Adiponitrile Market size is forecast to reach $14.8 billion by 2025, after growing at a CAGR of 4.5% during 2020-2025. Adiponitrile (ADN) is used to make hexamethylene diamine (HMDA), of which 92% is used to make nylon 6,6 fibers and resins, owing to this the adiponitrile market will grow. Due to the COVID 19 pandemic, the adiponitrile market are facing few hurdles during the present time.
Adiponitrile Market Segment Analysis - By End Use
Automotive segment holds the largest share in the Adiponitrile market. Major countries in this region are India and China. Whereas with the rise in demand for tyre cord, linings for hydraulic brake lines, molded parts, others, the adiponitrile market will grow. Brake linings are composed of a relatively soft but tough and heat-resistant material with a high coefficient of dynamic friction (and ideally an identical coefficient of static friction) typically mounted to a solid metal backing using high-temperature adhesives or rivets. Nylon tyre cord fabric gradually replaced the usage of rayon and polyester cords in the tyre industry. Nylon 6 grey and dipped tyre cord fabrics having high strength, fatigue resistance, impact resistance, high adhesion characteristics, are mainly used as reinforcements of bus/truck tyres.
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Adiponitrile Market Segment Analysis - By Geography
APAC has dominated the Adiponitrile market with a share of more than xx%, followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing high growth in the automotive industries. According to OICA, APAC automotive sales witnessed a growth of over 6.52% during 2012-2018, with South East Asian countries having huge potential to grow.
Adiponitrile Market Drivers
Growing demand for battery electric vehicles
The shift towards electric vehicles in the developed and developing nations would increase the growth of existing IC engine vehicles and also increase market for adiponitrile over the forecast timeframe, owing the increase in manufacturing of vehicles, the demand for auto-parts will also increase and this will eventually increase the market growth for adiponitrile market. According to IEA, Norway, the Netherlands and Japan are frontrunners in the electronic vehicles segment. Norway held the share of 46 percent in terms of the global new electric car sales as reported by IEA in 2018. In order to meet zero emission targets under the “Paris Climate Accord”, in 2017, France government has announced that it will ban diesel and gasoline-powered vehicles completely and switch to electric powered vehicles by 2040.
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Adiponitrile Market Challenges
Implementation of Stringent Environment Regulations
Governments globally are focusing on how to lower down the pollution and global warming. Governments regulations such as Odd-Even, for movement of vehicles in the city to lower down the pollution rate has started to let people travel more through commercial vehicle and eventually in the long term it will demotivate them to not buy more personal vehicle. And decrease in number of purchasing new vehicles will hamper the market demand for adiponitrile end products, as adiponitrile is used to manufacture tyre cord, linings for hydraulic brake lines, molded parts, others.
Impact of COVID 19
The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any goods. One of the major difficulties, market is facing are the shutdown of all kinds of International transportation. Global crisis for all sectors including automotive, which was hit by slowing demand in goods’ production and exports had slowdown the market for Adiponitrile market.
Adiponitrile Market Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Adiponitrile market. In 2019, the market of Adiponitrile has been consolidated by the top five players accounting for xx% of the share. Major players in the Adiponitrile Market are Solvay, BASF, LG Chem, Butachimie, INVISTA, and Merck Kga among others.
Acquisitions/Technology Launches
In April 2019, LG Chem has acquired DuPont’s technology related to soluble organic light-emitting diodes (OLEDs) for an undisclosed sum. The South Korean firm says the purchase includes about 540 patented assets as well as production facilities.
Key Takeaways
Asia-Pacific dominates the Adiponitrile market owing to increasing demand from various end use industries such as automotive, Chemical, Medical and Others.
Adiponitrile (ADN) is used to make hexamethylene diamine (HMDA), of which 92% is used to make nylon 6,6 fibers and resins, is likely to aid in the market growth of Adiponitrile.
COVID 19 pandemic will create hurdles for the Adiponitrile market.
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