Global Acrylonitrile Market Size, Share, Growth Analysis, By Production process(Propylene ammoxidation, propane ammoxidation), By Application(Acrylic fibers, ABS (acrylonitrile-butadiene-styrene) resins) - Industry Forecast 2024-2031

Global Acrylonitrile Market size was valued at USD 13.31 billion in 2022 and is poised to grow from USD 13.86 billion in 2023 to USD 19.11 billion by 2031, growing at a CAGR of 4.10% during the forecast period (2024-2031).

Acrylonitrile, a transparent liquid, serves as a crucial ingredient in the fabrication of a wide array of materials, including synthetic fibers, plastics, resins, and elastomers, with acrylic fibers notably prominent in clothing and home textiles. The global market for acrylonitrile is propelled by escalating demands across diverse sectors like textiles, automotive, and construction. Particularly, the surge in demand for acrylic fibers, extensively utilized in apparel, household textiles, and industrial contexts, stands as a primary market driver. Furthermore, the burgeoning requisites for plastics and resins, indispensable in applications ranging from packaging to automotive components and construction supplies, further stimulate market expansion. Notably, the Asia-Pacific region, spearheaded by China as a major producer and consumer, dominates the acrylonitrile market, a trend expected to persist due to the region's burgeoning textile and automotive sectors. Nevertheless, market growth faces potential constraints from environmental apprehensions linked to acrylonitrile production and the volatility in prices of essential raw materials such as propylene and ammonia.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Acrylonitrile Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Acrylonitrile Market Segmental Analysis

Global Acrylonitrile Market is segmented on the basis of production process, application, and region. By production process, the market is segmented into propylene ammoxidation, propane ammoxidation, and others. By application, market is segmented into acrylic fibers, ABS (acrylonitrile-butadiene-styrene) resins, adiponitrile, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Acrylonitrile Market

Acrylonitrile serves as a vital component in manufacturing acrylic fibers, extensively utilized in textiles, apparel, and various consumer products. With the global population on the rise and disposable incomes increasing, there's a burgeoning demand for textiles, especially in emerging markets, which is anticipated to amplify the need for acrylonitrile in the foreseeable future.

Restraints in the Global Acrylonitrile Market

The manufacturing process of acrylonitrile relies on propylene and ammonia as essential inputs, subject to price volatility influenced by factors like supply-demand dynamics, geopolitical tensions, and natural calamities. Such fluctuations can directly impact manufacturers' profit margins and subsequently drive up consumer prices, potentially influencing the demand for acrylonitrile.

Market Trends of the Global Acrylonitrile Market

One prominent trend in the global acrylonitrile market is the increasing emphasis on sustainability and the advancement of bio-based acrylonitrile. Conventional production techniques for acrylonitrile are notably energy-intensive and reliant on fossil fuels, raising concerns about climate change and resource scarcity. Consequently, there is mounting interest in exploring alternative, eco-friendly production methods. Bio-based acrylonitrile, derived from renewable sources like biomass, offers a promising solution by reducing dependency on fossil fuels and cutting greenhouse gas emissions. Moreover, it has the potential for a diminished environmental footprint compared to traditional methods, as it requires fewer hazardous chemicals. Numerous companies and entities are presently investing in the research and development of bio-based acrylonitrile, anticipating significant growth in this domain in the foreseeable future. This shift underscores a broader trend toward sustainability and environmentally-conscious practices within the chemical industry.