Acrylonitrile Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Acrylonitrile Market is segmented by Application (Acrylic Fiber, Acrylonitrile Butadiene Styrene, Polyacrylamide, Nitrile Butadiene Rubber, and Other Applications) and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).

Market Snapshot

Acrylonitrile Market Bar Graph
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >5 %
Acrylonitrile Market Major Players

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Market Overview

The acrylonitrile market was valued at over 6 million ton in 2020, and the market is projected to register a CAGR of over 5% during the forecast period (2021-2026).

The market was negatively impacted due to COVID-19. Owing to the pandemic scenario, several countries around the world went into lockdown, which completely disrupted the supply chain. Also, work stoppages, labor shortages, and preventive quarantines to curb the spread of the virus had a negative impact on the market. However, the condition is expected to recover in 2021, thereby driving the market during the forecast period.

  • Over the medium term, the increasing demand for acrylonitrile butadiene styrene (ABS) in the construction industry and increasing applications in electronics and consumer appliances are driving the market's growth.
  • Competition from low-priced polyester fibers in the textile industry and the negative impact of the COVID-19 pandemic are expected to significantly hinder the growth of the market studied.
  • Asia-Pacific is expected to dominate the global market and accounts for the largest share during the forecast period.

Scope of the Report

Raw materials, such as propylene, ammonia, and propane, used in the production of acrylonitrile, are mostly derivatives of crude oil. Acrylonitrile provides excellent durability, strength, and heat-resistant properties. The acrylonitrile market is segmented by application and geography. By application, the market is segmented by acrylic fiber, acrylonitrile butadiene styrene, polyacrylamide, nitrile butadiene rubber, and other applications. The report also offers the market size and forecasts for 15 countries across major regions. For each segment, market sizing and forecasts have been done on the basis of volume (kiloton).

Application
Acrylic Fiber
Acrylonitrile Butadiene Styrene (ABS)
Polyacrylamide (PAM)
Nitrile Butadiene Rubber (NBR)
Other Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Rising Demand from Acrylonitrile Butadiene Styrene (ABS) Application

  • Acrylonitrile butadiene styrene (ABS) is a thermoplastic that provides a diverse combination of properties, like resistance to chemicals, heat, and impact.
  • The consumption rate of ABS resins is increasing in the consumer appliances segment, the largest end-user segment, which accounts for about 40% of the global ABS resin consumption.
  • The second-largest end-user is the electrical and electronics industry, which accounts for approximately 25% of the overall consumption.
  • The automotive industry accounts for about 12% of the global ABS resin consumption.
  • Due to its superior properties, such as strength and durability at low temperatures, it is widely used in the automotive and electronics industries.
  • Moreover, as ABS is lightweight in nature, its demand runs parallel to the demand for lightweight automobiles.
  • Additionally, growing developments in 3D printing around the world are also projected to increase the scope of application for ABS in the near future.
  • Global automobile production has started declining globally. According to OICA, automobile production has declined by around 23% in the first nine months of 2020 compared to the same period in 2019. This is expected to affect the demand for ABS resin in the coming years.
  • All the aforementioned factors are expected to show an impact on the demand for acrylonitrile during the forecast period.
Acrylonitrile Market Key Trends

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China to Dominate the Demand in the Asia-Pacific Region

  • In recent years, China has become a global industrial and manufacturing hub. The increase in the manufacturing of electrical and electronics appliances in China over the years has resulted in increased demand for acrylonitrile in the country.
  • The Chinese market is expected to witness faster growth in comparison to other countries, owing to the significant increase in the per-capita income of the middle-class population and the resultant increase in the sales of consumer goods in the region.
  • The appliance market in China is likely to continue to grow as the middle-class population grows since this group purchases more consumer durable electronic goods that use ABS resins. According to statistics from the China Household Electric Appliances Research Institute, the revenue of China's home appliance sector reached CNY 803.2 billion (USD 115.5 billion) in 2019, a decline of 2.2 percent year-on-year. However, the sales have surged during the pandemic.
  • China is the global leader in the electric car market. The Chinese government is providing strong financial and non-financial incentives to boost electric car sales.
  • Tesla sold around 21,000 vehicles in China in November 2020, a record highest for the straight five months. The leading electric car manufacturers in China include Tesla, BYD Co., and Nio Inc. The growing demand for electric vehicles in the country is driving the market.
  • Furthermore, the Chinese government is planning to have a minimum of 5,000 fuel cell electric vehicles by 2025 and 1 million by 2030. The government promoting the use of electric, hybrid, and fuel cell electric vehicles is expected to drive the market studied during the forecast period.
  • Furthermore, countries, such as India and Japan, have also been contributing to the growth of the market studied. This is expected to further drive the demand in the acrylonitrile market over the forecast period.
Acrylonitrile Market Growth Rate By Region

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Competitive Landscape

The acrylonitrile market is a consolidated market, with the top three players accounting for more than 45% of the global market. Some of the major players of the market studied include INEOS, China Petroleum & Chemical Corporation, Asahi Kasei Corporation, Ascend Performance Materials, and Chemelot, among others.

Recent Developments

  • In May 2019, Sinopec, one of the world’s largest energy and chemical companies, increased the contract prices of acrylonitrile in China by CNY 1,150, or USD 166, per ton. The May contractual and spot prices of CAN in the region were approved on ex-works delivery terms and amounted to USD 2,163 per ton.
  • In Jun 2019, INEOS successfully signed an agreement with Saudi Aramco and Total to invest USD 2 billion for building its first three plants in the Middle East. The three world-scale plants will produce key building blocks for carbon fiber, engineering polymers, and synthetic lubricants. The new 425,000 ton acrylonitrile plant will use INEOS' world leading technology and catalyst.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand for Acrylonitrile Butadiene Styrene (ABS) in the Construction Industry

      2. 4.1.2 Increasing Applications in Electronics and Consumer Appliances

    2. 4.2 Restraints

      1. 4.2.1 Competition from Low-priced Polyester Fibers in the Textile Industry

      2. 4.2.2 Negative Impact of the COVID-19 Pandemic

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Technological Snapshot

    6. 4.6 Feedstock Analysis

    7. 4.7 Trade Analysis

    8. 4.8 Price Trends

    9. 4.9 Regulatory Policy Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Application

      1. 5.1.1 Acrylic Fiber

      2. 5.1.2 Acrylonitrile Butadiene Styrene (ABS)

      3. 5.1.3 Polyacrylamide (PAM)

      4. 5.1.4 Nitrile Butadiene Rubber (NBR)

      5. 5.1.5 Other Applications

    2. 5.2 Geography

      1. 5.2.1 Asia-Pacific

        1. 5.2.1.1 China

        2. 5.2.1.2 India

        3. 5.2.1.3 Japan

        4. 5.2.1.4 South Korea

        5. 5.2.1.5 Rest of Asia-Pacific

      2. 5.2.2 North America

        1. 5.2.2.1 United States

        2. 5.2.2.2 Canada

        3. 5.2.2.3 Mexico

      3. 5.2.3 Europe

        1. 5.2.3.1 Germany

        2. 5.2.3.2 United Kingdom

        3. 5.2.3.3 France

        4. 5.2.3.4 Italy

        5. 5.2.3.5 Rest of Europe

      4. 5.2.4 South America

        1. 5.2.4.1 Brazil

        2. 5.2.4.2 Argentina

        3. 5.2.4.3 Rest of South America

      5. 5.2.5 Middle-East and Africa

        1. 5.2.5.1 Saudi Arabia

        2. 5.2.5.2 South Africa

        3. 5.2.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Asahi Kasei Corporation

      2. 6.4.2 Ascend Performance Materials

      3. 6.4.3 Chemelot

      4. 6.4.4 China Petrochemical Development Corporation

      5. 6.4.5 China Petroleum & Chemical Corporation

      6. 6.4.6 Cornerstone

      7. 6.4.7 INEOS

      8. 6.4.8 LUKOIL

      9. 6.4.9 Mitsubishi Chemical Corporation

      10. 6.4.10 Petkim Petrokimya Holding AŞ

      11. 6.4.11 Polymir

      12. 6.4.12 Reliance Industries Limited

      13. 6.4.13 Sumitomo Chemical Co. Ltd

      14. 6.4.14 Taekwang Industrial Co. Ltd

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Budding Wastewater Treatment Applications

    2. 7.2 Other Opportunities

**Subject to Availability

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Frequently Asked Questions

The Acrylonitrile Market market is studied from 2016 - 2026.

The Acrylonitrile Market is growing at a CAGR of >5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

INEOS, Ascend Performance Material, Chemelot, Asahi Kasei Corporation, China Petroleum & Chemical Corporation are the major companies operating in Acrylonitrile Market.

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