SAN FRANCISCO, Feb. 27, 2020 /PRNewswire/ -- The global acrylonitrile market size is projected to reach USD 16.5 billion by 2027, expanding at a revenue-based CAGR of 4.3%, according to a new report by Grand View Research, Inc. The increasing demand for acrylonitrile butadiene styrene (ABS) is anticipated to drive growth over the forecast period.
Key suggestions from the report:
- ABS application dominated the industry with a volumetric share of over 33.5% in 2019. ABS is highly flexible for use in injection molding, blow molding, as well as extrusion processes. It has superior physical, chemical, and mechanical properties and is cost effective as compared to other resins, which is expected to fuel its production, thus positively affecting the acrylonitrile market over the forecast period
- Carbon fiber is expected to witness the fastest growth rate of 3.1%, in terms of volume, over the forecast period on account of growing demand for lightweight materials from automotive and aerospace sectors
- Asia Pacific is the largest and fastest growing market, in terms of revenue, on account of high demand for ABS as a replacement of traditional plastics in the end-use sectors, particularly automotive
- North America accounted for a volume share of 19.3%, in terms of volume, in 2019. According to the National Council of Textile Organizations, the U.S. textiles industry invested over USD 22.8 billion in new plants and equipment from 2006 to 2017. High focus of the manufacturers on production and export of textiles is expected to fuel the demand for acrylic fiber, thereby fueling the demand for acrylonitrile over the coming years
- In December 2017, Energy Department's National Renewable Energy Laboratory (NREL) developed a novel method for the production of renewable acrylonitrile. This method is a hybrid biological-catalytic process and uses hydroxypropionic acid (3-HP) as a raw material.
Read 115 page research report with ToC on "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" at: https://www.grandviewresearch.com/industry-analysis/acrylonitrile-acn-market/
ABS is expected to have strong demand from the automotive, construction, and electronics industries, especially in the developing countries such as China and Brazil. The increasing production of consumer durable electronics in China due to the growing affordability and innovations in the industry are anticipated to propel the demand. ABS offers excellent heat stability and resistance to chemicals making it suitable in the manufacture of electronic devices.
Apart from ABS, styrene-acrylonitrile resins manufactured using acrylonitrile and styrene are also expected to play a key role in fueling the demand for the product. These are used in consumer electronics and automotive manufacturing. These resins are also gaining preference in the pharmaceutical industry due to chemical resistance, dimensional stability, and hygiene and safety benefits.
In spite of the various application of acrylonitrile across major end-use industries, the acrylonitrile market is projected to witness moderate growth over the forecast period. The constant fluctuations in raw material prices, the trade complications of petrochemicals caused by U.S.-China trade war, economic and political disruptions in Iran, and other Middle Eastern countries are likely to hinder the smooth supply of raw materials affecting the production cycle.
The acrylonitrile producers and consumers are under high scrutiny in Europe, due to the health and environmental hazards. In October 2019, INEOS announced a potential closure of its ACN manufacturing plant in U.K. due to high investment of Euro 200 million in order to comply with the environmental standards and regulations. Such issues have resulted in a shift in end-user preference for environment compliant or bio-based polymers, thus restraining the regional market.
Grand View Research has segmented the global acrylonitrile market on the basis of application and region:
- Acrylonitrile Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Acrylic Fiber
- Adiponitrile
- Styrene Acrylonitrile
- Acrylonitrile Butadiene Styrene
- Acrylamide
- Carbon Fiber
- Nitrile Rubber
- Others
- Acrylonitrile Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia
- Indonesia
- Central & South America
- Brazil
- Argentina
- Middle East & Africa
- Saudi Arabia
- UAE
Find more research reports on Organic Chemicals Industry, by Grand View Research:
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- Chromatography Resin Market – Rising replacement of conventional separation techniques, such as filtration and distillation, with chromatography is projected to drive the growth.
- Gelatin Market – Growing demand for convenience foods due to changing lifestyle is expected to be one of the primary factors driving the gelatin market over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
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