USD 13.31 billion
Acrylonitrile Market Size, Share, Growth Analysis, By Production process(Propylene ammoxidation, propane ammoxidation, and others), By Application(Acrylic fibers, ABS (acrylonitrile-butadiene-styrene) resins, adiponitrile, and others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15E2103 |
Region:
Global |
Published Date: April, 2024
Pages:
184
|Tables:
64
|Figures:
75
Acrylonitrile Market Insights
Acrylonitrile Market size was valued at USD 13.31 billion in 2022 and is poised to grow from USD 13.86 billion in 2023 to USD 19.11 billion by 2031, growing at a CAGR of 4.10% during the forecast period (2024-2031).
Acrylonitrile is a colorless liquid used in the production of various materials such as synthetic fibers, plastics, resins, and elastomers. It is a vital component in the manufacturing of acrylic fibers, which are widely used in clothing and home textiles. The global market is driven by the growing demand for these materials across various industries, including textiles, automotive, and construction. The growing demand for acrylic fibers, which are widely used in clothing, home textiles, and industrial applications, is the major driver of the market. Additionally, the increasing demand for plastics and resins, which are used in various applications such as packaging, automotive parts, and construction materials, is also fueling the market growth. Asia-Pacific is the largest market for acrylonitrile, with China being the leading producer and consumer of the material. The region is expected to continue its dominance during the forecast period, driven by the growing textile and automotive industries. However, the market growth may be restrained by factors such as environmental concerns related to the production of acrylonitrile and the fluctuating prices of raw materials such as propylene and ammonia.
US Acrylonitrile Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Propylene ammoxidation
Fastest Growth
Propylene ammoxidation
Growth Rate
4.10% CAGR
Global Acrylonitrile Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
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Acrylonitrile Market Segmental Analysis
Global Acrylonitrile Market is segmented on the basis of production process, application, and region. By production process, the market is segmented into propylene ammoxidation, propane ammoxidation, and others. By application, market is segmented into acrylic fibers, ABS (acrylonitrile-butadiene-styrene) resins, adiponitrile, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Production Process
The largest segment in the production process segment of the global acrylonitrile market is propylene ammoxidation. This process is the most widely used method for acrylonitrile production, accounting for over 90% of the total market share. The propylene ammoxidation process involves the reaction of propylene, ammonia, and air over a catalyst to produce acrylonitrile. The process is highly efficient and cost-effective, making it the preferred method for most manufacturers.
The fastest-growing segment in the production process segment is the propane ammoxidation process. This method involves the reaction of propane, ammonia, and air over a catalyst to produce acrylonitrile. The propane ammoxidation process is a newer technology and offers several advantages over the propylene ammoxidation process. It produces fewer CO2 emissions, uses less energy, and has a higher yield of acrylonitrile. As a result, the propane ammoxidation process is gaining popularity among manufacturers who are looking to reduce their carbon footprint and improve their environmental performance.
Analysis by Application
The largest segment in the application segment of the global acrylonitrile market is acrylic fibers. Acrylic fibers are synthetic fibers that are made from acrylonitrile. They are widely used in the textile industry due to their properties such as high strength, durability, and resistance to fading and mildew. Acrylic fibers are used to make a wide range of products such as blankets, carpets, upholstery, and clothing.
The ABS (acrylonitrile-butadiene-styrene) resins segment is the second-largest application segment in the global acrylonitrile market. ABS resins are thermoplastic polymers that are widely used in the automotive industry for the production of various components such as dashboard panels, bumper covers, and door panels. ABS resins are also used in the manufacture of electronic housings, toys, and household appliances.
The fastest-growing segment in the application segment is adiponitrile. Adiponitrile is a chemical intermediate that is used in the production of nylon 6,6, which is a type of synthetic polymer used in the textile and automotive industries. Adiponitrile is also used in the production of hexamethylenediamine, which is another important intermediate used in the production of nylon 6,6.
Global Acrylonitrile Market Size By Production Process 2022(%)
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Acrylonitrile Market Regional Insights
The Asia-Pacific region is the fastest-growing region in the global acrylonitrile market. The region dominated the market in terms of both production and consumption and is expected to maintain its dominance during the forecast period. The growing demand for acrylonitrile from various end-use industries, such as textiles, automotive, and electronics, coupled with the presence of major producers in the region, particularly in China and Japan, contributed to the region's rapid growth. Additionally, the increasing investment in research and development activities and the development of advanced technologies and manufacturing capabilities in the region were expected to further drive the growth of the acrylonitrile market in the Asia-Pacific region.
The North America region is a significant market for acrylonitrile, which is used in various industries such as automotive, construction, electronics, and textiles. The demand for Acrylonitrile in North America is primarily driven by the growing demand for acrylonitrile-butadiene-styrene (ABS) resins in the automotive industry. Acrylonitrile is also used in the production of carbon fiber, which is widely used in the aerospace industry. The largest application of acrylonitrile in North America is in the production of synthetic fibers and resins. It is also used in the production of plastics, rubber, and elastomers. The majority of the acrylonitrile produced in North America is done through the Sohio process, which is a catalytic process. The process uses propylene, ammonia, and air to produce acrylonitrile. The North America region has stringent environmental regulations, which have led to the adoption of green technologies and sustainable practices in the production of acrylonitrile. Companies are investing in new technologies to reduce their carbon footprint and improve their environmental performance.
Global Acrylonitrile Market Size By Geography, 2022-2030
- Largest
- Fastest
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Acrylonitrile Market Dynamics
Drivers
Increasing demand from the textile industry
- Acrylonitrile is a key ingredient in the production of acrylic fibers, which are widely used in textiles, clothing, and other consumer goods. The growing global population and increasing disposable income levels are driving demand for textiles, particularly in emerging economies. This is expected to fuel the demand for acrylonitrile in the coming years.
Restraints
Fluctuating raw material prices
- The production of acrylonitrile requires propylene and ammonia as raw materials, and their prices can be volatile due to various factors such as supply-demand imbalances, geopolitical issues, and natural disasters. These price fluctuations can affect the profit margins of manufacturers and lead to higher prices for consumers, which may impact the demand for acrylonitrile.
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Acrylonitrile Market Competitive Landscape
Global Acrylonitrile Market was highly competitive, with several major players vying for market share. Some of the key players in the market were engaged in various strategies such as mergers and acquisitions, partnerships, and collaborations to strengthen their market position and expand their product portfolio. Additionally, some companies were investing in the development of sustainable, bio-based acrylonitrile to cater to the growing demand for environmentally-friendly products.
Top Player’s Company Profiles
- INEOS
- Asahi Kasei Corporation
- Formosa Plastics Corporation
- Dow Chemical Company
- Ascend Performance Materials
- AnQore BV
- Mitsubishi Chemical Corporation
- Sinopec Qilu Petrochemical Corporation
- Taekwang Industrial Co., Ltd.
- Sumitomo Chemical Co., Ltd.
- Shanghai Secco Petrochemical Company Limited
- Reliance Industries Limited
- Lukoil
- China National Petroleum Corporation (CNPC)
- Repsol
- Esenttia
- Shanghai Huayi Acrylic Acid Co., Ltd
- Jilin Petrochemical Company Limited
- DSM
- PJSC "Nizhnekamskneftekhim"
Recent Developments
- In February 2022, Asahi Kasei made an announcement about their expansion into acrylonitrile production using raw materials derived from biomass. Through their wholly-owned subsidiary in South Korea, Tongsuh Petrochemical Corp., Ltd. (TSPC), the company obtained the ISCC PLUS1 certification for their acrylonitrile as a sustainable product. As scheduled, the production of acrylonitrile using biomass propylene began in February 2022.
- In July 2022, INEOS purchased a 50% stake in SECCO Petrochemical Co. Ltd., a subsidiary of Sinopec. SECCO Petrochemical produces a range of derivatives such as olefins, polymers, ethylene, propylene, and acrylonitrile, amounting to 4.2 million tonnes annually. The Shanghai Chemical Industry Park accommodates the 200-hectare complex.
- In October 2021, INEOS Nitriles announced the completion of its €190 million ($230 million) capacity expansion project at its Green Lake plant in Texas, which increased production capacity by 50%.
Acrylonitrile Key Market Trends
- One of key trend in the global acrylonitrile market is the increasing focus on sustainability and the development of bio-based acrylonitrile. Traditional acrylonitrile production methods are highly energy-intensive and rely on fossil fuels. As concerns over climate change and resource depletion grow, there is a growing interest in developing alternative, more sustainable production methods. Bio-based acrylonitrile can be produced from renewable sources such as biomass, which reduces the reliance on fossil fuels and lowers greenhouse gas emissions. Additionally, bio-based acrylonitrile can potentially have a lower environmental impact than traditional methods, as it can be produced using fewer toxic chemicals. Several companies and organizations are currently investing in the development of bio-based acrylonitrile, and there is expected to be significant growth in this area in the coming years. This trend reflects a broader shift towards more sustainable and environmentally-friendly practices across the chemical industry as a whole.
Acrylonitrile Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global acrylonitrile market analysis, the market has been experiencing steady growth over the years, driven by various factors such as the growing demand for acrylic fibers, ABS resins, and adiponitrile, as well as the increasing demand from end-use industries such as automotive, construction, electronics, and textiles. In terms of the production process, the propylene ammoxidation process remains the dominant method of acrylonitrile production, accounting for over 90% of the total market share. The application segment of the global acrylonitrile market is dominated by acrylic fibers, which account for more than half of the total market share. The adiponitrile segment is the fastest-growing application segment, driven by the increasing demand for nylon 6,6 in the textile and automotive industries. Region-wise, the Asia-Pacific region is the largest market for acrylonitrile, driven by the growing demand from emerging economies such as China and India. Overall, the global market is expected to continue growing in the coming years, driven by factors such as the increasing demand from end-use industries, the development of new production technologies, and the growing focus on sustainability and environmental performance.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 13.31 billion |
| Market size value in 2031 | USD 19.11 billion |
| Growth Rate | 4.10% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Acrylonitrile Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Acrylonitrile Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Acrylonitrile Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Acrylonitrile Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Acrylonitrile Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Acrylonitrile Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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