Acrylonitrile Market to Expand 1.6X; Surging Demand for Automotive Components to Bolster Growth
Soaring demand for acrylic fiber for the manufacturing of plastics and composites will drive the demand for acrylonitrile. Manufacturers are aiming at capacity expansion by forging strategic partnerships with raw material vendors.
Over the forecast period, it is anticipated that the market would gain from improvements noted in material science. Additionally, advancements in extraction methods are also noted to boost growth in the global acrylonitrile market. Also, it is pertinent to note here that significant growth in the automotive industry is also paving way for the market to chart a higher growth trajectory. The reason for the same is that it is used extensively in the industry as a raw material.
Acrylonitrile Butadiene to Account for a Sizeable share of the Global Acrylonitrile Market over the Assessment Period
As per the analysis by Fact.MR, about 33.33% of total market share would be accounted for by the acrylonitrile butadiene styrene. Used in industries, such as construction, and automotive, the product is on an upward facing demand curve. It is significant to note here that construction volumes are set to increase by 85% by 2030, leading the market to a valuation of USD 15.5 trillion.
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Key Takeaways of Acrylonitrile Market Study
• Acrylonitrile butadiene styrene application segment holds the highest market share of more than 1/3rd of the total market value. Increasing investments in construction and automotive is creating demand for acrylonitrile for the manufacturing of products such as non-latex gloves.
• Nitrile rubber accounts for the second largest market share with over 1/4th share of the total market value. Enhanced product properties of nitrile rubber is paving the way for continuous adoption of acrylonitrile as a base raw material.
• East Asia accounts for the largest market share of more than 40% of the total market revenue. Countries such as China and Japan are both major consumers and producers of acrylonitrile.
• South Asia & Oceania offers the most prolific growth opportunities with 20% share of the total market value.
Prominent global acrylonitrile market players include INEOS, China Petrochemical Technology Development Co., Ltd., Asahi Kasei Advance Corporation, Ascend Performance Material, Chemelot, Formosa Plastics, Mitsubishi Chemical Corporation, SECCO, Taekwang Industrial Co., Ltd., and Sumitomo Chemical Co., Ltd.
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