Acrylonitrile Global Market Report 2024

Acrylonitrile is an organic compound represented by the formula CH₂CHCN. It is a toxic, colorless, pale-yellow liquid. Acrylonitrile serves as a crucial raw material in the production of acrylic and modacrylic fibers. Additionally, it finds essential applications in the manufacturing of plastics such as acrylonitrile-butadiene-styrene (ABS) and styrene-acrylonitrile (SAN), nitrile rubbers, nitrile barrier resins, adiponitrile, and acrylamide.

The main applications of acrylonitrile span across various sectors, including acrylic fiber, adiponitrile, styrene-acrylonitrile, acrylonitrile butadiene styrene, acrylamide, carbon fiber, nitrile rubber, and others. Acrylic fibers, derived from acrylonitrile, are soft, stretchy, and result in lightweight, lofty yarns. Used as a substitute for wool in clothing and carpets, acrylic fiber is known for its flexibility and adaptability, producing fluffy and light yarns with characteristics resembling wool. End-users of acrylonitrile include the automotive, electrical and electronics, construction, packaging, and other industries.

The acrylonitrile market research report is one of a series of new reports that provides acrylonitrile market statistics, including acrylonitrile industry global market size, regional shares, competitors with an acrylonitrile market share, detailed acrylonitrile market segments, market trends and opportunities, and any further data you may need to thrive in the acrylonitrile industry. This acrylonitrile market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The acrylonitrile market size has grown strongly in recent years. It will grow from $13.82 billion in 2023 to $14.59 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth observed during the historical period can be attributed to factors such as the demand from the automotive industry, the growth of the petrochemical industry, increasing environmental awareness, investments in research and development, and infrastructure development.

The acrylonitrile market size is expected to see strong growth in the next few years. It will grow to $18.49 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The projected growth in the forecast period can be attributed to circular economy initiatives, the digitization of markets, shifts in global trade dynamics, a rising demand for consumer appliances, and an increasing demand for plastics. Noteworthy trends expected in this forecast period include the emergence of bio-based acrylonitrile, a focus on sustainable production practices, technological advancements in the industry, innovation in blended materials, and a heightened emphasis on energy efficiency.

The expanding textile and apparel industries are anticipated to drive the future growth of the acrylonitrile market. The market is responding to the growing need for acrylic fibers within the garment, textile, and other related sectors. For instance, reports shared by the India Brand Equity Foundation (IBEF) in April 2022 highlighted a substantial year-on-year (YoY) increase in handcrafted exports from India between April and September 2021. This upward trend suggests a surge in industry participation aimed at promoting handicraft products in international markets. Additionally, projections indicate a potential increase in India's cotton production to 7.2 million tons by 2030, responding to rising consumer demand for textile and apparel products.

The robust surge in construction activities is expected to be a significant driver for the acrylonitrile market. Acrylonitrile is essential in the manufacturing of polyvinyl chloride (PVC) pipes and fittings and is utilized in insulating components such as walls, roofs, and floors in construction. For instance, data from FMI (Fails Management Institute) Corporation in 2021 suggests substantial investment growth, with a prediction of global multi-family residential construction activities reaching $136 billion by 2025. This expected increase indicates the construction sector's heightened reliance on acrylonitrile-based products.

Leading companies in the acrylonitrile market are committed to product innovation to cater to consumer demands. For example, INEOS Nitriles, a UK-based petrochemical manufacturer, introduced InvireoTM in June 2023. This bio-attributed acrylonitrile is produced from sustainable feedstock and significantly reduces the carbon footprint, aiming to deliver more environmentally friendly outcomes.

Prominent entities in the acrylonitrile market continue to prioritize innovation to meet consumer needs. In June 2023, MBA Polymers UK Ltd., a UK-based recycling company, launched ABS 4125 UL. This high-impact strength, post-consumer recycled acrylonitrile-butadiene-styrene copolymer is designed for applications in electronics, automotive manufacturing, and consumer goods.

In December 2021, Oriental Shenghong, a Chinese polyester fiber producer, successfully acquired Serbon Petrochemical for 14.36 billion yuan ($2.04 billion). This strategic acquisition has enabled Oriental Shenghong to expand its fossil chemical business and capitalize on Serbon's specialized acrylonitrile and related production capabilities.

Major companies operating in the acrylonitrile market include INEOS Group Limited, Asahi Kasei Corporation, Mitsubishi Chemical Corporation, Chemelot Campus, Lukoil, Lenntech B.V., Sumitomo Chemical Company Limited, Ascend Performance Materials LLC, Taekwang Industrial Co. Ltd., Repsol S.A., China Petroleum & Chemical Corporation (Sinopec), Solvay S.A., Shanghai Secco Petrochemical Company Limited, Formosa Plastics Corporation, LUC Group, Taixing Yangzi River Petrochemical Co. Ltd., CNPC Jilin Chemical Group, Reliance Industries Limited, Lotte Chemical Corporation, Toray Industries Inc., Thai Acrylic Fiber Co. Ltd., Gihi Chemicals Co., Blackwell Plastics, CHIMEI, Zibo Qixiang Tengda Chemical Co. Ltd., CPDC (Chang Chun Plastics Co. Ltd.), LG Chem, Krada CPS Industry S.L, Nanjing Chemical Material Corp.

Asia-Pacific was the largest region in the acrylonitrile market in 2023. North America was the second-largest region in the acrylonitrile market. The regions covered in the acrylonitrile market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the acrylonitrile market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The acrylonitrile market consists of sales of acrylonitrile that is used in the manufacture of modacrylic fibers in textiles industry. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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