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).

What is the key driver of Global Acrylonitrile Market?

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 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: Who are the key vendors in the Global Acrylonitrile Market?

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'

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 News

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 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).

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 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 trend in the 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.

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 News

Acrylonitrile Market Report Snapshots

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FAQs

What is the market size of Acrylonitrile Market?

Who are the key vendors in the Acrylonitrile Market?

What is the key driver of Acrylonitrile Market?

What is the key market trend for Acrylonitrile Market?

Which region accounted for the largest share in Acrylonitrile Market?

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