Acrylonitrile Market Latest Innovations, Drivers, Restraints, Challenges and Industry Key Events 2019-2023
Acrylonitrile Market Overview:
Commenting on this report, an analyst from Market Research Future (MRFR)’s team said, “Global Acrylonitrile market size is expected to grow at ~3.95% CAGR by 2023. The market witnessed a significant growth over the forecasted period owing to growing applications such as into acrylic fiber, acrylonitrile butadiene styrene, styrene-acrylonitrile resin, acrylamide, and others across various industries.
Market Research Future (MRFR) recognizes the following companies as the key players in the global Acrylonitrile market: Cytec Solvay Group (US), AnQore (Netherlands), INEOS Capital Limited (UK), Lukoil Company (Russia), Taekwang Industrial Co. ltd. (South Korea), Mitsubishi Chemical Corporation (Japan), Formosa Plastics Group (Taiwan), Shanghai SECCO Petrochemical Company (China), Sumitomo Chemical Company Limited (Japan), Repsol YPF, S.A. (Europe)
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In addition, the increasing demand from the automotive and construction industry is expected to fuel market growth of acrylonitriles in near future. Health issues in manufacturing of of acrylonitriles are expected to hamper the production growth of acrylonitriles. Instability in prices of raw materials such as polypropylene and changing preference of users towards organic chemicals is expected to hamper the global acrylonitrile market growth in the forecast period.
Acrylonitrile Industry Segmentation:
The global acrylonitrile market has been segmented into application and end use industries. On the basis of application, the market has been divided into acrylic fiber, acrylonitrile butadiene styrene, styrene-acrylonitrile resin, acrylamide, and others. Among these applications, acrylic fiber has coverd the largest market followed by acrylonitrile butadiene styrene, styrene-acrylonitrile resin and acrylamide. Geographically, Asia-Pacific is anticipated to be the largest market in terms of value and volume followed by Europe and North America.
Firstly, from the end use industries, the global acrylonitrile market has been divided into automotive, electronics industry, construction industry, packaging industry, and others. Among the end use industries, automotive and construction industry have acquired the largest market share owing to its increasing demand from the growing economies, especially from China, India and Japan. Acrylonitrile has application in automotive industry for manufacturing interiors and exterior parts such as suspension bushing, panels, handles and bumpers and others. In industrial sector acrylonitrile used as raw materials for synthetic fibers, fiber processing resins and others. Also in home appliances & electronics sector acrylonitrile used in refrigerators, washing machines, air conditioners, TVs, PCs, DVD/HDD recorders, and others. The growing demand from these end use industries have augmented the market for acrylonitrile which will further have a positive impact during the forecast period.
Acrylonitrile Leading Regions:
Acrylonitrile Market is classified on the basis of mixed geographic segmentation which involves regions such as America, Europe, Asia-Pacific, Middle East and Africa. Out of all, Asia Pacific acrylonitrile market is largest market owing to robust industry growth of application industry in China, Japan and India. Asia Pacific acrylonitrile market size is likely to witness highest gains over the forecast period. Positive stance on end-use industries such as automotive, electronics industry, construction industry, packaging industry, and others in countries like China, India and Japan is predict to drive demand. Above all China is major dominating country owing to large scale production of end user industries such as automotive and construction industry. In China acrylonitrile is mainly used in production of acrylic fibers and acrylonitrile butadiene styrene (ABS) which is extensively applied in manufacturing of pipes, plastic sheets, fittings, and others. Growing construction industry in developing country including China and India due to rise in per capital income is one of the the key factor for acrylonitrile market growth.
Whereas, according to current market situation in 2017, acrylonitrile prices down in APAC markets on low demand. Supply of acrylonitrile in APAC region is anticipated to constrict but regional prices may be weighed down by recent decrease in China’s domestic market. Also the competition between buyers and suppliers have been hindering transactions in the APAC acrylonitrile market.
Europe region stands on second position for global acrylonitrile market. Major drivers of acrylonitrile market in terms of end user industry of this region are automotive, construction, household appliances and electronics sector. Whereas due to constrict global supply of raw materials, it is found that European acrylonitrile prices have risen approx 48% since the beginning of the year 2017.
The third largest market of acrylonitrile is North America in growth of acrylonitrile market due to various application such as witnessed in growth of acrylonitrile market due to various application such as acrylic fiber, acrylonitrile butadiene styrene (ABS), styrene-acrylonitrile resin, acrylamide, and others (intermediates for flocculants, antioxidants, surface active agents). Latin America and Middle East also witnessed in growth of acrylonitrile market due to various end user industry such as automotive, electronics industry, construction industry, packaging industry, and others (pharmaceuticals and coatings)
Some Important Points From Table Of Contents
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study.
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape