Vancouver, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The global acrylonitrile market size was USD 12.72 Billion in 2022 and is expected to register a rapid revenue CAGR of 3.7% during the forecast period. Key drivers for this growth include escalating demand from the automobile, construction, and textile industries, coupled with the expanding usage of acrylonitrile in polymer production.
Acrylonitrile, a versatile organic compound categorized into basic, modified, and derivative types, plays a pivotal role in high-tech industries such as electrical and electronics, appliances, consumer goods, construction, and automotive. Its application extends to specialized areas like the production of synthetic rubber and engine fuel additives.
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One notable achievement is Tongsuh Petrochemical Corporation's (TSPC) recognition, obtaining the prestigious ISCC PLUS1 certification for sustainable acrylonitrile production from biomass on October 21, 2021. This highlights the industry's commitment to eco-friendly practices.
However, challenges such as competition from alternative materials and acrylonitrile's toxicity pose potential constraints to market growth. Exposure to acrylonitrile can lead to respiratory issues and skin irritation, necessitating rigorous refining standards and quality control measures, adding to operational expenses. The market faces the uphill task of countering these challenges to maintain competitiveness.
Manufacturing Process Insights: Propylene Ammoxidation Dominates
In terms of manufacturing processes, propylene ammoxidation emerged as the leader in 2022, claiming the largest revenue share. The segment's growth is attributed to the increasing demand for acrylonitrile in Light Emitting Diode (LED) bulbs and electronic displays. Acrylonitrile's unique properties, including effective heat dissipation and corrosion resistance, make it a preferred choice in LED technology, fostering its adoption.
Application Insights: ABS Segment Drives Moderately Fast Growth
The Acrylonitrile Butadiene Styrene (ABS) segment is projected to experience moderately fast revenue growth in the global acrylonitrile market. This can be attributed to the rising adoption of ABS in automotive parts and packaging. ABS, known for generating durable and tough materials, is favored in automotive applications due to its heat and chemical resistance.
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End-use Insights: Consumer Goods Take Center Stage
The consumer goods segment is poised to capture a significant revenue share in the global acrylonitrile market. This surge is driven by the escalating demand for consumer appliances like televisions and refrigerators. Acrylonitrile's chemical resistance, high tensile strength, and durability make it an ideal material for manufacturing lightweight yet robust components, contributing to improved product designs and longevity.
Regional Insights: Asia Pacific Leads, North America Shows Fast Growth
The Asia Pacific region secured the largest revenue share in 2022, with China, Japan, South Korea, and India driving the demand for consumer appliances. The North America market is anticipated to witness the fastest revenue growth, fueled by the increasing demand for plastic-based products and packaging, especially in the U.S. and Canada. Meanwhile, the Europe market is expected to hold a considerable revenue share, driven by the rising demand for carbon fibers in countries like the UK, Germany, and France, particularly in the booming automobile industry.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 12.72 Billion |
| CAGR (2023-2032) | 3.7% |
| Revenue Forecast To 2032 | USD 18.18 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Manufacturing process, application, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Crafted Plastics Inc., Asahi Kasei Corporation, Solvay, Preffered Plastics Inc., AnQore, SABIC, RTP Company, DSM, Plastic Extrusion Technologies, INEOS, United Plastic Components Inc., LUKOIL, LG Chem, Ascend Performance Materials, LUC Group, Versalis S.p.A, Taekwang Industrial Co. Ltd, Lenntech BV, Mitsubishi Chemical Corporation, and Formosa Plastics Corporation |
| Customization Scope |
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Major Companies and Competitive Landscape
The global acrylonitrile market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective acrylonitrile. Some of the major companies included in the global acrylonitrile market report are:
- Crafted Plastics Inc.
- Asahi Kasei Corporation
- Solvay
- Preffered Plastics Inc.
- AnQore
- SABIC
- RTP Company
- DSM
- Plastic Extrusion Technologies
- INEOS
- United Plastic Components Inc.
- LUKOIL
- LG Chem
- Ascend Performance Materials
- LUC Group
- Versalis S.p.A
- Taekwang Industrial Co., Ltd.
- Lenntech BV
- Mitsubishi Chemical Corporation
- Formosa Plastics Corporation
Strategic Development
- On 8 June, 2023, INEOS Nitriles introduced its inaugural line of eco-friendly products for acrylonitrile marketed under the brand name Invireo. This breakthrough offering signifies a significant advancement in the global acrylonitrile market, offering a more environmentally sustainable and climate-conscious alternative to current options. Produced at the INEOS Nitriles facility in Cologne, Germany, Invireo is crafted from bio-based propylene, enabling it to supplant traditional fossil fuel-derived sources.
- On 12 January, 2022, Solvay and Trillium Renewable Chemicals announced to establish a bio-based acrylonitrile (bio-ACN) supply chain. Trillium will furnish Solvay with bio-ACN sourced from its forthcoming commercial ventures, and Solvay will assess the use of bio-ACN in the production of carbon fiber, aligning with its enduring commitment to creating sustainable solutions derived from biological or recycled origins. The cooperative endeavor aims to manufacture carbon fiber suitable for diverse applications, including aerospace, automotive, energy, and consumer goods.
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global acrylonitrile market on the basis of manufacturing process, application, end-use, and region:
- Manufacturing Process Outlook (Revenue, USD Billion; 2019-2032)
- Propylene Ammoxidation
- Propane Ammoxidation
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Acrylonitrile butadiene styrene
- Carbon fibers
- Acrylic fibers
- Acrylamide
- End-use Outlook (Revenue, USD Billion; 2019-2032)
- Electrical and Electronics
- Appliances
- Consumer Goods
- Construction
- Automotive
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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Acrylic Resins Market By Type (Thermoplastic, Thermosetting), By Form (Solvent Based, Water Based), By Chemistry (Methacrylate, Acrylate, Hybrid), By Application (Adhesives & Sealants, Paints & Coatings, DIY coatings, Elastomers, Others), By End-Use, and By Region Forecast to 2028
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