Acrylonitrile Market Size, Share & Trends Analysis Report By Application (Acrylic Fibers, Adiponitrile, Styrene Acrylonitrile, Acrylonitrile Butadiene Styrene, Acrylamide, Carbon Fiber), By Region, And Segment Forecasts, 2020 - 2027

Report Overview

The global acrylonitrile market size was valued at USD 11.8 billion in 2019 and is anticipated to register a revenue-based CAGR of 4.3% from 2020 to 2027. The increasing demand for acrylic fibers manufactured from acrylonitrile is expected to drive the market over the forecast period. Acrylonitrile is also one of the primary raw materials in the production of plastics and composites, which is further anticipated to propel its global demand.

Commercially, acrylonitrile is produced by the catalytic oxidation of propylene using ammonia as a catalyst. The chemical is a highly volatile organic liquid with a pungent odor. Being a petrochemical derivative, the market is largely affected by the fluctuating oil and gas prices. Acrylonitrile is considered to be extremely toxic for human health and environment. It is highly reactive with oxidizers, copper, strong acids and bases, and especially with bromine, thus needs to be stored under controlled atmospheres.

The U.S. is one of the major producers and the largest exporter of acrylonitrile mainly due to the abundant availability of the raw material. According to the Trade Map, the U.S. exported 504,271 tons of the product in 2018, which accounted to almost 31% of the global exports. One of the primary reasons for the U.S. to dominate the export market is the fall in the prices of propylene, which eventually reduced the cost of acrylonitrile in the country.

INEOS Nitriles is one of the major producers of acrylonitrile in the U.S. Its manufacturing plant in Green Lake accounts for around 35% of the country’s total production. In February 2019, the plant was shut down due to force majeure and outages. The shutdown has resulted in a tightened supply of acrylonitrile, not only in the U.S. but also globally.

The current demand for acrylonitrile is anticipated to be driven by rising demand for acrylic fibers, especially in the developing countries of Asia Pacific. The growing textile and apparel industry in emerging economies of the region, due to rising urbanization and increasing affordability is anticipated to drive the market for acrylic fiber over the forecast period. Acrylic fibers possess high resistance to laundry bleach, ultraviolet degradation, and microbiological attack, along with an aesthetic appeal. These fibers are also light in weight and have a comfort feel the softness, making them a great choice for clothing.

Acrylic fibers have globally dominated the consumption of acrylonitrile, however, the advent of new low-cost polyester fibers is projected to hinder their demand over the forecast period. Moreover, the shifting preference towards bio-based polymers, especially in the developed countries is projected to have a negative impact on the demand for acrylic fibers, thus negatively affecting the acrylonitrile market.

Application Insights

Acrylonitrile is used in the production of a wide range of thermoplastics and polymers. Some of these include acrylonitrile butadiene styrene (ABS), acrylic fibers, carbon fiber, nitrile rubber, and others. Nitrile rubber is anticipated to witness significant growth over the forecast period due to its usage in a wide range of end-use industries such as construction, automotive, and consumer goods.

Nitrile rubber is a synthetic rubber compound of acrylonitrile with high resistance to solvents. This makes it suitable for the manufacturing of non-latex gloves, automotive transmission belts, adhesives, and binders. The rising demand for these products has resulted in strong growth of acrylonitrile for the production of nitrile rubber.

In 2019, acrylonitrile consumption was dominated by production of acrylonitrile butadiene styrene. ABS is one of the most commonly used thermoplastic polymers and is used in the production of different components in the automotive and construction industries. The global automotive production trends impact the demand for acrylonitrile.

Regional Insights

Asia Pacific led the consumption of acrylonitrile with a revenue share of 61.1% in 2019. China, India, and Korea are the major importers of acrylonitrile in the region. China is also one of the leading producers of the chemical. However, due to the rising demand for acrylic fibers from the apparel and home furnishing industry, the producers in China are not able to meet the domestic demand, resulting in a high number of imports. The country is also facing a tightened supply due to the U.S.-China trade war, due to which the imports fell dramatically from 152,471 tons in 2014 to 59,898 tons in 2018.

The other major countries contributing to the consumption of acrylonitrile in Asia Pacific include India, Korea, and Taiwan. The rising consumption is attributed to the growth of automotive production in Asia Pacific from 47.8 million units in 2016 to 52.4 million units in 2018, in turn positively influencing the demand for acrylonitrile-butadiene-styrene.

The acrylonitrile demand in Central and South America is anticipated to grow significantly. Rising automotive industry coupled with strong economic growth in Brazil is expected to drive the demand in the region. Moreover, rapid industrialization along with abundant feedstock availability in Venezuela is anticipated to fuel demand and complement market growth.

The expanding automotive industry has encouraged ABS manufacturers to invest in the region. In 2012Unigel SA, the parent company of CBE - Companhia Brasileira de Estireno announced the startup of their ABS production in Brazil with an annual capacity of 90,000 tons. In 2013, Braskem and Styrolution planned a joint venture to produce ABS in Brazil with a capacity of 100 kilotons per year.

Key Companies & Market Share Insights

The global market is consolidated in nature, with major companies contributing to a share of over 40%. Some of the major manufacturers include INEOS, Sinopec Group, Sumitomo Chemicals, and Asahi Kasei. These players have a strong geographical presence with large production plants, high investment capacities, and a well-established supply chain. Acrylonitrile manufacturers are mainly competing on product quality and operation cost.

Some other acrylonitrile manufacturers include Formosa Plastics Corp, Ascend Performance Materials, and Mitsubishi Chemical Corporation. Global manufacturers are focusing on the development of sustainable production technologies to overcome the health and environment hazards. Market participants who do not have integration at the raw material supply, also focus on developing long term contracts to maintain a continuous supply.

Acrylonitrile Market Report Scope

Segments Covered in the Report

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 2016 to 2027. 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, 2016 - 2027)

  • Acrylic Fiber

  • Adiponitrile

  • Styrene Acrylonitrile

  • Acrylonitrile Butadiene Styrene

  • Acrylamide

  • Carbon Fiber

  • Nitrile Rubber

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)      

  • North America

    • U.S

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • The U.K.

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • Indonesia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • UAE