What is the global market size of Acrylonitrile Market?

Acrylonitrile Market size was valued at USD 12.79 billion in 2021 and is poised to grow from USD 13.31 billion in 2022 to USD 18.36 billion by 2030, growing at a CAGR of 4.1% in the forecast period (2023-2030).

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

Q: What is the key market trend for Global Acrylonitrile Market?

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.

Report ID: SQMIG15E2103 | Region: Global | Published Date: April, 2024
Pages: 184 | Tables: 64 | Figures: 75

Acrylonitrile Market Dynamics

Acrylonitrile Market 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.

Acrylonitrile Market 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.

Acrylonitrile Market Report Snapshots

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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).

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. '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"'

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.

One of key acrylonitrile market trend 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 acrylonitrile market trend reflects a broader shift towards more sustainable and environmentally-friendly practices across the chemical industry as a whole.

The Asia-Pacific region is the fastest-growing region in the 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.

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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

Acrylonitrile Market Dynamics

Acrylonitrile Market Report Snapshots

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