The market for acrylonitrile is expected to grow from its current value of US$ 13.3 billion in 2023 to US$ 19.8 billion by the end of 2033. Over the next 10 years, the worldwide acrylonitrile market is anticipated to grow at a consistent 4% CAGR.
The synthesis of derivatives such carbon fibre, acrylamide, nitrile rubber, acrylonitrile butadiene styrene, etc. uses acrylonitrile. Future demand for acrylonitrile is anticipated to be significantly influenced by the quick growth of sectors including the automotive and construction industries.
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Market Players: –
- Sumitomo Chemical Co. Ltd.
- China Petrochemical Technology Development Co. Ltd.
- Ascend Performance Material
- Formosa Plastics
- Asahi Kasei Advance Corporation
- Mitsubishi Chemical Corporation
- Taekwang Industrial Co. Ltd.
Acrylonitrile manufacturers are focusing on expanding their business scope while maintaining their sustainability goals as the focus on sustainability increases rapidly.
- In January 2022, Asahi Kasei, a multinational Japanese chemical manufacturer, revealed that it was foraying into the production of acrylonitrile by using biomass-derived raw materials. ISCC PLUS1 international certification for acrylonitrile as a sustainable product was acquired by Tongsuh Petrochemical Corp., Ltd. (TSPC), which is a subsidiary of Asahi Kasei.
Top-tier acrylonitrile producers are also expected to lean towards strategies such as collaborations, mergers, and acquisitions to strengthen their stance in the global competitive landscape.
- In January 2023, LANXESS, a leading specialty chemicals manufacturer, announced that it had entered into cooperation on the supply of biocircular styrene with TotalEnergies, a French energy company. LANXESS is also known for sourcing biocircular acrylonitrile and playing a crucial role in the sustainable and eco-friendly chemicals business.
- In July 2022, INEOS, a renowned British chemicals company, signed a deal that allowed it to acquire 50% of Sinopec subsidiary SECCO Petrochemical Co. Ltd. The venture was capable of producing 4.2 million tonnes per year of polymers, olefins, and derivatives such as acrylonitrile, ethylene, etc. in its 200-hectare complex in Shanghai Chemical Industry Park.
Key Segments of Acrylonitrile Industry Research
- By Application :
- Acrylic Fiber
- Styrene Acrylonitrile
- Acrylonitrile Butadiene Styrene
- Carbon Fiber
- Nitrile Rubber
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
How Fact.MR Assists in Making Strategic Moves?
The data provided in the Acrylonitrile Market report offers a comprehensive analysis of important industry trends. Industry players can use this data to strategize their potential business moves and gain remarkable revenues in the upcoming period.
The report covers the price trend analysis and value chain analysis along with analysis of diverse offering by market players. The main motive of this report is to assist enterprises to make data-driven decisions and strategize their business moves.