Acrylonitrile Market - Forecast(2024 - 2030)

 

The Acrylonitrile market is anticipated to attain a value pool of US$ 13 Billion by 2023-end. Global demand for Acrylonitrile is expected to rise at a CAGR of 4.4% to US$ 20 Billion in 2030. Acrylonitrile is a colorless volatile liquid with a pungent odor and is produced using raw materials such as propylene, propane and ammonia, along with hydrogen cyanide and acetonitrile as byproducts. It is widely used in manufacturing plastics such as polyacrylonitrile, acrylic fibers, acrylonitrile butadiene styrene (ABS) and others. The rise in applications for automotive dashboards, bumpers, exterior panels and others in automotive sector is driving the acrylonitrile industry. In addition, the growing building and construction activities owing to rise in green buildings demand, infrastructural projects and urbanization are fuelling the demand for acrylonitrile. Acrylonitrile, a critical raw material in the synthesis of Acrylonitrile-butadiene-styrene (ABS) resins, plays a pivotal role in meeting the diverse needs of industries such as automotive, electronics, and consumer goods. ABS resins, known for their versatility as thermoplastics, have seen a notable surge in demand attributed to their exceptional properties, including high strength, impact resistance, and resistance to heat. Within the automotive sector, ABS resins have become an integral component in the production of various parts and components, ranging from interior trim and panels to exterior components, owing to their ability to withstand challenging operating conditions. cus on Sustainable Production Processes:

 

The chemical industry, including the production of acrylonitrile, is experiencing a trend toward more sustainable and environmentally friendly practices. Manufacturers are exploring and implementing technologies that reduce the environmental impact of acrylonitrile production. This includes efforts to improve energy efficiency, reduce greenhouse gas emissions, and explore alternative feedstocks.

 

          

 

The report: “Acrylonitrile market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Barium Sulphate Industry. Market.

 

By Application: Acrylonitrile Butadiene Styrene (ABS), Acrylic Fibers Carbon Fiber, Nitrile Rubber, Adiponitrile, Styrene-Acrylonitrile Resin (SAR), Polyacrylamide (PAM) and Others

 

By End-use Industry: Building & Construction (Residential, Commercial, Industrial and Infrastructural), Automotive (Passenger Vehicles (PVs), Light Commercial Vehicles (LCVs) and Heavy Commercial Vehicles (HCVs), Packaging (Rigid and Flexible), Electrical & Electronics (Home Appliances, Gadgets and Others), Medical & Pharmaceuticals (Drugs, Medical Equipments and Others), Textiles and Others. 

 

By Geography: North America, South America, Europe, APAC, and RoW.

 

 

The product demand is also increasing in the consumer appliances industry as it showcases properties, such as heat resistance and chemical resistance. Changing lifestyles, growing consumer preferences, and increasing per capita income are expected to drive the demand for the consumer appliances market, which, in turn, will fuel the demand for acrylonitrile in the consumer appliances industry. The growth in the automotive industry is also projected to increase the consumption of acrylonitrile. Due to its low weight and high strength & durability at low temperatures, it is widely used in the automotive industry. Acrylic fibers have high demand, especially in the automotive industry, which is further estimated to contribute to the industry's growth. The product demand is also increasing in the consumer appliances industry as it showcases properties, such as heat resistance and chemical resistance. Changing lifestyles, growing consumer preferences, and increasing per capita income are expected to drive the demand for the consumer appliances market, which, in turn, will fuel the demand for acrylonitrile in the consumer appliances industry. The growth in the automotive industry is also projected to increase the consumption of acrylonitrile. Due to its low weight and high strength & durability at low temperatures, it is widely used in the automotive industry. Acrylic fibers have high demand, especially in the automotive industry, which is further estimated to contribute to the industry's growth.

 

 

The Asia-Pacific held the largest Acrylonitrile Market share in 2023 up to 49%. The lucrative growth scope for acrylonitrile in this region is influenced by the established base for the automotive sector, flourishing manufacturing base and rapid urbanization. The automotive industry is significantly growing in APAC owing to factors such as rising public transportation, demand for fuel-efficient and vehicle electrification and rising income levels. Asia-Pacific dominated the worldwide market with a significant market share. The Asia-Pacific market is expected to witness faster growth in comparison to other countries, owing to the significant increase in the per-capita income of the middle-class population and the resultant increase the sales of consumer goods in the region. China is the global leader in the electric car market. The Chinese government is providing strong financial and non-financial incentives to boost electric car sales. The statistics from the China Passenger Car Association show that total passenger EV sales in China in 2023 jumped 180.1% from a year ago to nearly 4.99 million: about half of all EVs sold globally

According to Government of India, 1.32% of all vehicle sales in FY21-22 were electric. In April 2022, the electric car sales was 2,161 which grew in May to 2,855 and has shown continuous upward trends reaching 3,419 in September 2022.

 

 

                        

 

 

 

The growth scope for acrylonitrile butadiene styrene and polyacrylonitrile in the automotive sector for dashboards, exteriors panels, bumpers and others is rising. The automotive industry is rapidly growing owing to factors such as a rise in vehicle production, vehicle electrification and rising income level Acrylonitrile butadiene styrene (ABS) is a thermoplastic that provides a diverse combination of properties, like resistance to chemicals, heat, and impact. The consumption of ABS resins is increasing in the consumer appliances segment. ABS finds application in various end-user industries such as oil and gas, food handling and equipment, oil and gas, aircraft, defense, and aerospace, Additionally, growing developments in 3D printing around the world are also projected to increase the scope of application for ABS in the near future. According to the IEA 2022 Outlook, worldwide electric car sales doubled in 2022 and reached 8 million. The sales increased strongly in 2023, with 4 million electric cars sold across the globe in the first quarter of 2023. The construction sector is growing significantly due to rapid residential housing projects, demand for green buildings and others According to the International Trade Administration (ITA), the construction sector in China is expected to grow at an annual average rate of 9.2 % between 2023 and 2030. With the fast-paced growth in the construction and automotive sector, the applicability of acrylonitrile butadiene styrene is anticipated to grow rapidly in the acrylonitrile industry during the forecast period

 

 

 

Acrylonitrile, which is produced using propylene and others, has major applications in the medical & pharmaceutical sector for various medical equipment, insulin pens, miniature implants, respiratory devices, drug delivery systems and others. According to the India Brand Equity Foundation (IBEF), the Indian pharmaceuticals sector is expected to reach US$65 billion by 2024 and further expand to US$120 - US$130 billion by the year 2030.

 

Acrylic fibres are being used in various medical settings such as wound dressings, surgical gowns, and bed linens. With the increasing demand for healthcare products, there is also a growing need for acrylonitrile, a crucial ingredient in the production of acrylic fibres used in these applications.

 

 

Acrylonitrile has significant applications in the electrical & electronics industry for home appliances, computer cases, electronic gadgets and others due to superior features such as lightweight, high impact resistance and insulation. The electronics sector is growing rapidly owing to growth factors such as robust demand for consumer electronic devices, soaring production base and urbanization. Acrylonitrile has significant applications in the electrical & electronics industry for home appliances, computer cases, electronic gadgets and others due to superior features such as lightweight, high impact resistance and insulation. The electronics sector is growing rapidly owing to growth factors such as robust demand for consumer electronic devices, soaring production base and urbanization.

 

 

 

The acrylonitrile is highly flammable and can explode when exposed to open flames. Exposure to acrylonitrile in the environment leads to harmful impacts on soil, air, water and others. It reacts with formaldehyde and other volatile organic compounds (VOCs), hydrogen cyanide and produces photochemical smog, which degrades the environment. Moreover, the threat of acrylonitrile to human health is also high as it creates major issues such as difficulty in breathing, skin irritations and others. The rising waste disposal of acrylonitrile in an open environment impacts the atmosphere. Thus, the preventive and environmental regulations affect the applicability and growth scope for the acrylonitrile and other types; thereby the acrylonitrile industry faces a major slowdown.

 

 

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Acrylonitrile Market. The top 10 companies in the Acrylonitrile Market are:Sinopec Group, Mitsubishi Chemical Corporation, Sumitomo Chemicals, INEOS, Asahi Kasei, Formosa Plastics Corp, Ascend Performance Materials, LUKOIL, Lenntech BV, Repsol

 

 

In February 2023, Sumitomo Chemical received its inaugural ISCC PLUS certification for acrylonitrile production at its Ehime Works in Niihama, Ehime, Japan. The International Sustainability and Carbon Certification (ISCC) awarded this prestigious certification, validating the sustainable nature of the product.

 

In June 2023, INEOS Nitriles introduced its inaugural bio-attributed product line for Acrylonitrile, branded as InvireoTM. The newly launched product will be manufactured at INEOS Nitriles' state-of-the-art facility in Cologne, Germany. The production of InvireoTM involves the utilization of bio-attributed propylene, enabling the replacement of conventional fossil fuel resources. This innovative product contributes to a reduction in greenhouse gas emissions and aids in the conservation of natural resources by incorporating renewable feedstock. INEOS has obtained certification from the Roundtable on Sustainable Biomaterials (RSB) and the International Sustainability & Carbon Certification (ISCC Plus).

 

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