According to the recent study the acrylonitrile market is projected to reach an estimated $14.4 billion by 2027 from $10.3 billion in 2021, at a CAGR of 5.8% from 2021 to 2027. Growth in this market is primarily driven by increasing use of acrylonitrile in various parts of automotive and construction industry for its chemical and thermal properties, and the use of acrylonitrile in manufacturing acrylic fiber and acrylonitrile butadiene styrene.
Browse 120 figures / charts and 96 tables in this 197 -page report to understand trends, opportunities and forecast in acrylonitrile market by end use (automotive, electrical and electronics, packaging, construction, and others), application (acrylic fiber, adiponitrile, styrene acrylonitrile, acrylonitrile butadiene styrene, acrylamide, nitrile butadiene rubber, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Automotive market is expected to remain the largest segment during the forecast period.”
Based on end use, the acrylonitrile market is segmented into automotive, electrical and electronics, packaging, construction, and others. Lucintel forecasts that the automotive market is expected to remain the largest segment due to increasing use of acrylonitrile butadiene styrene in manufacturing automotive parts such as instrument panels, pillar trim, dashboard components, door liners and handles, seat backs, seat belt components, etc. to reduce the weight of automotive parts.
“Within the acrylonitrile market, the acrylonitrile butadiene styrene segment is expected to remain the largest application”
Based on application the acrylonitrile butadiene styrene segment is expected to witness the highest growth over the forecast period due to its increasing use in automotive industry like; panels for cars, helping to make them lighter, and improving fuel efficiency. Acrylamide is expected to witness highest growth over the forecast period.
“Asia pacific will dominate the acrylonitrile market in near future”
Asia Pacific is expected to remain the largest market by value and volume, and it is also expected to witness the highest growth over the forecast period due to the growing demand for infrastructure along with rehabilitation of infrastructure projects due to urbanization and presence of various automotive manufacturer in China and India is also expected to drive the demand for acrylonitrile in this region.
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Major players of acrylonitrile market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Ineos, Ascend Performance Materials, Asahi Kasei Corporation, Sinopec Group, China National Petroleum Corporation, Sumitomo Chemical Co. Ltd., Bhansali Engineering Polymers Limited, Jiangsu Sierbang Petrochemical Co., Ltd., Taekwang Industrial Co. Ltd., Zhejiang Petrochemical Co., Ltd. are among the major acrylonitrile providers.
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