Acrylonitrile Market Size, Share & Trends Analysis Report By Application (ABS, Carbon Fiber, Acrylic Fibers, Acrylamide), By Region (North America, APAC, Europe, MEA), And Segment Forecasts, 2022 - 2030

Report Overview

The global acrylonitrile market size was valued at USD 11.87 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 1.3% from 2022 to 2030. The increasing demand for acrylonitrile from end-use industries, such as automotive and construction, is expected to drive the industry. Due to the growing construction industry, the consumption of acrylonitrile is increasing, which is projected to positively influence industry growth. Acrylonitrile is used in producing derivatives, such as acrylonitrile butadiene styrene, acrylic fiber, acrylamide, carbon fiber, and nitrile rubber, which are being utilized in the construction industry. As the plastics made using the product show many properties, such as chemical resistance, durability, high strength, and thermal stability, acrylonitrile is estimated to witness high demand in the near future.

The product demand is also increasing in the consumer appliances industry as it showcases properties, such as heat resistance and chemical resistance. Changing lifestyles, growing consumer preferences, and increasing per capita income are expected to drive the demand for the consumer appliances market, which, in turn, will fuel the demand for acrylonitrile in the consumer appliances industry. The growth in the automotive industry is also projected to increase the consumption of acrylonitrile. Due to its low weight and high strength & durability at low temperatures, it is widely used in the automotive industry. Acrylic fibers have high demand, especially in the automotive industry, which is further estimated to contribute to the industry's growth.

The demand for acrylonitrile is increasing due to the increasing use of acrylic fibers. Moreover, growing textile and garment industries in Asia Pacific, as a result of rapid urbanization, will also support industry development. Acrylic fibers have a strong resistance to microbiological attack, UV deterioration, and laundry bleach. These fibers are excellent choices for clothes as they are lightweight. It is the main raw material used for manufacturing acrylic fibers. Due to the lightweight and high performance of acrylic fiber, it is used in the textile & garment industry. However, the demand may reduce due to the introduction of new, inexpensive polyester fibers. It is also anticipated that the preference for bio-based polymers, particularly in developed economies, will hamper the acrylic fibers’ demand.

Application Insights

The acrylonitrile butadiene styrene dominated the global industry in 2021 and accounted for the highest share of more than 28.60% of the overall revenue. This is due to the product’s increasing use in automotive, electronics, consumer goods, and the construction industry as it is easy to install and lightweight. In addition, the product has strong mechanical strength and is corrosion-resistant & more durable than PVC. The carbon fiber segment is expected to register the fastest growth rate over the forecast period as it is strong, light, and extremely stiff, which makes it useful in building materials.

Carbon fiber is widely used in the aerospace & defense, automotive, alternative energy, and construction industries. The market for carbon fiber is likely to grow at a faster pace in Asian countries on account of the high spending on aerospace technology, especially in countries, such as China and India. However, high prices of carbon fiber are anticipated to significantly restrict its demand in the coming years. Nitrile rubber, a synthetic rubber, is obtained from the copolymerization of butadiene and acrylonitrile. It is used as a synthetic rubber due to its resistance to oil and solvents.

The increasing demand for nitrile rubber to produce non-latex gloves, auto transmission belts, adhesives, and binders is likely to augment the segment growth over the forecast period. Acrylic fiber is obtained by reacting monomers with petroleum-based chemicals. It is used in the textile industry due to its low weight, high performance, high insulin, and good moisture management qualities. Since polyester fiber is relatively inexpensive, it has largely replaced acrylic fiber in the textile industry. Acrylic fiber is expected to gain traction primarily in the textile industry.

Regional Insights

Asia Pacific region dominated the global industry with the highest revenue share of more than 55.70% in 2021. This is attributed to the increasing demand for building materials on account of the growing construction sector. Furthermore, rising demand from the textile and home furnishing industries is expected to positively influence the segment. The developing countries of Asia Pacific, such as India and China, are focusing on the construction of commercial and new residential buildings, and this trend is expected to increase in the future. Factors, such as the high demand for efficient building materials and advances in civil construction, also drive the regional market.

The leading players have a strong presence in the Asia Pacific region and continue to invest in organic growth through joint ventures and licensing agreements. The shifting of end-use industries, such as automotive, marine, and furniture, to cost-competitive countries, is driving the ABS segment in these countries. North America is expected to witness significant growth owing to the strong presence of key companies, such as Ascend Performance Material in the U.S. The prime focus of the aforementioned companies on new product developments in automobile products and construction products is expected to promote industry growth over the forecast period.

Key Companies & Market Share Insights

The global industry is heavily concentrated among a small number of firms, including Sinopec Group, Sumitomo Chemicals, Ascend Performance Materials, and Mitsubishi Chemical Corp. Large sums of money are being spent by businesses on R&D efforts for the creation of novel goods and process advancements. To maintain their position in the worldwide industry and assure a consistent demand for the product, they are also concentrating on developing long-term relationships with their customer base. To withstand the competitive surrounding, companies are undergoing several execution programs to increase their operational efficiency, and strategic planning, and increase their presence globally. Some of the prominent players in the global acrylonitrile market include:

• INEOS

• China Petrochemical Development Corp.

• Asahi Kasei Advance Corp.

• Ascend Performance Material

• Chemelot

• Formosa Plastics Corp.

• Mitsubishi Chemical Corp.

• Secco

• Taekwang Industrial Co., Ltd.

• Sumitomo Chemical Co., Ltd.

Acrylonitrile Market Report Scope

Global Acrylonitrile Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global acrylonitrile market report on the basis of application and region:

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Acrylic Fiber

  • Adiponitrile

  • Styrene Acrylonitrile

  • Acrylonitrile Butadiene Styrene (ABS)

  • Acrylamide

  • Carbon Fiber

  • Nitrile Rubber

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • Malaysia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • UAE