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 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 acrylonitrile 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 acrylonitrile 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 acrylonitrile industry 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.