The Asia Pacific Acrylonitrile Market would witness market growth of 1.8% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 3,051.5 Kilo Tonnes, showcasing a growth of 1.7% (2019-2022).
The market is anticipated to be driven by the rising demand for acrylonitrile from end-use sectors, including the automotive and construction industries. Acrylonitrile consumption is rising due to the expanding construction sector, which is anticipated to affect industry growth positively. The construction industry uses acrylonitrile to create derivatives, including acrylonitrile butadiene styrene, acrylic fiber, acrylamide, carbon fiber, and nitrile rubber. The product is expected to have considerable demand in the near future due to the polymers produced with it exhibiting various features, including chemical resistance, durability, high strength, and thermal stability.
As it exhibits properties such as thermal and chemical resistance, the product is also gaining popularity in consumer electronics. Changing lifestyles, expanding consumer preferences, and rising per capita income are anticipated to drive the demand for consumer appliances, increasing the demand for acrylonitrile in the consumer appliances sector. Acrylonitrile use is expected to rise along with the automotive sector's expansion. It is frequently employed in the automotive industry due to its low weight and strong strength & durability at low temperatures. Acrylic fibers are in high demand, particularly in the automotive industry, which is expected to grow the market.
Japan has a robust manufacturing sector that produces a broad range of consumer goods, from electronics to food products. Many of these products require protective packaging, including plastic containers, blister packs, and protective casings. Acrylonitrile-based plastics, such as acrylonitrile-butadiene-styrene (ABS) and styrene acrylonitrile (SAN), produce durable and impact-resistant packaging materials for consumer goods. Japan is known for its advanced electronics industry, producing items like smartphones, tablets, and other electronic devices. Acrylonitrile-based plastics are commonly used in packaging electronic components and devices to protect against impact, dust, and moisture. A combination of industrial and consumer needs, sustainability goals, regulatory compliance, and ongoing innovations in packaging materials and designs drives the demand for packaging in the acrylonitrile market in Japan. All these elements will aid in the expansion of the regional acrylonitrile market.
The China market dominated the Asia Pacific Acrylonitrile Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,344 million by 2030. The Japan market is registering a CAGR of 1.5% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 2.1% during (2023 - 2030).
Based on Application, the market is segmented into Acrylonitrile Butadiene Styrene (ABS), Acrylic Fiber, Styrene Acrylonitrile, Adiponitrile, Acrylamide, Carbon Fiber, Nitrile Rubber, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include INEOS Group Holdings S.A., Sumitomo Chemical Co., Ltd., China Petrochemical Development Corporation (Core Pacific Group), Asahi Kasei Advance Corporation (Asahi Kasei Corporation), Mitsubishi Chemical Holdings Corporation, Ascend Performance Materials LLC (SK Capital and Partners), AnQore, Formosa Plastics Group, and TAEKWANG Industrial Co., ltd.
The market is anticipated to be driven by the rising demand for acrylonitrile from end-use sectors, including the automotive and construction industries. Acrylonitrile consumption is rising due to the expanding construction sector, which is anticipated to affect industry growth positively. The construction industry uses acrylonitrile to create derivatives, including acrylonitrile butadiene styrene, acrylic fiber, acrylamide, carbon fiber, and nitrile rubber. The product is expected to have considerable demand in the near future due to the polymers produced with it exhibiting various features, including chemical resistance, durability, high strength, and thermal stability.
As it exhibits properties such as thermal and chemical resistance, the product is also gaining popularity in consumer electronics. Changing lifestyles, expanding consumer preferences, and rising per capita income are anticipated to drive the demand for consumer appliances, increasing the demand for acrylonitrile in the consumer appliances sector. Acrylonitrile use is expected to rise along with the automotive sector's expansion. It is frequently employed in the automotive industry due to its low weight and strong strength & durability at low temperatures. Acrylic fibers are in high demand, particularly in the automotive industry, which is expected to grow the market.
Japan has a robust manufacturing sector that produces a broad range of consumer goods, from electronics to food products. Many of these products require protective packaging, including plastic containers, blister packs, and protective casings. Acrylonitrile-based plastics, such as acrylonitrile-butadiene-styrene (ABS) and styrene acrylonitrile (SAN), produce durable and impact-resistant packaging materials for consumer goods. Japan is known for its advanced electronics industry, producing items like smartphones, tablets, and other electronic devices. Acrylonitrile-based plastics are commonly used in packaging electronic components and devices to protect against impact, dust, and moisture. A combination of industrial and consumer needs, sustainability goals, regulatory compliance, and ongoing innovations in packaging materials and designs drives the demand for packaging in the acrylonitrile market in Japan. All these elements will aid in the expansion of the regional acrylonitrile market.
The China market dominated the Asia Pacific Acrylonitrile Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,344 million by 2030. The Japan market is registering a CAGR of 1.5% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 2.1% during (2023 - 2030).
Based on Application, the market is segmented into Acrylonitrile Butadiene Styrene (ABS), Acrylic Fiber, Styrene Acrylonitrile, Adiponitrile, Acrylamide, Carbon Fiber, Nitrile Rubber, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include INEOS Group Holdings S.A., Sumitomo Chemical Co., Ltd., China Petrochemical Development Corporation (Core Pacific Group), Asahi Kasei Advance Corporation (Asahi Kasei Corporation), Mitsubishi Chemical Holdings Corporation, Ascend Performance Materials LLC (SK Capital and Partners), AnQore, Formosa Plastics Group, and TAEKWANG Industrial Co., ltd.
Scope of the Study
Market Segments Covered in the Report:
By Application (Volume, Kilo Tonnes, USD Million, 2019-2030)- Acrylonitrile Butadiene Styrene (ABS)
- Acrylic Fiber
- Styrene Acrylonitrile
- Adiponitrile
- Acrylamide
- Carbon Fiber
- Nitrile Rubber
- Others
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- INEOS Group Holdings S.A.
- Sumitomo Chemical Co., Ltd.
- China Petrochemical Development Corporation (Core Pacific Group)
- Asahi Kasei Advance Corporation (Asahi Kasei Corporation)
- Mitsubishi Chemical Holdings Corporation
- Ascend Performance Materials LLC (SK Capital and Partners)
- AnQore
- Formosa Plastics Group
- TAEKWANG Industrial Co., ltd.
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Asia Pacific Acrylonitrile Market by Application
Chapter 5. Asia Pacific Acrylonitrile Market by Country
Chapter 6. Company Profiles
Companies Mentioned
- INEOS Group Holdings S.A.
- Sumitomo Chemical Co., Ltd.
- China Petrochemical Development Corporation (Core Pacific Group)
- Asahi Kasei Advance Corporation (Asahi Kasei Corporation)
- Mitsubishi Chemical Holdings Corporation
- Ascend Performance Materials LLC (SK Capital and Partners)
- AnQore
- Formosa Plastics Group
- TAEKWANG Industrial Co., ltd.
Methodology
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