Acrylonitrile Market

Acrylonitrile Market Highlights

The global acrylonitrile market is expected to cross a value of USD 14.6 billion by the end of 2032. The market was valued at USD 11.1 billion in 2023 and is expected to expand at a CAGR of 2.4% between 2024-2032.

• Over the mid-term, the rise in demand for the product from the end-use industries, majorly construction and automotive industries, is the primary factor anticipated to drive the global acrylonitrile market.
• The growing concerns for health hazards upon the use of acrylonitrile is the major factor to challenge the market growth.
• The Asia Pacific acrylonitrile market is projected to dominate the global market.

Acrylonitrile Market Outlook

Acrylonitrile is a colorless, flammable liquid compound that consists of a vinyl group attached to a nitrile group to make it an unsaturated nitrile compound. Acrylonitrile is represented by the chemical formula C3H3N, and is also known by its IUPAC name, prop-2-enenitrile. This organic chemical is produced by the catalytic ammoxidation of propylene by utilizing ammonia and oxygen as reactants in the presence of bismuth molybdate or other supported phosphoric acid as catalysts.

According to our experts at KD Market Insights, one of the major factors expected to drive the growth of the acrylonitrile market is the expanding construction industry, and the rise in the use of this chemical in producing derivatives, such as acrylonitrile butadiene, acrylamide, carbon fiber, acrylic fiber, and nitrile rubber among others. According to our analysis, the global revenue generated by the construction industry is projected to cross USD 18 trillion by 2032 by growing with a CAGR of around 5% during the forecast period. Ineos Nitriles, Jiangsu Sailboat (Sierbang) Petrochemical Corp. Ltd. (Shenghong Holding Group), Ascend Performance Materials are some of the significant parties in the global market for acrylonitrile.

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Acrylonitrile Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global acrylonitrile market are:

• Rise in Demand for Acrylic Fibers: To produce acrylic fibers, acrylonitrile is known to be one of the key raw materials. Acrylic fibers are used widely in home furnishings, and textiles, as well as for manufacturing different types of apparel, such as sports apparel, cycling apparel, flame retardant apparel, and yoga apparel among others. Hence, with the growing textile industry, the demand for these acrylic fibers is expected to increase, in turn, driving the growth of acrylonitrile. Our analysts have recorded that the total production volume of chemical and textile fibers globally crossed 110000 thousand metric tons in the year 2022, up from about 83000 thousand metric tons a decade ago.
• Surge in Production of ABS Resin: The production of ABS resin or acrylonitrile-butadiene-styrene resin for its use in the automotive industry in applications, such as automotive parts, appliances, electronics, and construction materials among others, is increasing rapidly. With the expanding automotive industry, the demand for ABS resin is also expected to grow, thereby contributing to the overall market growth. According to the statistics by the International Organization of Motor Vehicle Manufacturers, the total number of vehicles produced in the year 2022 registered to be 85016728 units.

Which Probable Factors Could Hamper the Growing Acrylonitrile Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of acrylonitrile are:

• Concerns for Health Hazards Upon the Use of Acrylonitrile: Acrylonitrile is considered toxic and poses health hazards upon exposure. Inhalation or skin contact with acrylonitrile vapor or liquid can irritate the respiratory tract, skin, and eyes. Prolonged or high-level exposure to acrylonitrile may lead to adverse health effects, including neurological, respiratory, and reproductive disorders.
• Price Volatility of Raw Materials Used in the Production of Acrylonitrile: Acrylonitrile production requires raw materials such as propylene, ammonia, and oxygen. Any fluctuation in the price of these raw materials, also increases the end price of the final chemical compound, thereby impacting the demand for the product. Such a factor is therefore expected to limit the market expansion of acrylonitrile.

How is the Global Acrylonitrile Market Segmented?

Our experts at KD Market Insights have segmented the global acrylonitrile market as:

What are the Probable Factors Influencing the Asia Pacific Acrylonitrile Market Forecast?

The Asia Pacific acrylonitrile market is majorly driven by the rapidly growing automotive industry, where acrylonitrile is used widely in the production of ABS resins for use in automotive interior and exterior parts, including dashboards, bumpers, all plastics front-end modules, and other trim components. In addition to this, the surge in emphasis towards sustainability and the shift towards eco-friendly materials as acrylonitrile offers advantages, such as greater recyclability, and higher energy efficiency in its production process, are also expected to contribute to the market growth.

As per our analysts at KD Market Insights, the following five players lead the Asia Pacific acrylonitrile market growth:

• Asahi Kasei Corporation
• Formosa Plastics Corporation
• Mitsubishi Chemical Corporation
• PetroChina Company Limited
• LG Chem

Which Key Players Top the Global Acrylonitrile Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global acrylonitrile market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with acrylonitrile market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global acrylonitrile market share:

• Ineos Nitriles
• Jiangsu Sailboat (Sierbang) Petrochemical Corp. Ltd. (Shenghong Holding Group)
• Ascend Performance Materials
• Asahi Kasei Chemicals
• AnQore (DSM Acrylonitrile)
• Cornerstone Chemical Company (Cytec Industries)
• PetroChina Company Ltd. (CNPC) (China National Petroleum Corp.)
• Shanghai SECCO Petrochemical Company
• Sinopec Group (CPCC) (China Petroleum & Chemical Corp.)
• Tong Suh Petrochemical Corp., Ltd. (Asahi Kasei Chemicals)
• Saudi Japanese Acrylonitrile Company (Shrouq)

What are the Recent Developments Observed in the Acrylonitrile Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global acrylonitrile market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, Asahi Kasei Corporation’s wholly-owned subsidiary in South Korea, Tongsuh Petrochemical Corp., Ltd. announced that it had begun to use biomass propylene, a biomass-derived raw material, to produce acrylonitrile. The company also announced that it has received the widely recognized international certification, ISSC PLUS for its sustainable acrylonitrile product.

Further, INEOS stated that it has launched its first bio-attributed product line for acrylonitrile that promises to deliver a 90% lower carbon footprint as compared to the conventional production process of the chemical.