Market Trends of Acrylonitrile Industry
This section covers the major market trends shaping the Acrylonitrile Market according to our research experts:
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 of ABS resins is increasing in the consumer appliances segment. ABS finds application in various end-user industries such as oil and gas, food handling and equipment, oil and gas, aircraft, defense, and aerospace.
- Due to Acrylonitrile butadiene styrene's superior properties, such as strength and durability at low temperatures, it is widely used in the automotive and electronics industries. Due to its superior properties, such as lightweight, strength, and durability at low temperatures, it is widely used in the automotive and electronics industries.
- Additionally, growing developments in 3D printing around the world are also projected to increase the scope of application for ABS in the near future.
- According to the IEA 2021 Outlook, worldwide electric car sales doubled in 2021 and reached 6.6 million. The sales increased strongly in 2022, with 2 million electric cars sold across the globe in the first quarter of 2022.
- According to Ministry of Electronics and Information Technology, India committed to reach USD 300 billion worth of electronics manufacturing and exports by 2025-26. The country has seen a gwowth of over 2.3 times in domestic electronics production in 6 years; from USD 29 billionn in FY15 to USD 67 billion in FY21.
- All the aforementioned factors are expected to show an impact on the demand for acrylonitrile during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific dominated the worldwide market with a significant market share. The Asia-Pacific 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 According to All View Cloud (AVC), China's kitchen electrical appliances market was valued at RMB152.8 billion (~USD 21.86 billion) in 2021.
- 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. The statistics from the China Passenger Car Association show that total passenger EV sales in China in 2021 jumped 169.1% from a year ago to nearly 2.99 million: about half of all EVs sold globally.
- According to Government of India, 1.32% of all vehicle sales in FY21-22 were electric. In April 2022, the electric car sales was 2,161 which grew in May to 2,855 and has shown continuous upward trends reaching 3,419 in September 2022.
- Japan pledged to become net-zero by 2050 and slash emissions by 46% by 2030. The government recognises the shift to EVs as being a way of supporting the country's decarbonisation efforts. The government plans to make EVs more affordable for consumers. The subsidies in Japan are reaching a maximum of 800,000 yen (USD 7,000).
- The above-mentioned factors are expected to further drive the demand in the acrylonitrile market over the forecast period.
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