Global Acrylonitrile Market Size study & Forecast, by Application (Acrylic Fiber, Adiponitrile, Styrene Acrylonitrile, Acrylonitrile Butadiene Styrene (ABS), Acrylamide, Carbon Fiber, Nitrile Rubber, Others), and Regional Analysis, 2022-2029

Global Acrylonitrile Market Size study & Forecast, by Application (Acrylic Fiber, Adiponitrile, Styrene Acrylonitrile, Acrylonitrile Butadiene Styrene (ABS), Acrylamide, Carbon Fiber, Nitrile Rubber, Others), and Regional Analysis, 2022-2029

Global Acrylonitrile Market is valued at approximately USD 11.87 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 1.3% over the forecast period 2022-2029. Acrylonitrile, often known as CH2CHCN, is a colorless volatile liquid. It is an organic substance that can turn yellow due to the presence of impurities. It is made using an ammoxidation process in which propylene, ammonia, and air are reacted at high temperatures in the presence of a catalyst. Plastics like ABS, SAN, ASA, and acrylonitrile-butadiene rubber are produced using acrylonitrile, a highly reactive and potentially dangerous monomer. The demand for plastics used in the construction and automotive industries is growing, in part because of the qualities of durability, thermal stability, chemical resistance, and high strength that these materials possess. This is the main driver of the acrylonitrile market's expansion.

In addition, Acrylonitrile is primarily used in the manufacturing of plastics such as acrylonitrile butadiene styrene, acrylonitrile styrene acrylate, styrene-acrylonitrile, and others. The high demand for these plastics from the construction, automotive, and other industries is anticipated to drive the acrylonitrile market. In 2021, global plastics output was projected to reach 390.7 million metric tons, representing a 4% yearly rise. The extraordinary adaptability of this category of materials explains why manufacturing continues to rise year after year. Further driving this market is the increased demand for plastics from various end-use industries. According to Statista, the worldwide plastics market was projected to be valued at $593 billion in 2021. The plastics industry is expected to develop in the following years, reaching a value of more than 810 billion US dollars by 2030, with a CAGR of 3.7 per cent from 2022 to 2030. Furthermore, the high demand for acrylonitrile in the automotive industry, coupled with its application in budding wastewater treatment is presenting lucrative opportunities for market growth over the forthcoming years. However, Competition in the Textile Industry from Cheap Polyester Fibers is restricting the market growth over the forecast period of 2022-2029.

The key regions considered for the Global Acrylonitrile Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. The Asia Pacific dominated the market in terms of revenue, owing to the increased need for construction materials due to the expanding construction sector, and the industry is expected to benefit from rising demand from the textile and home furnishings industries. Whereas, Asia Pacific is also expected to grow at the highest growth rate over the forecasting period. Factors such as strong market players and new developments in products are burgeoning the market growth in the forecasting years.

Major market players included in this report are:
INEOS Group Ltd.
China Petrochemical Development Corp.
Asahi Kasei Advance Corp.
Ascend Performance Materials LLC
Reliance Industries Limited
Formosa Plastics Corp.
Mitsubishi Chemical Corp.
LUKOIL Corp.
Taekwang Industrial Co., Ltd.
Sumitomo Chemical Co., Ltd.

Recent Developments in the Market:
 In February 2023, Asahi Kasei Homes has agreed to acquire Arden Homes Pty Ltd, an Australian home construction operator, through its Australian affiliate NXT Building Group Pty Ltd. Asahi Kasei Homes and NXT will collaborate closely with Arden Homes' present management team, which has extensive knowledge and experience in the Victorian market, to expand the home-building company in Australia.
 In January 2023, INEOS Enterprises signed an agreement to acquire MBCC Group's Admixture Company from Sika AG. These well-invested and well-positioned locations give new prospects for INEOS to grow in the construction sector.
 In January 2023, Sumitomo Chemical agreed to acquire FBSciences Holdings, Inc., a company based in the United States that specialises in bio stimulants, a class of organically derived agricultural ingredients.
 In March 2022, Ascend Performance Materials has agreed to acquire Formulated Polymers Limited's compounding division, a major engineered materials firm based in Chennai, India. Ascends first production base in the subcontinent will be established as a result of this acquisition, which will also extend Ascends global footprint in the electrical and e-mobility application arena.

In Global Acrylonitrile Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Application:
Acrylic Fiber
Adiponitrile
Styrene Acrylonitrile
Acrylonitrile Butadiene Styrene (ABS)
Acrylamide
Carbon Fiber
Nitrile Rubber
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
ROLA
Rest of the World

Companies Mentioned
INEOS Group Ltd.
China Petrochemical Development Corp.
Asahi Kasei Advance Corp.
Ascend Performance Materials LLC
Reliance Industries Limited
Formosa Plastics Corp.
Mitsubishi Chemical Corp.
LUKOIL Corp.
Taekwang Industrial Co., Ltd.
Sumitomo Chemical Co., Ltd.

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