Acrylonitrile Market - Growth, Trends, and Forecast (2020 - 2025)
The acrylonitrile market is expected to register a CAGR of around 5% during the forecast period. One of the major factors driving the market studied is the increasing demand for acrylonitrile butadiene styrene (ABS) in the automotive and construction industries.
Competition from lowpriced polyester fibers in the textile industry is expected to significantly hinder the growth of the market studied.
AsiaPacific is expected to dominate the global market, during the forecast period.
Budding wastewater treatment applications are likely to act as an opportunity in the future.
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 enduser segment, which accounts for about 40% of the global ABS resin consumption.
The secondlargest enduser 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 automobile.
Additionally, growing developments in 3D printing, around the world, are also projected to increase the scope of application for ABS, in the near future.
China to Dominate the Demand in the AsiaPacific Region
In the 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 percapita income of the middleclass 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 middleclass population grows, since this group purchases more consumer durable electronic goods that use ABS resins.
China is the global leader in the electric car market. The Chinese government is providing strong financial and nonfinancial incentives, to boost the electric cars sales.
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 for the acrylonitrile market, over the forecast period.
The market studied 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, and Asahi Kasei Advance Corporation., among others.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook