The Latin America, Middle East and Africa Acrylonitrile Market would witness market growth of 2.5% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 384.4 Kilo Tonnes, showcasing a growth of 3.2% (2023-2030).
The extensive use of acrylonitrile in the construction industry to manufacture headliners, interior grills, and center consoles, among other products, is one of the main factors driving the growth of the market. The demand for acrylonitrile has increased due to the construction industry's accelerated growth. It is an essential monomer extensively used in producing polyacrylonitrile, acrylonitrile styrene acrylate, and other synthetic rubbers. It has a broad spectrum of applications in the electrical and electronics industries, the most prominent of which is the production of body parts for various electronic devices.
In addition, acrylonitrile is utilized in the automotive industry to produce vital components such as seatbelts, instrument panels, and dashboards. The increased usage of polyacrylonitrile and other plastics in the manufacture of automobiles contributes to weight reduction and improved efficiency. These are the leading drivers of market expansion throughout the anticipated period.
The automotive industry is increasingly focused on reducing vehicle weight to enhance fuel efficiency and reduce emissions in Saudi Arabia. Acrylonitrile-based materials are lightweight yet durable, making them valuable for lightweighting initiatives in vehicle design. Saudi Arabia exports automotive products and components to international markets. Acrylonitrile-based materials play a role in the production of export-oriented automotive products. The automotive sector in Saudi Arabia continues to evolve and expand, and the demand for acrylonitrile-based materials is expected to grow.
According to International Trade Administration, Saudi Arabia has the largest regional automotive industry, and the MENA region is expanding at an estimated 36% rate. 35% of the vehicles sold in the MENA area and more than 52% of all vehicles sold in the GCC in 2020 were produced in Saudi Arabia. In Saudi Arabia, 556,000 and 436,000 vehicles were sold in 2019 and 2020, respectively. Hence, the region’s demand for acrylonitrile will increase in the coming years, propelling the growth of the market.
The Brazil market dominated the LAMEA Acrylonitrile Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $234.4 million by 2030. The Argentina market is showcasing a CAGR of 3.3% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 3.5% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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 extensive use of acrylonitrile in the construction industry to manufacture headliners, interior grills, and center consoles, among other products, is one of the main factors driving the growth of the market. The demand for acrylonitrile has increased due to the construction industry's accelerated growth. It is an essential monomer extensively used in producing polyacrylonitrile, acrylonitrile styrene acrylate, and other synthetic rubbers. It has a broad spectrum of applications in the electrical and electronics industries, the most prominent of which is the production of body parts for various electronic devices.
In addition, acrylonitrile is utilized in the automotive industry to produce vital components such as seatbelts, instrument panels, and dashboards. The increased usage of polyacrylonitrile and other plastics in the manufacture of automobiles contributes to weight reduction and improved efficiency. These are the leading drivers of market expansion throughout the anticipated period.
The automotive industry is increasingly focused on reducing vehicle weight to enhance fuel efficiency and reduce emissions in Saudi Arabia. Acrylonitrile-based materials are lightweight yet durable, making them valuable for lightweighting initiatives in vehicle design. Saudi Arabia exports automotive products and components to international markets. Acrylonitrile-based materials play a role in the production of export-oriented automotive products. The automotive sector in Saudi Arabia continues to evolve and expand, and the demand for acrylonitrile-based materials is expected to grow.
According to International Trade Administration, Saudi Arabia has the largest regional automotive industry, and the MENA region is expanding at an estimated 36% rate. 35% of the vehicles sold in the MENA area and more than 52% of all vehicles sold in the GCC in 2020 were produced in Saudi Arabia. In Saudi Arabia, 556,000 and 436,000 vehicles were sold in 2019 and 2020, respectively. Hence, the region’s demand for acrylonitrile will increase in the coming years, propelling the growth of the market.
The Brazil market dominated the LAMEA Acrylonitrile Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $234.4 million by 2030. The Argentina market is showcasing a CAGR of 3.3% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 3.5% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
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. LAMEA Acrylonitrile Market by Application
Chapter 5. LAMEA 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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