Industry Background:
The increasing demand for acrylic fibers manufactured from acrylonitrile is expected to drive the market over the forecast period. Acrylonitrile is a clear, colorless liquid produced by the ammoxidation process in which propylene, ammonia, and air are made to react using a catalyst at a high temperature. Acrylonitrile is used in a wide range of chemicals such as acrylonitrile butadiene styrene (ABS), styrene-acrylonitrile resins (SAR), acrylic fibers, acrylamide, nitrile rubber, adiponitrile, and carbon fibers among others. Asia-Pacific is expected to dominate the global market, during the forecast period.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Asahi Kasei Corporation (Japan), Solvay (United States), Koninklijke DSM NV (Netherlands), Ascend Performance Materials (United States), INEOS (United Kingdom), LUKOIL (Russia), Mitsubishi Chemical Corporation (Japan), Taekwang Industrial Co. Ltd (South Korea), Formosa Plastics Corporation (Taiwan) and Sumitomo Chemical Co., Ltd (Japan) |
According to AMA, the market for Acry-lonitrile is expected to register a CAGR of 5.2% during the forecast period to 2028. This growth is primarily driven by The increasing demand for acrylonitrile butadiene styrene (ABS) in the automotive and construction industries and Growing electrical & electronics industry with increased spending on consumer electronics coupled with increased plastic consumption in electronics.
Globally, a noticeable market trend is evident Rising Demand from Acrylonitrile Butadiene Styrene (ABS) Application
The Chemicals sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Asahi Kasei Corporation (Japan), Solvay (United States), Koninklijke DSM NV (Netherlands), Ascend Performance Materials (United States), INEOS (United Kingdom), LUKOIL (Russia), Mitsubishi Chemical Corporation (Japan), Taekwang Industrial Co. Ltd (South Korea), Formosa Plastics Corporation (Taiwan) and Sumitomo Chemical Co., Ltd (Japan), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. Acrylonitrile market companies operating in these industries are focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focusing on maintaining sustainable development. The market is highly competitive with a few players occupying the major share. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launches, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Key Developments in the Market:
In July 2022, INEOS will acquire 50% of Shanghai SECCO Petrochemical Company Limited SECCO. SECCO has a capacity of 4.2 million tonnes of petrochemicals including ethylene, propylene, polyethylene, polypropylene, styrene, polystyrene, acrylonitrile, butadiene, benzene, and toluene.
In October 2019, INEOS announces the launch of a consultation on the potential closure of the Seal Sands Acrylonitrile Plant. The Company intends to consult on any viable alternatives to closure. Its products make a significant contribution to saving life, improving health, and enhancing standards of living for people around the world.
Influencing Trend:
Rising Demand from Acrylonitrile Butadiene Styrene (ABS) Application and The significant increase in the per-capita income of the middle-class population, and the resultant increase in the sales of consumer goods in the region
Market Growth Drivers:
The increasing demand for acrylonitrile butadiene styrene (ABS) in the automotive and construction industries and Growing electrical & electronics industry with increased spending on consumer electronics coupled with increased plastic consumption in electronics
Challenges:
Acrylonitrile faces competition from alternative materials and technologies such as petrochemical-derived acrylonitrile
Restraints:
Competition from low-priced polyester fibers in the textile industry
Opportunities:
Growing applications of acrylonitrile such as pharmaceuticals, agriculture, and wastewater treatment
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Acry-lonitrile Market
- Analysis about New Entrants in Acry-lonitrile Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Acry-lonitrile Study Sheds Light on
The Acry-lonitrile Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Acry-lonitrile industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Acry-lonitrile industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.