Acrylonitrile Market To Grow USD 14570 million by 2028 with a CAGR of 3.3% | Valuates Reports
BANGALORE, India, Nov. 30, 2022 /PRNewswire/ -- Acrylonitrile Market is segmented by type (Propylene Method, Propane Method), by application (Acrylic Fibres, ABS and SAN resins, Acrylamide, NBR, Others) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Chemicals Industry Category.
Due to the COVID-19 pandemic, the global Acrylonitrile Market size is estimated to be worth USD 11990 million in 2022 and is forecast to a readjusted size of USD 14570 million by 2028 with a CAGR of 3.3% during the review period.
Major Factors Driving The Growth Of The Acrylonitrile Market
The acrylonitrile market has been expanding because of the strong demand for polymers from the construction and automotive industries for their durability, thermal stability, chemical resistance, and high strength.
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TRENDS INFLUENCING THE GROWTH OF THE ACRYLONITRILE MARKET
Butadiene offers strength and hardness, whereas acrylonitrile in ABS plastic provides chemical and thermal stability. The resulting polymer has a lovely, glossy sheen thanks to the styrene. ABS is simple to utilize in 3D printing and injection molding thanks to its low melting point. The finished plastic can withstand heavy use and unfavorable environmental conditions thanks to its high tensile strength, and excellent resistance to physical impacts, and chemical corrosion. Many automotive components, including the dashboard, bumpers, exterior panels, and others, are made of acrylonitrile butadiene styrene. The overall weight of an automobile is reduced when ABS material is used for these components, which increases demand. Further bolstering the expanding Acrylonitrile market is the technological development and innovation in the automotive sector.
Another significant product produced by the textile industry's use of acrylonitrile is acrylic fibers, which are then used to create finished goods including carpets, clothing, upholstery, fabric for furniture, rugs, and packaging materials. A few recent advancements in the acrylic fiber industry, such as the use of the material in the manufacture of carbon fibers, flame-retardant acrylic fiber, weather-resistant acrylic fiber, and antimicrobial acrylic fiber, have also increased market prospects. The market will expand as a result of improvements in processing and other technologies, which may make it possible to produce acrylic fibers from new sources. The Acrylonitrile market will experience growth during the assessment period thanks to all of these factors.
While NBR grades with low acrylonitrile concentration are more flexible and resilient at low temperatures, grades with high acrylonitrile content are better at resisting oil and abrasion. The physical characteristics of nitrile rubbers are often relatively moderate, but they have great oil and hydrocarbon solvent resistance and good abrasion resistance. Particularly those with a high nitrile content, but with poor ozone and minor heat resistance, nitrile rubbers also exhibit low gas permeability. Thus the increasing use of Acrylonitrile in NBR applications will further augment the Acrylonitrile market growth.
Chemicals termed polyacrylamide and acrylamide copolymers are generally made with acrylamide. Increasing demand for acrylamide from industry to make polyacrylamide, a typical soil stabilizer used in the construction of tunnels, wells, sewers, and reservoirs will fuel the growth of the Acrylonitrile market. Moreover, contact lenses, permanent-press fabrics, toiletries, and numerous other household goods are also frequently made with acrylamide.
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ACRYLONITRILE MARKET SHARE
Based on application, ABS and SAN resins are expected to be the most lucrative segment. This is a result of the product's expanding application in the construction industry, consumer goods, electronics, automotive, and consumer goods. The product is also more durable than PVC, corrosion-resistant, and has great mechanical strength.
The biggest market is China, which has a market share of approximately 40%, followed by South Korea and Europe, both of which have a share of about 25%. This can be linked to the rising demand for building supplies brought on by the expanding construction industry. The Acrylonitrile market is also anticipated to benefit from growing demand from the textile and home furnishings industries. With a market share of nearly 95%, Propylene Method is the most significant product segment. Ineos, Asahi Kasei, Shanghai Secco Petrochemical, Ascend Performance Materials, Jilin Petrochemical Company, etc. are some of the major producers of Acrylonitrile globally. Over 45% of the Acrylonitrile market is held by the top five producers globally.
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Key Companies:
- INEOS
- Ascend Performance Materials
- Cornerstone
- Unigel
- AnQore
- Saratovorgsintez Saratov
- Repsol Chemicals
- Petkim
- Taekwang Industrial
- Formosa Plastics
- Shanghai Secco Petrochemical
- CPDC
- Anqing Petrochemical
- Asahi Kasei
- Jilin Petrochemical Company
- Wanda Petrochemical
- Shandong Qilu Petrochemical Qitai Petrochemical
- Reliance Industries
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SIMILAR REPORTS:
- Acrylonitrile Polymer Market
- Acrylonitrile Butadiene Styrene (ABS) Sales Market
- Acrylonitrile Styrene Acrylate (ASA) Polymer Market
- Carboxyl-Terminated Butadiene Acrylonitrile Rubber Market
- Acrylonitrile Butadiene Latex (NB Latex) Market
- Hydrogenated Acrylonitrile-Butadaine Polymer (HABR) Latex Market
- Styrene Acrylonitrile Market
- Thermoplastic Polyurethanes (TPU) Market
- Polymethyl Methacrylate market
- Glass Fiber Reinforced Thermo-Plastic (GFRTP) Composite market
- Osimertinib Mesylate API Market
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