Acrylonitrile Market Share, Size and Industry Growth Analysis 2022 – 2027
The Acrylonitrile Market size is estimated to reach US$16.8 billion by 2027, after growing at a CAGR of 4.5% during the forecast period 2022-2027. Acrylonitrile is a colorless volatile liquid with a pungent odor and is produced using raw materials such as propylene, propane and ammonia, along with hydrogen cyanide and acetonitrile as byproducts. It is widely used in manufacturing plastics such as polyacrylonitrile, acrylic fibers, acrylonitrile butadiene styrene (ABS) and others. The rise in applications for automotive dashboards, bumpers, exterior panels and others in automotive sector is driving the acrylonitrile industry. In addition, the growing building and construction activities owing to rise in green buildings demand, infrastructural projects and urbanization are fuelling the demand for acrylonitrile. The major disruption caused by the covid-19 outbreak impacted the growth of the acrylonitrile market due to disturbance in automotive manufacturing, closure of construction, supply chain disruption and other lockdown restrictions. However, significant recovery in the major end-use sector is boosting the demand for acrylonitrile for a wide range of applicability and utilization in medical & pharmaceutical, automotive, electronics and others. Thus, the acrylonitrile industry is anticipated to grow rapidly and contribute to the acrylonitrile market size during the forecast period.
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Acrylonitrile Market Report Coverage
The “Acrylonitrile Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Acrylonitrile Industry.
Key Takeaways
- The Asia-Pacific dominates the Acrylonitrile Market, owing to growth factors such as the flourished base for automotive production, rising construction activities and urbanization, thereby boosting growth in this region.
- The flourishing automotive sector across the world is propelling the demand for Acrylonitrile for various applications such as dashboards, interior and exterior panels, bumpers and others, thereby influencing the growth in the acrylonitrile market size.
- The demand for acrylonitrile in the electrical & electronics sector is rising for applications in home appliances, gadgets and others, thereby fueling growth scope in the acrylonitrile market,
- However, the hazardous effects of acrylonitrile on both humans and the environment act as a challenging factor in the acrylonitrile industry.
Figure: Acrylonitrile Market Revenue Share, By Geography, 2021 (%)
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Acrylonitrile Market Segment Analysis – by Application
The acrylonitrile butadiene styrene (ABS) segment held a significant Acrylonitrile Market share in 2021 and is projected to grow at a CAGR of 4.3% during the forecast period 2022-2027. The growth scope for acrylonitrile butadiene styrene and polyacrylonitrile in the automotive sector for dashboards, exteriors panels, bumpers and others is rising. The automotive industry is rapidly growing owing to factors such as a rise in vehicle production, vehicle electrification and rising income level. According to the India Brand Equity Foundation (IBEF), the Indian automotive industry, including component manufacturing is expected to reach US$251.4 billion to US$282.8 billion by the year 2026. Moreover, the ABS applications are also growing in the construction industry for flooring, tubes and pipes and others. The construction sector is growing significantly due to rapid residential housing projects, demand for green buildings and others According to the International Trade Administration (ITA), the construction sector in China is expected to grow at an annual average rate of 8.6% between 2022 and 2030. With the fast-paced growth in the construction and automotive sector, the applicability of acrylonitrile butadiene styrene is anticipated to grow rapidly in the acrylonitrile industry during the forecast period.
Acrylonitrile Market Segment Analysis – by End-use Industry
The automotive segment held a significant Acrylonitrile Market share in 2021 and is projected to grow at a CAGR of 4.8% during the forecast period 2022-2027. The lucrative growth of the automotive sector is influenced by growth factors such as an established vehicle production base, rising vehicle electrification and rapid industrialization. According to the International Organization of Motor Vehicles Manufacturers (OICA), the global production of passenger cars increased from 55,834,456 units in 2020 to 57,054,295 units in 2021. According to the European Automobile Manufacturer Association, South America car production grew by 11% while US car production grew by 3.1% in 2021. With the increase in growth scope and productivity in the automotive sector, the applicability of acrylonitrile and plastics such as polyacrylonitrile, ABS and others for lightweight and fuel-efficient vehicles and components is projected to rise, which, in turn, is expected to boost the growth of the automotive industry in the acrylonitrile market during the forecast period.
Acrylonitrile Market Segment Analysis – by Geography
The Asia-Pacific held the largest Acrylonitrile Market share in 2021 up to 43%. The lucrative growth scope for acrylonitrile in this region is influenced by the established base for the automotive sector, flourishing manufacturing base and rapid urbanization. The automotive industry is significantly growing in APAC owing to factors such as rising public transportation, demand for fuel-efficient and vehicle electrification and rising income levels. According to the China Association of Automotive Manufacturers (CAAM), the production and sales of new energy vehicles reached 1.29 million units and 1.25 million units in the quarter 1st of 2022 respectively, marking a rise of 140% year-on-year. According to the Society of Indian Automobile Manufacturers (SIAM), the production of passenger vehicles, commercial vehicles, three-wheelers, two-wheelers and quadricycles increased from 22,655,69 units in 2020-21 to 22,933,230 units in 2021-22 in India. With the flourishing production of automobiles, the utilization of acrylonitrile for vehicle dashboards, bumpers, exterior panels and others is growing, which, in turn, is projected to boost its growth prospects in the Asia-Pacific region during the forecast period.
Acrylonitrile Market Drivers
Rapid Growth of the Medical & Pharmaceutical Industry :
Acrylonitrile, which is produced using propylene and others, has major applications in the medical & pharmaceutical sector for various medical equipment, insulin pens, miniature implants, respiratory devices, drug delivery systems and others. According to the India Brand Equity Foundation (IBEF), the Indian pharmaceuticals sector is expected to reach US$65 billion by 2024 and further expand to US$120 - US$130 billion by the year 2030. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), the total pharmaceutical market value for EU member nations at ex-factory prices increased from US$147,686 in 2019 to US$253,027 in 2020. According to the International Trade Administration, the worldwide pharmaceuticals market was estimated to grow from US$ 1 trillion in 2015 to US$1.3 trillion by 2020. With the rapid growth scope and production trend in the medical sector, the demand for this acrylonitrile for various medical devices is rising, which, in turn, is boosting its applicability and driving the acrylonitrile industry.
Flourishing Growth of the Electronics Industry :
Acrylonitrile has significant applications in the electrical & electronics industry for home appliances, computer cases, electronic gadgets and others due to superior features such as lightweight, high impact resistance and insulation. The electronics sector is growing rapidly owing to growth factors such as robust demand for consumer electronic devices, soaring production base and urbanization. For instance, according to the OBERLO, the total revenue of consumer electronics in the U.S is expected to increase by 7.5% in 2023. According to the LG Electronics annual report, the sales of electronic appliances increased by 28.7% to reach US$65.32 billion in 2021 over 2020. According to the Japan Electronics and Information Technology Industries Association (JEITA), the production of consumer electronic equipment in Japan increased from US$215 million in January 2022 to US$230 million in March 2022. With the rise in electronics device production and growth scope, the utility and applications of acrylonitrile in electrical home appliances, gadgets and others are rising, thereby driving the acrylonitrile industry.
Acrylonitrile Market Challenge
Harmful Impacts of Acrylonitrile:
The acrylonitrile is highly flammable and can explode when exposed to open flames. Exposure to acrylonitrile in the environment leads to harmful impacts on soil, air, water and others. It reacts with formaldehyde and other volatile organic compounds (VOCs), hydrogen cyanide and produces photochemical smog, which degrades the environment. Moreover, the threat of acrylonitrile to human health is also high as it creates major issues such as difficulty in breathing, skin irritations and others. The rising waste disposal of acrylonitrile in an open environment impacts the atmosphere. Thus, the preventive and environmental regulations affect the applicability and growth scope for the acrylonitrile and other types; thereby the acrylonitrile industry faces a major slowdown.
Acrylonitrile Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Acrylonitrile Market. The top 10 companies in the Acrylonitrile Market are:
- Sinopec Group
- Mitsubishi Chemical Corporation
- Sumitomo Chemicals
- INEOS
- Asahi Kasei
- Formosa Plastics Corp
- Ascend Performance Materials
- LUKOIL
- Lenntech BV
- Repsol
Recent Developments
- In June 2021, Tarkwang Industrial announced to set up an acrylonitrile joint venture plant with LG Chem to meet the growing demand in the market, with commercial production of the facility with a yearly manufacturing capacity of 260,000 tons.
- In September 2020, AbQore announced the launch of Econitrile, which is a brand name for acrylonitrile. The company claimed to provide certified and sustainable acrylonitrile business.
- In May 2020, Zhejiang Petrochemical Co. Ltd. is all set to start the acrylonitrile plant based in China. The company aims to produce around 260,000 tons per year of ACN, thereby establishing the production base.
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