Acrylonitrile Market size was over USD 12 Billion in 2023 and is set to reach USD 19 Billion by the end of 2036, witnessing around 4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of acrylonitrile is estimated at USD 12.48 Billion.
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 nitrile rubber, acrylonitrile butadiene styrene, acrylic fiber, acrylamide, and carbon fiber. The US Census Bureau stated that construction industry spending in March 2024 is predicted at a seasonally adjusted value of USD 2,083.9 billion.
Growth Drivers
Challenges
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 |
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Application (Acrylonitrile Butadiene Styrene, Acrylic Fibers, Carbon Fiber, Nitrile Rubber, Adiponitrile, Styrene-Acrylonitrile Resin, Polyacrylamide)
Acrylonitrile butadiene styrene segment is poised to capture acrylonitrile market share of around 20% by the end of 2036. Within the consumer appliances sector, acrylonitrile butadiene styrene resin usage is rising. Several end-user sectors, such as food handling and equipment, oil and 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 International Energy Agency 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, leading to market expansion in this segment.
End-use Industry (Building & Construction, Automotive, Packaging, Electrical & Electronics, Consumer Goods, Medical & Pharmaceuticals, Textile)
Consumer goods segment in the acrylonitrile market is set to observe more than 1.14% growth through 2036. The segment's growth can be attributed to the increasing demand for appliances such as refrigerators and televisions. Globally, there were approximately 660 million smart TVs in use in 2021. In 2019, the size of the worldwide smart TV industry was estimated to be USD 191.6 billion. 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 market includes the following segments:
Manufacturing Process |
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Application |
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End-use Industry |
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APAC Market Statistics
Asia Pacific acrylonitrile market is set to account for revenue share of more than 50% by the end of 2036. The textile and home furnishings sectors' growing demand are anticipated to have a beneficial impact on the market segment. It was predicted by World Bank that between 2024 and 2028, consumer expenditure in Asia on apparel and footwear will rise steadily by a total of USD 27.8 billion (+35.8%). It is predicted that fashion-related spending would reach 105.4 billion dollars in 2028, marking a new peak following eight years of growth.
China is prioritizing the development of new residential and commercial structures, and this trend is anticipated to continue. The regional market is also driven by elements like the growing need for energy-efficient building materials and developments in civil construction. Government statistics indicates that 77% of China's 2020 new urban construction projects were classified as green buildings.
Two examples of acrylonitrile-based polymers used in consumer goods packaging in the Japanese region are acrylonitrile butadiene styrene (ABS) and styrene acrylonitrile (SAN). These polymers are robust and resistant to impacts. By 2024, value added from Japan's consumer products sector is expected to reach USD 359.30 billion.
The transition towards sustainable and bio-based chemical products is anticipated to be a significant driver of growth for acrylonitrile enterprises in the Korean peninsula. Renowned Korean chemicals manufacturer LG Chem revealed plans to introduce new plant-based raw material-based acrylonitrile butadiene styrene (ABS) products.
North America Market Analysis
The North America region will also encounter huge growth for the acrylonitrile market in this region. The strong presence of important corporations like Ascend Performance Material in the U.S. Over the projection period, market growth is anticipated to be aided by the aforementioned companies' primary focus on new product advancements in the industries of construction and automobiles. Approximately 10 million units are produced annually by American manufacturers. Two notable outliers were the 5.7 million cars produced in 2009 and the 8.8 million cars produced in 2020 as a result of the global COVID-19 pandemic.
In the United States, there is a growing need for environmentally friendly materials, which may support the future sales of bio-based acrylonitrile. A renewable acrylonitrile pilot production facility was being built in Charleston, West Virginia, in April 2022. Trillium Renewable Chemicals was constructing the facility, which was anticipated to cut gas emissions for acrylonitrile produced from petroleum feedstock by 70% when compared to conventional manufacturing methods.
A selected group of companies, notably Sinopec Group, Sumitomo Chemicals, Ascend Performance Materials, and Mitsubishi Chemical Corp., control a disproportionate amount of the global sector. Businesses are investing large sums of money in R&D to create new products and improve existing processes.
Author Credits: Rajrani Baghel
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