Acrylonitrile Market Growth & Trends
The global acrylonitrile market size is expected to reach USD 13.33 billion by 2030, registering a CAGR of 2.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth is majorly driven by the increasing demand for acrylonitrile from the Acrylonitrile Butadiene Styrene (ABS) segment. ABS is in high demand in various end-use industries, such as automotive, construction, and electronics. ABS is widely used in the automotive industry as it is easy to install and lightweight, which makes it more durable than PVC. In addition, it has strong mechanical strength and is corrosion-resistant & highly durable. The aforementioned factors are estimated to have a positive impact on product demand from the construction industry over the forecast period.
In the Asia Pacific region, acrylonitrile is extensively used in the construction, textile, consumer goods, and home furnishing industries. High awareness among end-use manufacturers regarding the product properties has resulted in substantial demand for acrylonitrile. Furthermore, the rising construction sector on account of infrastructure development and shifting automotive bases to developing economies, such as India, is likely to result in high product demand as it offers great durability and strength. The majority of the industry participants are inclined toward differentiating themselves from other players, as the industry is concentrated and competitive. Manufacturers use direct sales channels due to quick delivery times and a lack of middlemen. To increase supply efficiency while lowering costs, key producers rely on their internal distribution networks.
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Acrylonitrile Market Report
Acrylonitrile Market Report Highlights
- The carbon fiber segment is expected to grow at the fastest CAGR of 2.6% over the forecast period. Carbon fiber is widely used in the aerospace & defense, automotive, alternative energy, and construction industries.
- The acrylonitrile butadiene styrene (ABS) segment held the largest revenue share of 28.7% in 2022.
- This is on the account of exceptional properties of ABS, such as strength, durability, and corrosion resistance
- Acrylic fiber is obtained by reacting monomers with petroleum-based chemicals. It is used in the textile industry due to its low weight, high performance, high insulin, and good moisture management qualities.
- Asia Pacific dominated the market and accounted for the largest revenue share of 52.0% in 2022. This is attributed to the increasing demand for building materials on account of the growing construction sector.
- The North American acrylonitrile market is anticipated to grow at a CAGR of 2.3% over the forecast period.
