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Acrylonitrile Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

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  • 130 Pages
  • April 2023
  • Region: Global
  • Mordor Intelligence
  • ID: 5764029
The global acrylonitrile market is projected to register a CAGR of over 4.5% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. However, the market recovered significantly in the 2021-22 period with the increase in industrial activities that propelled higher consumption of acrylonitrile in various applications such as acrylic fiber and acrylonitrile butadiene styrene production.

Key Highlights

  • Over the medium term, the increasing demand for acrylonitrile butadiene styrene (ABS) in the automotive and construction industries and increasing applications in electronics and consumer appliances are driving the market's growth.
  • On the flip side, competition from low-priced polyester fibers in the textile industry is expected to significantly hinder the growth of the market studied.
  • Nevertheless, budding wastewater treatment applications is likely provide new growth opportunities for the market.
  • Asia-Pacific is expected to dominate the global market and accounts for the largest share during the forecast period.

Acrylonitrile Market Trends

Rising Demand from Acrylonitrile Butadiene Styrene (ABS) Application

  • Acrylonitrile butadiene styrene (ABS) is a thermoplastic that provides a diverse combination of properties, like resistance to chemicals, heat, and impact.
  • The consumption of ABS resins is increasing in the consumer appliances segment. ABS finds application in various end-user industries such as oil and gas, food handling and equipment, oil and gas, aircraft, defense, and aerospace.
  • Due to Acrylonitrile butadiene styrene's superior properties, such as strength and durability at low temperatures, it is widely used in the automotive and electronics industries. Due to its superior properties, such as lightweight, strength, and durability at low temperatures, it is widely used in the automotive and electronics industries.
  • Additionally, growing developments in 3D printing around the world are also projected to increase the scope of application for ABS in the near future.
  • According to the IEA 2021 Outlook, worldwide electric car sales doubled in 2021 and reached 6.6 million. The sales increased strongly in 2022, with 2 million electric cars sold across the globe in the first quarter of 2022.
  • According to Ministry of Electronics and Information Technology, India committed to reach USD 300 billion worth of electronics manufacturing and exports by 2025-26. The country has seen a gwowth of over 2.3 times in domestic electronics production in 6 years; from USD 29 billionn in FY15 to USD 67 billion in FY21.
  • All the aforementioned factors are expected to show an impact on the demand for acrylonitrile during the forecast period.

Asia-Pacific Region to Dominate the Market

  • Asia-Pacific dominated the worldwide market with a significant market share. The Asia-Pacific market is expected to witness faster growth in comparison to other countries, owing to the significant increase in the per-capita income of the middle-class population and the resultant increase in the sales of consumer goods in the region.
  • The appliance market in China is likely to continue to grow as the middle-class population grows since this group purchases more consumer-durable electronic goods that use ABS resins. According to statistics from According to All View Cloud (AVC), China’s kitchen electrical appliances market was valued at RMB152.8 billion (~USD 21.86 billion) in 2021.
  • China is the global leader in the electric car market. The Chinese government is providing strong financial and non-financial incentives to boost electric car sales. The statistics from the China Passenger Car Association show that total passenger EV sales in China in 2021 jumped 169.1% from a year ago to nearly 2.99 million: about half of all EVs sold globally.
  • According to Government of India, 1.32% of all vehicle sales in FY21-22 were electric. In April 2022, the electric car sales was 2,161 which grew in May to 2,855 and has shown continuous upward trends reaching 3,419 in September 2022.
  • Japan pledged to become net-zero by 2050 and slash emissions by 46% by 2030. The government recognises the shift to EVs as being a way of supporting the country’s decarbonisation efforts. The government plans to make EVs more affordable for consumers. The subsidies in Japan are reaching a maximum of 800,000 yen (USD 7,000).
  • The above-mentioned factors are expected to further drive the demand in the acrylonitrile market over the forecast period.

Acrylonitrile Market Competitor Analysis

The acrylonitrile market is a consolidated market, with the top five players accounting majority of the global market. Some of the major players in the market studied include INEOS, China Petroleum & Chemical Corporation, Asahi Kasei Corporation, Ascend Performance Materials, and AnQore, among others.

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Table of Contents

1.1 Study Assumptions
1.2 Scope of the Study



4.1 Drivers
4.1.1 Increasing Demand for Acrylonitrile Butadiene Styrene (ABS) in the Automotive and Construction Industries
4.1.2 Increasing Applications in Electronics and Consumer Appliances
4.2 Restraints
4.2.1 Competition from Low-priced Polyester Fibers in the Textile Industry
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Technological Snapshot
4.6 Feedstock Analysis
4.7 Trade Analysis
4.8 Price Trends
4.9 Production Analysis (Capacity of Major Producers)
4.10 Regulatory Policy Analysis

5 MARKET SEGMENTATION (Market Size in Volume)
5.1 Application
5.1.1 Acrylic Fiber
5.1.2 Acrylonitrile Butadiene Styrene (ABS) / Styrene-Acrylonitrile Resin (SAN)
5.1.3 Acrylamide
5.1.4 Nitrile Butadiene Rubber (NBR)
5.1.5 Other Applications
5.2 Geography
5.2.1 Asia-Pacific China India Japan South Korea Rest of Asia-Pacific
5.2.2 North America United States Canada Mexico
5.2.3 Europe Germany United Kingdom Italy France Russia Rest of Europe
5.2.4 South America Brazil Argentina Rest of South America
5.2.5 Middle-East and Africa Saudi Arabia South Africa Rest of Middle-East and Africa

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AnQore
6.4.2 Asahi Kasei Advance Corporation
6.4.3 Ascend Performance Materials
6.4.4 China Petrochemical Development Corporation
6.4.5 China Petroleum & Chemical Corporation
6.4.6 Cornerstone Chemical Company
6.4.7 INEOS
6.4.8 LUKOIL
6.4.9 Mitsubishi Chemical Corporation
6.4.10 Petkim Petrokimya Holding AŞ
6.4.11 Polymir
6.4.12 Reliance Industries Limited
6.4.13 Sumitomo Chemical Co. Ltd
6.4.14 Taekwang Industrial Co. Ltd

7.1 Budding Wastewater Treatment Applications

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • AnQore
  • Asahi Kasei Advance Corporation
  • Ascend Performance Materials
  • China Petrochemical Development Corporation
  • China Petroleum & Chemical Corporation
  • Cornerstone Chemical Company
  • Mitsubishi Chemical Corporation
  • Petkim Petrokimya Holding AŞ
  • Polymir
  • Reliance Industries Limited
  • Sumitomo Chemical Co. Ltd
  • Taekwang Industrial Co. Ltd