The global Acrylonitrile Market is expanding continually due to rapid industrialization and urbanization worldwide. A vast amount of Acrylonitrile is consumed to manufacture molded, lightweight, yet study automotive components and other parts required in the building, electronics, construction, sports, and consumer goods industry. Moreover, augmenting demand from various burgeoning sectors, such as automotive, construction, and electronics, accelerate market growth, substantially.

The vast consumption in major end-use industries drives the growth of the market significantly. According to Market Research Future (MRFR), the size of the global Acrylonitrile market is expected to increase exponentially. In its recent industry analysis, MRFR asserts that the market would register a modest CAGR over the forecast period (2021– 2027). The production in the global acrylonitrile market is expected to reach 1035 thousand tons by 2025.

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Additional factors impacting the market growth, positively, include growing applications of Acrylonitrile due to the improved standards of living and disposable income, allowing people to invest more in the high-end construction and decorative home activities. Automotive manufacturers are continually looking to reduce vehicle weight without affecting stability.

In such a scenario, the Acrylonitrile offers a lightweight plastic solution, which in turn drives the market growth. On the flip side, price volatility and the demand-supply gap in the raw materials required for the production of Acrylonitrile is major tailwind impeding the growth of the market. Nevertheless, the increasing uses of Acrylonitrile would support market growth throughout the forecast period.

Acrylonitrile Market   - Segments

MRFR has segmented the report into three dynamics to widen the scope of understanding,

By Application                   : Acrylonitrile Butadiene Styrene (ABS), Styrene-Acrylonitrile Resin (SAR), Acrylic Fiber, Acrylamide, and others.

By End-use Industry         : Automotive, Electrical Electronics, Construction, Packaging, and others.

By Regions                          : North America, Europe, APAC, and Rest-of-the-World.

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Global Acrylonitrile Market   - Regional Analysis

The Asia Pacific region accounts for the leading share in the global Acrylonitrile market. Owing to the burgeoning end-use industries such as automotive and building construction in the region, the APAC Acrylonitrile market is expected to witness significant growth during the review period.

China, India, South Korea, and Japan account for the key contributors to the regional market growth, consuming a huge amount of Acrylonitrile for various applications. Besides, expanding the automotive and construction industries foster the growth of the regional market. Also, increasing government support to reduce carbon emissions by the transportation sector drive the market demand substantially.

The Acrylonitrile market in the North American region accounts for the second-largest market, globally. Factors such as the increasing environmental regulation by the US Environmental Protection Agency (EPA) to reduce carbon emissions are expected to drive the regional market growth, creating an enormous demand for lightweight automotive components.

The US market, led by the presence of well-established end-use industries, including automotive and sports, accounts for the major growth driver for the regional market. Moreover, factors such as growth in the construction sports industry, the presence of a well-penetrated automotive sector, and constant product demand are substantiating the increase in the regional market.

The European Acrylonitrile market is expected to grow significantly. The presence of well-developed automotive industries is expected to boost the regional market growth, consuming a massive amount of the product due to the increasing production of energy-efficient vehicles.

 Moreover, the flourishing aerospace industry in this region accounts for the major consumer of Acrylonitrile. European countries such as Italy, Germany, and France account for the significant growth contributors for the regional market.

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Acrylonitrile Market   - Competitive Analysis

Fiercely competitive, the Acrylonitrile market appears to be fragmented due to the presence of several large and small-scale players. They strengthen their market presence by expanding their distribution network and regional presence. This further leads to various collaborations and strategic initiatives such as mergers acquisitions and expansion of product portfolio. 

Key manufacturers strive to increase production capacities and develop new products. Moreover, the growing application areas of Acrylonitrile are encouraging the players to invest in RD to drive the development of new products and technologies. 

Major Players:

Players leading the global Acrylonitrile market include Solvay (US), Asahi Kasei Corporation (Japan), AnQore, Ascend Performance Materials (US), Koninklijke DSM NV (Netherlands), INEOS (UK), Mitsubishi Chemical Corporation (Japan), LUKOIL (Russia), Taekwang Industrial Co. Ltd (South Korea), Sumitomo Chemical Co., Ltd (Japan), Formosa Plastics Corporation (Taiwan), Lenntech BV (Netherlands), and Repsol (Spain), among others. 

Industry/ Innovation/ Related News

June 05, 2019 ----- Ineos (the UK), one of the world's largest chemical producers a significant player in the oil and gas market, announced the signing of an agreement to build three new chemical plants in Saudi Arabia with USD 2 BN investment. The company has entered an MoU with Saudi Aramco and France's Total to build the new plants at Jubail 2 petrochemical complex. 

This is a significant milestone for Ineos that marks its first investment in the Middle East region. Ineos is bringing advanced downstream technology, which would add value and create jobs. Ineos accounts for one of the largest producers for Acrylonitrile and acetonitrile and has four manufacturing plants, two in the US while others in Germany and the UK.

As per the MoU, Ineos would build an acrylonitrile plant of capacity 425,000t, a linear alpha olefin (LAO plant) with 400,000t, and an associated polyalphaolefin (PAO) facility. Planned to begin production in 2025, the plants will produce key building blocks for carbon fiber, engineering polymers, and synthetic lubricants.

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