The Acrylonitrile Market Size was valued at USD 11.19 Billion in 2022. The Acrylonitrile industry is projected to grow from USD 11.45 Billion in 2023 to USD 13.33 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 1.3% during the forecast period (2023 - 2030). The increasing demand for acrylonitrile from end-use industries, such as automotive and construction, is expected to drive the industry. Due to the growing construction industry, the consumption of acrylonitrile is increasing, which is projected to positively influence industry growth. Acrylonitrile is used in producing derivatives, such as acrylonitrile butadiene styrene, acrylic fiber, acrylamide, carbon fiber, and nitrile rubber, which are being utilized in the construction industry. As the plastics made using the product show many properties, such as chemical resistance, durability, high strength, and thermal stability, acrylonitrile is estimated to witness high demand shortly.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
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.
Additionally, the demand for acrylonitrile is increasing due to the increasing use of acrylic fibers. Moreover, growing textile and garment industries in the Asia Pacific, because of rapid urbanization, will also support industry development. Acrylic fibers have a strong resistance to microbiological attack, UV deterioration, and laundry bleach. These fibers are excellent choices for clothes as they are lightweight. It is the main raw material used for manufacturing acrylic fibers. Due to the lightweight and high performance of acrylic fiber, it is used in the textile & garment industry. However, the demand may reduce due to the introduction of new, inexpensive polyester fibers. It is also anticipated that the preference for bio-based polymers, particularly in developed economies, will hamper the acrylic fibers demand.
The Acrylonitrile market segmentation, based on Application, includes ABS, Carbon Fiber, Acrylic Fibers, and Acrylamide. The acrylonitrile butadiene styrene dominated the industry in 2021 and accounted for the highest share of more than 28.60% of the overall revenue. This is due to the product’s increasing use in automotive, electronics, consumer goods, and the construction industry as it is easy to install and lightweight. In addition, the product has strong mechanical strength and is corrosion-resistant & more durable than PVC. The carbon fiber segment is expected to register the fastest growth rate over the forecast period as it is strong, light, and extremely stiff, which makes it useful in building materials.
Carbon fiber is widely used in the aerospace & defense, automotive, alternative energy, and construction industries. The market for carbon fiber is likely to grow at a faster pace in Asian countries on account of the high spending on-aerospace technology, especially in countries, such as China and India. However, high prices of carbon fiber are anticipated to significantly restrict its demand in the coming years. Nitrile rubber, a synthetic rubber, is obtained from the copolymerization of butadiene and acrylonitrile. It is used as a synthetic rubber due to its resistance to oil and solvents.
Figure 2: Acrylonitrile Market, by Application, 2023 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific region dominated the industry with the highest revenue share of more than 55.70% in 2021. This is attributed to the increasing demand for building materials on account of the growing construction sector. Furthermore, rising demand from the textile and home furnishing industries is expected to positively influence the segment. The developing countries of Asia Pacific, such as India and China, are focusing on the construction of commercial and new residential buildings, and this trend is expected to increase in the future. Factors, such as the high demand for efficient building materials and advances in civil construction, also drive the regional market.
Figure 3: ACRYLONITRILE MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The leading players have a strong presence in the Asia Pacific region and continue to invest in organic growth through joint ventures and licensing agreements. The shifting of end-use industries, such as automotive, marine, and furniture, to cost-competitive countries, is driving the ABS segment in these countries. North America is expected to witness significant growth owing to the strong presence of key companies, such as Ascend Performance Material in the U.S. The prime focus of the aforementioned companies on new product developments in automobile products and construction products is expected to promote industry growth over the forecast period.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Acrylonitrile market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Acrylonitrile industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Acrylonitrile. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Acrylonitrile industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Acrylonitrile industry to benefit customers and expand the market sector. The Acrylonitrile market has recently given medicine some of the most important advantages. Major Acrylonitrile market players, including Asahi Kasei Corporation (Japan), Solvay (US), AnQore, Koninklijke DSM NV (Netherlands), Ascend Performance Materials (US), and others, are attempting to increase market demand by funding R&D initiatives.
Asahi Kasei is a chemical company focused on materials, homes, and healthcare sectors. In the materials area, it provides chemical intermediates, polymers, fibers and membranes, alkaline water electrolysis systems cleaners, optical and printing materials, electronic devices and components, household products, etc. In the healthcare segment, the company develops pharmaceuticals and diagnostic reagents.
Also, Solvay is an advanced materials and specialty chemicals company. It operates through three segments: Materials, Chemicals, and Solutions. The Materials segment provides specialty polymers and composite materials. The Chemicals segment offers amines, antioxidants and stabilizers, composites, mining chemicals, polymers, surfactants, etc.
February 2024: Mitsubishi Chemical Group discontinued manufacturing of MMA monomer by ACH method and production of Acrylonitrile and its derivatives at Mitsubishi Chemical Hiroshima Plant (Otake City, Hiroshima Prefecture).
November 2023: China Petrochemical Development Corp in Taiwan restarts operations on two acrylonitrile production lines located in Kaohsiung, Taiwan.
INEOS Nitriles introduced its first bio-attributed product line for Acrylonitrile called InvireoTM in June 2023. The new product, which will be produced at INEOS Nitriles state-of-the-art facility based out of Cologne, Germany, offers several environmental advantages, e.g., the use of bio-attributed propylene enables the replacement with conventional fossil fuel resources that leads to a decrease in greenhouse gas emissions; incorporate renewable feedstock; help save natural resource bases through decreased greenhouse gas emissions among others.
In February 2023, Sumitomo Chemical received its first ISCC PLUS certification for acrylonitrile production at its Ehime Works in Niihama, Ehime, Japan. This prestigious award was given under International Sustainability and carbon Certification (ISCC) as a proof that this product is sustainable.
June 2023: INEOS Nitriles released their initial range of bio-attributed products in the market, including those made from acrylonitrile under the brand name InvireoTM offering a much greener alternative compared to existing acrylonitrile.
February 2023: Sumitomo Chemical Co., Ltd. received its first ISCC PLUS certificate for producing acrylonitrile at the Ehime Works in Japan under the International Sustainability and Carbon Certification (ISCC) certification system.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD Â 11.19 Billion |
| Market Size 2023 | USD 11.45 Billion |
| Market Size 2030 | USD 13.33 Billion |
| Compound Annual Growth Rate (CAGR) | 1.3% (2023-2030) |
| Base Year | 2023 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Asahi Kasei Corporation (Japan), Solvay (US), AnQore, Koninklijke DSM NV (Netherlands), Ascend Performance Materials (US), INEOS (UK), LUKOIL (Russia), Mitsubishi Chemical Corporation (Japan), Taekwang Industrial Co. Ltd (South Korea), Formosa Plastics Corporation (Taiwan), Sumitomo Chemical Co., Ltd (Japan), Lenntech BV (Netherlands), and Repsol (Spain) |
| Key Market Opportunities | Â In the post-COVID-19 world, many manufacturers of this base chemical are seeing that this is a market where they can make lots of money in. |
| Key Market Dynamics | High demand in the automobile and construction industries. |
Acrylonitrile Market Highlights:
Frequently Asked Questions (FAQ) :
The Acrylonitrile market size was valued at USD 11.19 Billion in 2022.
The Acrylonitrile market is projected to grow at a CAGR of 1.3% during the forecast period, 2023-2030.
Asia Pacific had the largest share of the Acrylonitrile market.
The key players in the Acrylonitrile market are Asahi Kasei Corporation (Japan), Solvay (US), AnQore, Koninklijke DSM NV (Netherlands), Ascend Performance Materials (US), INEOS (UK), LUKOIL (Russia), Mitsubishi Chemical Corporation (Japan), Taekwang Industrial Co. Ltd (South Korea), Formosa Plastics Corporation (Taiwan), Sumitomo Chemical Co., Ltd (Japan), Lenntech BV (Netherlands), and Repsol (Spain)
The French/indirect categories dominated the Acrylonitrile market in 2023.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
