Acrylonitrile Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Application (Synthetic Fibers, Plastics, Carbon Fibers, Resins And Elastomers), By Industry Vertical (Aerospace And Defense, Automotive, Construction, Others), And By Geography - Forecasts From 2021 To 2026

The acrylonitrile market is expected to grow at a compound annual growth rate of 3.38% over the forecast period to reach a market size of US$13.806 billion in 2026 from US$10.940 billion in 2019.

Acrylonitrile, also known with the formula CH2CHCN, is a colourless volatile organic liquid.  Although impurities in commercial samples might cause them to look yellow. It has strong garlic or onion odour. Its molecular structure is made up of a vinyl group coupled to a nitrile. Acrylonitrile is a chemical intermediary utilised in the production of a variety of compounds such as acrylonitrile butadiene styrene, acrylic fibres, acrylamide, nitrile rubber, adiponitrile, carbon fibres, and others. Acrylonitrile and related derivatives are widely utilised in the automotive and construction sectors due to their excellent properties such as chemical, thermal stability, high mechanical strength, and durability. Acrylic fibres have several applications in the textile and packaging sector.

The growing application of plastics at various end-use industries is the primary market driver for the acrylonitrile market. Acrylonitrile is primarily used in the manufacturing of plastics such as acrylonitrile butadiene styrene, acrylonitrile styrene acrylate, styrene-acrylonitrile, and others. The acrylonitrile market is projected to be driven by high demand for these plastics from the automotive, construction, and other industries due to their properties. The toxicity of acrylonitrile is a major market restriction. Acrylonitrile is highly combustible, poisonous and emits deadly fumes like nitrogen oxide and hydrogen cyanide.

According to the World Bank's World Integrated Trade Solution (WITS), the top exporters of Styrene polymers; acrylonitrile-butadiene-styrene (ABS) copolymers in primary forms in 2019 were Korea, Rep. ($2,244,420.00K, 1,359,590,000 Kg), Other Asia, nes ($1,737,288.25K, 1,103,730,000 Kg), Hong Kong, China ($832,274.15K, 523,534,000 Kg), Malaysia ($430,973.49K, 325,064,000 Kg), Netherlands ($363,343.57K, 213,879,000 Kg).

Growth Factors:

• Increased demand for plastics from various end-use sectors:

Global plastics production has nearly hit 370 million tonnes, according to Plastics Europe 2020. Plastics production in Europe has nearly surpassed 58 million tonnes. In terms of industrial value-added contribution, the European plastics industry ranks seventh in Europe. The rising use of plastics in various end-use sectors will drive the growth of the acrylonitrile market.

Restrains:

• Toxicity of acrylonitrile:

Acrylonitrile is most commonly used in the production of acrylic and modacrylic fibres. It is also utilised in the production of plastics (acrylonitrile-butadiene-styrene and styrene-acrylonitrile resins), adiponitrile, acrylamide, and nitrile rubbers, and barrier resins. Acrylonitrile can be harmful by inhalation, ingestion, and skin contact. Acute or short term exposure to acrylonitrile exposure has been linked to causing mucous membrane irritation, headaches, dizziness, and nausea among factory workers.

Impact of Covid-19:

The COVID-19 pandemic had a significant impact on the global acrylonitrile market. Shutdowns and a lack of production activities in the end-use sector had a direct impact on the acrylonitrile market. Demand for automobiles fell dramatically throughout the world, and construction activities were also suspended, thereby hampering the market growth.

Competitive Insight:

• September 2021 - Ineos Styrolution, a European styrenics manufacturer, released its first specialised acrylonitrile-butadiene-styrene with recycled material.
• June 2021 - The Taekwang Industrial, a South Korean petrochemical product manufacturer, established an acrylonitrile joint venture plant with LG Chem to meet rising global demand.

Acrylonitrile Market Scope:

Market Segmentation

• By Application
  • Synthetic fibres
  • Plastics
  • Carbon Fibres
  • Resins and Elastomers
• By Industry Vertical
  • Aerospace and Defense
  • Automotive
  • Construction
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Israel
    • Saudi Arabia
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others

Frequently Asked Questions (FAQs)

Q1. What is the size of the global acrylonitrile market?
A1. Acrylonitrile Market was valued at US$10.940 billion in 2019.

Q2. What will be the acrylonitrile market size by 2026?
A2. The acrylonitrile market is projected to reach a total market size of US$13.806 billion by 2026.

Q3. What are the growth prospects for the acrylonitrile market?
A3. The global acrylonitrile market is projected to expand at a CAGR of 3.38% during the forecast period.

Q4. What factors are anticipated to drive the acrylonitrile market growth?
A4. One of the major factors expected to drive the acrylonitrile market growth is its extensive use in the construction industry for making headliners, interior grills, center consoles, and others.

Q5. How is the global acrylonitrile market segmented?
A5. The global acrylonitrile market has been segmented by application, industry vertical, and geography.