Market: Growth Drivers and Challenges

Growth Drivers

  • Growing need in the medical field- Propylene and other materials are used to manufacture acrylonitrile, which finds extensive use in the pharmaceutical and medical industries for a variety of products including drug delivery systems, insulin pens, tiny implants, and respiratory devices. The India Brand Equity Foundation (IBEF) projects that the country's pharmaceutical industry would grow to be worth USD 65 billion by 2024 and USD 120–130 billion by 2030. Acrylic fibers find application in a range of medical contexts, including surgical gowns, bed linens, and wound dressings. The requirement for acrylonitrile, a necessary component in the creation of acrylic fibers utilized in various applications, is rising along with the demand for healthcare products.
  • Prosperous Development in the Electronics Sector- Because of its exceptional qualities, including its high impact resistance, insulation, and lightweight nature, acrylonitrile finds extensive use in the electrical and electronics industry for products such as computer cases, electronic devices, and home appliances. Urbanization, a rising production base, and the strong demand for consumer electronics are all contributing to the electronics market's rapid expansion. Because of its exceptional qualities, including its high impact resistance, insulation, and lightweight nature, acrylonitrile finds extensive use in the electrical and electronics industry for products such as computer cases, electronic devices, and home appliances. Urbanization, a rising production base, and the strong demand for consumer electronics are all contributing to the electronics market’s rapid expansion.
  • Increasing use of Acrylic Fiber- The growing use of acrylic fibers is driving up demand for acrylonitrile. Furthermore, the Asia Pacific region's expanding textile and apparel sectors will aid in the development of the industry due to the region's fast urbanization. Acrylic fibers are very resistant to UV damage, microbiological attack, and laundry bleach. Because they are lightweight, these fibers are great choices for clothing. It serves as the primary raw material in the production of acrylic fibers. The textile and apparel industries employ acrylic fiber because of its excellent performance and lightweight nature. Owing to this, the acrylonitrile market is predicted to grow at a significant CAGR in the upcoming years.

Challenges

  • Negative Effects of Acrylonitrile- When acrylonitrile comes into contact with open flames, it can catch fire and explode. Environmental exposure to acrylonitrile has negative effects on soil, air, water, and other substances. It forms photochemical smog, which harms the environment, when it combines with formaldehyde and other volatile organic compounds (VOCs), hydrogen cyanide, and other substances. Furthermore, acrylonitrile poses a serious risk to human health because it can cause serious side effects as breathing difficulties and skin irritations, among others. The increasing amount of acrylonitrile trash being disposed of outdoors has an effect on the atmosphere. The acrylonitrile business thus faces a significant slowdown as a result of the preventative and environmental restrictions that impact the applicability and expansion scope for acrylonitrile and other types.
  • When new, less expensive polyester fibers are introduced, demand can decline and the market's expansion could be hampered.
  • It is anticipated that the demand for bio-based polymers, particularly in developed countries, may hinder the acrylonitrile market.

Acrylonitrile Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~ 4%

Base Year Market Size (2023)

 ~ USD 12 Billion

Forecast Year Market Size (2036)

 ~ USD 19 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Acrylonitrile Segmentation

Application (Acrylonitrile Butadiene Styrene, Acrylic Fibers, Carbon Fiber, Nitrile Rubber, Adiponitrile, Styrene-Acrylonitrile Resin, Polyacrylamide)

Based on application, acrylonitrile butadiene styrene segment in the acrylonitrile market is anticipated to hold largest revenue share of about 38% during the forecast period. Within the consumer appliances sector, acrylonitrile butadiene styrene resin usage is rising. Several end-user sectors, such as food handling & equipment, oil & gas, aircraft, defense, and aerospace, employ acrylonitrile butadiene styrene. Due to its remarkable properties, including as strength and endurance at low temperatures, acrylonitrile butadiene styrene is widely used in the electronics and automotive industries. It is widely used in the electronics and automotive industries because of its remarkable qualities, which include strength, low-temperature durability, and lightweight nature. According to the IEA 2021 Outlook, sales of electric vehicles will double from 2020 levels to 6.6 million worldwide in 2021. 2 million electric vehicles were sold globally in the first quarter of 2022, indicating a sharp increase in sales. Furthermore, acrylonitrile butadiene styrene is expected to find more uses in the near future as a result of global advancements in 3D printing.

End-use Industry (Building & Construction, Automotive, Packaging, Electrical & Electronics, Consumer Goods, Medical & Pharmaceuticals, Textile)

Based on end-use industry, consumer goods segment in the acrylonitrile market is attributed to hold largest revenue share of about 28% during the forecast period. The segment's growth can be attributed to the increasing demand for appliances such as refrigerators and televisions. Acrylonitrile is an excellent choice because of its exceptional chemical resistance and superior tensile strength. By using acrylonitrile components, appliance manufacturers can drastically lower the overall weight of their products while also improving design and heat resistance. Additionally, the corrosion resistance of acrylonitrile guarantees strength and durability, prolonging the life of consumer items. Additionally, the electrical insulation and ultraviolet (UV) stability of acrylonitrile enable the precise and complex manufacture of electrical components, promoting design flexibility and innovation in kitchenware and electrical appliances.

Our in-depth analysis of the global acrylonitrile market includes the following segments:

        Manufacturing Process

  • Propylene Ammoxidation
  • Propane Ammoxidation

        Application

  • Acrylonitrile Butadiene Styrene
  • Acrylic Fibers
  • Carbon Fiber
  • Nitrile Rubber
  • Adiponitrile
  • Styrene-Acrylonitrile Resin
  • Polyacrylamide

         End-use Industry

  • Building & Construction
  • Automotive
  • Packaging
  • Electrical & Electronics
  • Consumer Goods
  • Medical & Pharmaceuticals
  • Textile

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Acrylonitrile Industry - Regional Synopsis

APAC Market Forecast

Acrylonitrile market in Asia Pacific region is projected to hold largest revenue share of about 35% during the forecast period. This is explained by the rising need for building supplies brought on by the expanding construction industry. Additionally, the textile and home furnishings sectors' growing demand are anticipated to have a beneficial impact on the market segment. With about 40% of all textile and apparel exports worldwide, China is the top exporter of textiles in the world. with more than 20,000 businesses. The Asia-Pacific region's developing nations, including China and India, are prioritizing the construction of new residential and commercial structures, and it is anticipated that this trend will continue. The regional acrylonitrile market is also driven by elements like the growing need for energy-efficient building materials and developments in civil construction.

North American Market Statistics

Acrylonitrile market North America is anticipated to experience substantial growth and about 28% revenue share owing to the strong presence of important corporations like Ascend Performance Material in the U.S. Over the projection period, acrylonitrile market growth is anticipated to be aided by the aforementioned companies' primary focus on new product advancements in the industries of construction and automobiles.

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Acrylonitrile Market Size
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Companies Dominating the Acrylonitrile Market

top-features-companies
    • INEOS
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • China Petrochemical Development Corporation
    • Ascend Performance Material
    • Chemelot
    • Formosa Plastics Corporation
    • Secco Sistemi
    • Solvay S.A.
    • Trillium Renewable Chemicals
    • Taekwang Industrial Co., Ltd.
    • Lenntech BV

In-the-news

In The News

  • Acrylonitrile's first bio-attributed product line, called InvireoTM, was unveiled by INEOS Nitriles. The state-of-the-art INEOS Nitriles factory in Cologne, Germany, will produce the recently announced product. InvireoTM is produced by using bio-attributed propylene, which allows traditional fossil fuel resources to be substituted. This product is revolutionary because it uses renewable feedstock, which lowers greenhouse gas emissions and helps conserve natural resources. INEOS has been certified by both the International Sustainability & Carbon Certification (ISCC Plus) and the Roundtable on Sustainable Biomaterials (RSB).
  • Solvay unveiled LTM 350, a cutting-edge carbon fiber epoxy prepreg tooling material intended to save a great deal of time and money for the race car, automotive, aerospace, and industrial sectors. The carbon fiber epoxy tooling material provides a low-temperature, quick-curing cycle (three hours at 60°C). Additionally, can also be allowed to cure for longer periods of time at temperatures as low as 45°C. LTM 350 tools are capable of being repeatedly cycled at temperatures as high as 150°C to create composite parts with exceptional precision.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 5973
  • Published Date: Apr 03, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing use in construction and automotive industry are the major factors driving the growth of the Acrylonitrile market.

The market size of acrylonitrile is anticipated to attain a CAGR of 4% over the forecast period, i.e., 2024-2036.

The major players in the market are China Petrochemical Development Corporation, Ascend Performance Material, Chemelot, Formosa Plastics Corporation, Secco Sistemi, Solvay S.A., Trillium Renewable Chemicals, Taekwang Industrial Co., Ltd., Lenntech BV, and others.

The acrylonitrile butadiene styrene segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Acrylonitrile Market Report Scope
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