Acrylonitrile Market

Acrylonitrile Market Overview

The acrylonitrile market size and share are projected to grow from USD 12.23 billion in 2024 to USD 18.01 billion by 2035, representing a CAGR of 3.58%, during the forecast period of 2024-2035.

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The new research study consists of acrylonitrile industry and trends analysis, detailed market forecast analysis, and providing actionable strategic recommendations.

Acrylonitrile is a colorless volatile liquid with a pungent odor which is produced using raw materials such as propylene, propane and ammonia, along with hydrogen cyanide and acetonitrile as byproducts. It is worth mentioning that manufacturing of plastics including polyacrylonitrile, acrylic fibers, acrylonitrile butadiene styrene (ABS) and others is the primary use of acrylonitrile. Additionally, it is also a crucial component in the manufacturing of acrylic fibers, which have a wide industry of clothing and home textiles.

The acrylonitrile market is witnessing an exponential boost in the forecasted period. The prominent factor contributing to the global demand of this market is the increasing use of acrylonitrile across various industries including textiles, automotive, and construction. Apart from this, the growing demand for acrylic fibers, which further have a wide application in industries including clothing, home textiles, and industrial applications is also a major driver for the acrylonitrile market growth. Furthermore, the increasing demand for plastics and resins, which are used in various applications such as packaging, automotive parts and construction materials is also fueling the market growth. In addition to this, the market is also witnessing a successful growth due to the rising popularity of synthetic rubber which is another application of acrylonitrile due to its highly reactive nature.

Acrylonitrile Market Share Insights

The market report presents an in-depth analysis of the various service providers that are involved in acrylonitrile market, across different segments, as defined in the table below:

Acrylonitrile Market: Report Attributes / Market Segmentations

Acrylonitrile Market Key Segments

Market Share by Type of Formulation

The global acrylonitrile market is segmented into two types of formulation, modified acrylonitrile and standard acrylonitrile. According to our acrylonitrile market analysis, currently the standard acrylonitrile segment is holding over 72% market share due to its widespread use in various industries like automotives and textiles. Another growth factor for this segment is the established production process and robust demand across multiple sectors. On the other hand, the modified acrylonitrile segment is expected to witness the fastest CAGR over this forecasted period. This growth is owed to its enhanced properties that cater to specific applications requiring improved performance characteristics, including increased chemical resistance and thermal stability.

Market Share by Type of Sustainability Focus

The global acrylonitrile market segmentation is split into two types of sustainability focus, such as bio-based acrylonitrile, and recycled acrylonitrile products. Among the categories, the bio-based acrylonitrile segment is expected to gain the maximum market share. This can be attributed to the increasing environmental concerns and a shift towards sustainable production methods. As the companies are focusing more on bio-based alternatives and reducing their carbon footprint, bio-based acrylonitrile is becoming a leading choice in the market. However, it is worth highlighting that recycled acrylonitrile products are expected to witness the CAGR of over 5% due to circular economy practices and awareness for sustainability.

Market Share by Type of Manufacturing Process

The global acrylonitrile market is fragmented into two types of manufacturing processes namely propane ammoxidation and propylene ammoxidation. The propylene ammoxidation segment is anticipated to dominate with the highest market share during the forecast period as this is a highly lucrative segment. This can be attributed to the rising demand for acrylonitrile in LED bulbs and electronic displays. Moreover, highly reflective properties of acrylonitrile enhance the light emission efficiency which further enhances the overall brightness of the LED bulbs. This proves to be another prominent contributor for the market growth of acrylonitrile market.

Market Share by Areas of Application

The global acrylonitrile market is fragmented into various types of areas of application namely ABS, acrylic fibers, acrylamide, acrylonitrile butadiene rubber (NBR), adiponitrile, carbon fiber, nitrile rubber, styrene-acrylonitrile resin (SAR), and others. The acrylonitrile butadiene styrene (ABS) segment is anticipated to dominate with the highest market share over this forecast period. This growth is driven by the product’s increasing use in automotive, electronics, consumer goods, and the construction industry due to its easy installation and lightweight properties. However, the carbon fiber segment is expected to witness the highest CAGR due to the increasing use of carbon fiber in the aerospace & defense, automotive, alternative energy, and construction industries.

Market Share by Type of Enterprise

The global acrylonitrile market is fragmented into multiple types of enterprise namely large and small and medium enterprise. The large enterprise segment is anticipated to dominate the segment with the highest market share over this forecast period. However, small and medium enterprise segments are expected to witness the fastest growth rate until 2035. This is ascribable to their agility, innovation, focus on niche markets, and ability to adapt to changing customer preferences and market conditions.

Market Share by Geographical Regions

This segment highlights the distribution of the acrylonitrile market across various geographical regions, such as North America, Europe, Asia, Latin America, Middle East, North Africa, and the rest of the world. According to our analysis of the acrylonitrile market regional outlook, Asia Pacific is dominating the market share. This growth can be attributed to the increasing demand for building materials on account of the growing construction sector. Furthermore, the rise in the textile and home furnishing market is also positively impacting the market growth.

Acrylonitrile Market Key Insights

The “Acrylonitrile Market Till 2035: Industry Trends and Global Forecasts.” report features an extensive study of the current market landscape, recent trends and acrylonitrile market forecast. The market report highlights the efforts of several stakeholders involved in this rapidly emerging segment of the service providers industry. Key takeaways of the acrylonitrile market report are briefly discussed below.

Acrylonitrile Market Trends

The expansion of the acrylonitrile market is being fueled by several factors including increasing demand for acrylic fibers in the healthcare industry and flourishing growth of the electronics industry. Acrylonitrile, a product of the propylene plastic and others, is majorly being utilized in the medical and pharmaceutical industries for various medical equipment like insulin pens, miniature implants, respiratory devices, drug delivery systems and others. Similarly, the industry is also witnessing a significant growth of acrylonitrile applications including electronic industries for home appliances, computer cases, electronic gadgets and others due to its superior factors like being lightweight, insulated and having high impact resistance.

Competitive Landscape of Acrylonitrile Market

With the presence of several small and large chemical companies, the market is experiencing intense competition and changing market dynamics. From large multinational companies to local players, companies are striving to enhance their competitive edge. In terms of market share, large enterprises and multinational companies are dominating the market with over 65% of the current market share. The key players are using strategies such as partnerships, acquisitions, ventures, acrylonitrile innovations, novel product launches, R&D and geographical expansions in an attempt to solidify their position in the industry. For instance, in September 2023, Trillium partnered with Zeton to design sustainable acrylonitrile demonstration plant.

Acrylonitrile Market Challenges

Despite the exceptional growth, the acrylonitrile market is facing a few challenges. The most prominent acrylonitrile industry challenges include the negative impacts of acrylonitrile as well as the price fluctuations for basic materials. Acrylonitrile is a highly flammable substance. Additionally, it also has a negative impact on soil, air, water and other substances as it forms photochemical smog which is an environmental hazard. It is also harmful for human health as it can cause severe breathing difficulties and skin irritations. Apart from this, the price fluctuations of basic materials needed to produce acrylonitrile, such as propylene and ammonia, also impacts manufacturers’ profit margins and consumer prices, demotivating companies to invest in this market.

Regional Analysis: Asia Pacific is Expected to Dominate the Market with the Largest Acrylonitrile Market Share

Asia Pacific currently holds a substantial share in the acrylonitrile industry opportunity. This dominance can be attributed to the increasing demand for building materials on account of the growing construction sector. Furthermore, rising demand from the textile and home furnishing industries is also expected to positively influence this segment. Along with this, the strong presence of leading market players in the Asia Pacific region, who continue to invest actively in the market also contribute to the dominance of the region in acrylonitrile market.

Leading Companies in the Acrylonitrile Market

Examples of key service providers involved in the acrylonitrile market (which have also been captured in this market report, arranged in alphabetical order) include Asahi Kasei, Ascend Performance Materials, Chemelot, China National Petroleum, Dow Chemical, DSM, Esenttia, Formosa Plastics, Jilin Petrochemical, Jiangsu Shenghong, Lenntech B.V., LUKOIL, Mitsubishi, PJSC "Nizhnekamskneftekhim", Repsol, Reliance, Shanghai Huayi Acrylic Acid, Sinopec, and Sumitomo.

Recent Developments In Acrylonitrile Market

• In June 2024, Trillium selected INEOS green lake for sustainable acrylonitrile production plant.
• In February 2024, Evonik released the new INFINAM FR 4100L 3D printing resin which is both flame retardant and mechanically durable when cured.
• In February 2024, Mitsubishi Chemical group announced the discontinuation of MMA monomer production by ACH process and the production of acrylonitrile its derivatives at its Mitsubishi plant.

Acrylonitrile Market Report Coverage

• A preface providing an introduction to the full report, acrylonitrile market, 2019-2023 (Historical Trends) and till-2035 (Forecasted Estimates).
• An outline of the systematic research methodology adopted to conduct the study on the acrylonitrile market, providing insights on the various assumptions, methodologies, and quality control measures employed to ensure the accuracy and reliability of our findings.
• An overview of economic factors that impact the overall acrylonitrile market, including historical trends, currency fluctuation, foreign exchange impact, recession, and inflation measurement.
• An executive summary of the insights captured during our research. It offers a high-level view on the current state of the acrylonitrile market and its likely evolution in the mid-long term.
• A detailed assessment of the acrylonitrile market landscape, based on several relevant parameters, including year of experience, company size, location of headquarters, and ownership structure.
• Elaborate profiles of prominent players engaged in the acrylonitrile market, featuring information on their year of establishment, location of headquarters, company size, company mission, company footprint, management team, contact details, financial information, operating business segments, acrylonitrile portfolio, moat analysis, recent developments, and an informed future outlook.
• A qualitative assessment of the various megatrends ongoing in the acrylonitrile industry, including the sustainable production processes, shift in consumer preferences, urbanization and construction growth
• An analysis highlighting the key unmet needs across acrylonitrile industry, featuring insights generated from real-time data on unmet needs as identified from social media posts, recent publications, industry blogs and the views of key opinion leaders expressed on online platforms.
• An in-depth analysis of various patents that have been filed / granted related to acrylonitrile and its components, based on various parameters, such as type of patent, patent publication year, patent age and leading players
• A detailed analysis of recent developments in the acrylonitrile domain, based on relevant parameters such as year of initiative, type of initiative (partnerships and collaborations, expansions, funding and product launches), geographical distribution and most active players (in terms of number of recent developments).
• Key winning strategies framework that helps in analyzing the level of competition within an industry, by tracing the key market activities including partnership, funding, expansion of leading players
• A qualitative analysis, highlighting the five competitive forces prevalent in acrylonitrile industry, including threats for new entrants, bargaining power of suppliers, bargaining power of customers, threats of substitution and rivalry among existing competitors.
• A discussion on affiliated global acrylonitrile trends, key drivers and challenges, under a SWOT framework, which are likely to impact the industry’s evolution, along with a Harvey ball analysis, highlighting the relative effect of each SWOT parameter on the overall acrylonitrile market.
• A value chain analysis featuring a discussion on various stakeholders involved in the development of the acrylonitrile market, from suppliers to end-users.
• A detailed estimate of the current market size and the future growth potential of the acrylonitrile market over the next decade. Based on multiple parameters we have provided an informed estimate on the market evolution during the forecast period 2024-2035. The report also features the likely distribution of the current and forecasted opportunity within the acrylonitrile market. Further, in order to account for future uncertainties and to add robustness to our model, we have provided three forecast scenarios, namely conservative, base, and optimistic scenarios, representing different tracks of the industry’s growth.
• Detailed projections of the current and future acrylonitrile market two types of formulation, modified acrylonitrile and standard acrylonitrile.
• Detailed projections of the current and future acrylonitrile market across two types of sustainability focus, such as bio-based acrylonitrile, and recycled acrylonitrile products.
• Detailed projections of the current and future acrylonitrile market across two types of manufacturing processes namely propane ammoxidation and propylene ammoxidation.
• Detailed projections of the current and future acrylonitrile market across various areas of application namely ABS, Acrylic Fibers, Acrylamide, Acrylonitrile Butadiene Rubber (NBR), Adiponitrile, Carbon Fiber, Nitrile Rubber, Styrene-Acrylonitrile Resin (SAR), and others.
• Detailed projections of the current and future acrylonitrile market across various types of company sizes such as large enterprises, small and medium enterprises.
• Detailed projections of the current and future market for Acrylonitrile across various geographical regions, such as North America (US, Canada, Mexico and other North American countries), Europe (Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Russia, Spain, Sweden, Switzerland, UK and other European countries), Asia (China, India, Japan, Singapore, South Korea and other Asian countries), Middle East and North Africa (Egypt, Iran, Iraq, Israel, Kuwait, Saudi Arabia, UAE and other MENA countries), Latin America (Brazil, Chile, Colombia, Venezuela and other Latin American countries) and rest of the world (Australia, New Zealand and other countries).

Authors: Ronit Sharma and Anmol Bali

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