Acrylonitrile Global Market Report 2023

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01 Mar, 2023, 10:30 ET

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NEW YORK, March 1, 2023 /PRNewswire/ -- Major players in the acrylonitrile market are Ineos, Asahi Kasei, Mitsubishi Chemicals, Chemelot, Lukoil, Lenntech B.V., Sumitomo Chemical, Ascend performance Materials, Taekwang Industrial co. ltd., Sumitomo Chemicals, Sinopec Group, Solvay, Secco, Formosa Plastics, and LUC Group.

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The global acrylonitrile market grew from $13.13 billion in 2022 to $13.84 billion in 2023 at a compound annual growth rate (CAGR) of 5.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The acrylonitrile market is expected to grow to $16.61 billion in 2027 at a CAGR of 4.7%.

The acrylonitrile market consists of sales of acrylonitrile that is used in the manufacture of modacrylic fibers in textiles industry.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Acrylonitrile refer to an organic compound with the formula CH?CHCN.Acrylonitrile (CH?=CHCN) is a toxic, colorless, pale-yellow liquid.

Acrylonitrile is primarily used as a raw material in the manufacture of acrylic and modacrylic fibers. Other important applications include plastics (acrylonitrile-butadiene-styrene (ABS) and styrene-acrylonitrile (SAN)), nitrile rubbers, nitrile barrier resins, adiponitrile, and acrylamide.

Asia-Pacific was the largest region in the acrylonitrile market in 2022.North America was the second-largest region in the acrylonitrile market.

The regions covered in the acrylonitrile market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main applications of acrylonitrile are acrylic fiber, adiponitrile, styrene-acrylonitrile, acrylonitrile butadiene styrene, acrylamide, carbon fiber, nitrile rubber, and others.Acrylic fibers are soft and stretchy, resulting in lightweight, lofty yarns.

Acrylic fiber refers to the material made from acrylonitrile that is used as a replacement for wool in clothing and carpets.It is generally referred to as a flexible and adaptable fiber that produces fluffy and light yarns.

These characteristics resemble wool quite closely. The different end-users include automotive, electrical and electronics, construction, packaging, and others.

The growing textile and apparel industries are expected to propel the growth of the acrylonitrile market going forward.The apparel and textile industry is divided into two major segments, textile and fabric production from raw materials and the transformation of these fabrics into clothing and other accessories.

The increasing need for acrylic fibers caused by the expansion of the textile, garment, and other industries drives the demand for acrylonitrile. For instance, in April 2022, according to a report shared by India Brand Equity Foundation (IBEF), an Indian government export promotion agency, handcrafted exports from India reached $ 2.13 billion between April 2021 and September 2021, a 60.34% YoY growth due to increased industry participants' participation in promoting handicraft products in international markets. In addition, by 2030, India's cotton production is expected to reach 7.2 million tons (or 43 million bales of 170 kg each), spurred by rising consumer demand. Therefore, the growth in the textile and apparel industries is driving the growth of the acrylonitrile market.

Product innovations are the key trend gaining popularity in the acrylonitrile market.Major companies operating in the acrylonitrile sector are focused on introducing new products such as these to sustain their position in the market.

For instance, in August 2020, BigRep, a German 3D printing and manufacturing company launched advanced ABS (acrylonitrile butadiene styrene), and ASA (acrylonitrile styrene acrylate) materials.The advanced ABS is a versatile and impact-resistant material offering digital solutions empowering production.

The advanced ABS is also cost-efficient and sustainable that is well-suited for mobility applications and various end-use consumer appliances. In addition, the ABS offers special mechanical properties, high temperature- and warping-resistance.

In December 2021, Oriental Shenghong, a Chinese producer of polyester fiber related products acquired Serbon Petrochemical for 14.36 billion yuan ($2.04 billion). The acquisition enables Oriental Shenghong to build an international fossil chemical company and provided growth opportunities with addition of Serbon's facilities. Serbon Petrochemical is a Chinese provider of acrylonitrile, EVA photovoltaic materials, and other products.

The countries covered in the acrylonitrile market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The acrylonitrile market research report is one of a series of new reports that provides acrylonitrile market statistics, including acrylonitrile industry global market size, regional shares, competitors with an acrylonitrile market share, detailed acrylonitrile market segments, market trends and opportunities, and any further data you may need to thrive in the acrylonitrile industry. This acrylonitrile market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Read the full report: https://www.reportlinker.com/p06424012/?utm_source=PRN

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