The global acrylonitrile market is estimated to exceed US$ 15.4 billion in 2023 to US$ 28.4 billion by 2032, growing at a compound annual growth rate (CAGR) of 7% during the forecast period from 2024 to 2032.
Acrylonitrile is an organic compound with the chemical formula CH2CHCN. It is a colorless, volatile liquid, although commercial samples can occasionally be yellow due to impurities. The substance is produced using the ammoxidation process, involving a high-temperature reaction between propylene, ammonia, and air in the presence of a catalyst. Acrylonitrile is a crucial monomer in the synthesis of various polymers, including ABS, SAN, ASA, and acrylonitrile-butadiene rubber. The demand for these polymers from the construction and automotive industries has led to the expansion of the acrylonitrile market due to their durability, thermal stability, chemical resistance, and high-strength features.
Rising Application in the Construction and Automotive Industry
The rising need for acrylonitrile from sectors like automotive and construction is expected to propel industry growth. The expanding construction industry is driving acrylonitrile consumption, which is anticipated to have a positive impact on industry expansion.
Acrylonitrile is utilized to produce derivatives like acrylonitrile butadiene styrene, acrylic fiber, acrylamide, carbon fiber, and nitrile rubber, all of which find applications in the construction industry. The plastics manufactured using this compound exhibit properties such as chemical resistance, durability, high strength, and thermal stability, leading to an anticipated surge in demand for acrylonitrile in the near future.
The growth of the automotive industry is also expected to boost acrylonitrile consumption. Its lightweight nature, high strength, and durability at low temperatures make it widely used in automotive applications. ABS, in particular, is well-suited for heavy-duty uses like automotive body parts, aiding in energy absorption and redistribution during impacts. The automotive industry's high demand for acrylic fibers is also projected to contribute to the overall growth of the industry.
Harmful Impact of Acrylonitrile
When exposed to open flames, acrylonitrile is flammable and can lead to explosions. Its environmental exposure has adverse effects on soil, air, water, and other substances, contributing to the formation of photochemical smog, which is harmful when combined with formaldehyde, volatile organic compounds (VOCs), hydrogen cyanide, and other substances.
Additionally, acrylonitrile poses a significant risk to human health, causing serious side effects such as breathing difficulties and skin irritations. More severe inhalation or ingestion of acrylonitrile can result in tremors, skin discoloration, seizures, collapse, and in extreme cases, death. Skin contact with acrylonitrile can cause severe irritation, including redness, blistering, and slow-healing skin peeling.
Long-term exposure to acrylonitrile can lead to symptoms such as headaches, chest pains, insomnia, fatigue, and increased irritability. Prolonged skin contact with acrylonitrile can trigger allergic skin reactions in some individuals, resulting in symptoms like redness, itching, rash, and skin swelling.
Consequently, the market is experiencing a significant slowdown due to preventive measures and environmental regulations that impact the applicability and expansion potential of acrylonitrile and its derivatives.
Growing Application in Healthcare Industry
Acrylonitrile, a compound derived from propylene and other substances, holds significant importance in the medical and pharmaceutical industries. It is utilized in the production of various medical equipment, including insulin pens, miniature implants, respiratory devices, and drug delivery systems.
Acrylic fibers integral components in medical settings such as wound dressings, surgical gowns, and bed linens, rely on acrylonitrile for their production. The increasing demand for healthcare products has consequently led to a heightened need for acrylonitrile, a key element in the creation of acrylic fibers utilized in these critical applications.
The use of acrylic polymers has steadily increased in the medical sector, particularly in diagnostics. Acrylic's inert properties make it an ideal material for testing, as it does not react with the reagents employed in diagnostic processes. Moreover, specialized impact-modified grades designed to withstand breakage and cracking are increasingly preferred for medical devices. This growing application of acrylonitrile-based products in healthcare is poised to create new opportunities for market expansion.
By Application
The ABS segment was the top revenue generator in 2023. ABS is a thermoplastic with a diverse range of properties, including resistance to chemicals, heat, and impact. The use of ABS resins is on the rise in the consumer appliances sector, and it is also applied in a variety of industries such as oil and gas, food handling and equipment, aircraft, defense, and aerospace.
In 2023, EV Volumes reported a 35% increase in the delivery of new battery electric vehicles (BEV) and plug-in hybrid vehicles (PHEV), totaling 14.2 million units. This surge may have contributed to the heightened demand for ABS from global electric vehicle manufacturers.
The Ministry of Electronics and Information Technology has set a target for India to achieve US$ 300 billion in electronics manufacturing and exports by 2025-26. In the fiscal year 2023, the country experienced substantial growth in domestic electronics production, reaching US$ 101 billion, reflecting a 13% compound annual growth rate.
By End-User
In 2023, the automotive segment held a leading position in the End-use segment of the Acrylonitrile Market. The significant utilization of acrylonitrile in this sector is influenced by its crucial role in producing materials such as Acrylonitrile Butadiene Styrene (ABS) plastics, which are widely employed in automotive uses due to their lightness, exceptional strength, and ability to withstand high temperatures. These attributes are vital for reducing vehicle weight, thereby improving fuel efficiency and reducing emissions, which aligns with both automotive industry regulations and consumer preferences.
Regional Analysis
The Asia-Pacific region is anticipated to lead the market with a substantial market share, experiencing faster growth compared to other regions. This growth is attributed to the significant rise in per-capita income among the middle-income population, leading to increased sales of consumer goods in the region.
The appliance market in China is poised for continued expansion as the middle-income population expands, driving the demand for consumer-durable electronic goods utilizing ABS resins. According to data released by the State Council of the People's Republic of China in May 2024, China has emerged as the world's largest manufacturing base for home appliances, accounting for 60-70% of global production capacity.
China holds a prominent position in the global electric car market, supported by robust financial and non-financial incentives provided by the government to bolster electric car sales. Statistics from InsideEVs revealed that plug-in car sales in China reached a record 8 million in 2023. Additionally, in India, electric vehicle sales surged by 49.25% in 2023 compared to the previous year, reaching 1,529,947 units, according to the Federation of Automobile Dealers' Association (FADA).
Japan has committed to achieving net zero emissions by 2050 and reducing emissions by 46% by 2030. The government acknowledges the shift to electric vehicles (EVs) to support the country's decarbonization efforts and plans to make EVs more accessible to consumers. Subsidies in Japan reached a maximum of JPY 800,000 (USD 7,000).
These factors are expected to drive further demand in the acrylonitrile market over the forecast period.
Key Companies Operating in the Global Acrylonitrile Market
Market Segmentation Outline
By Application
By End-User
By Region
1 INTRODUCTION OF GLOBAL ACRYLONITRILE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: ACRYLONITRILE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL ACRYLONITRILE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL ACRYLONITRILE MARKET, BY APPLICATION
5.1 OVERVIEW
5.2 ACRYLIC FIBER
5.3 ACRYLONITRILE BUTADIENE STYRENE
5.4 STYRENE-ACRYLONITRILE RESIN
5.5 ACRYLAMIDE
5.6 OTHERS
6 GLOBAL ACRYLONITRILE MARKET, BY END-USER
6.1 OVERVIEW
6.2 AUTOMOTIVE
6.3 ELECTRONICS AND ELECTRICAL
6.4 CONSTRUCTION
6.5 PACKAGING
6.6 OTHERS
7 GLOBAL ACRYLONITRILE MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL ACRYLONITRILE MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 ASAHI KASEI CORPORATION
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 SOLVAY SA
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 ANQORE BV
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 KONINKLIJKE DSM NV
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 ASCEND PERFORMANCE MATERIALS, LLC
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 INEOS GROUP LIMITED
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 THE PJSC LUKOIL OIL COMPANY
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 MITSUBISHI CHEMICAL CORPORATION
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 TAEKWANG INDUSTRIAL CO. LIMITED
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 FORMOSA PLASTICS CORPORATION
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 SUMITOMO CHEMICAL CO., LIMITED
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 LENNTECH BV
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 REPSOL SA
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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