The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

 

The acrylonitrile market has witnessed robust growth, soaring from $13.82 billion in 2023 to $14.59 billion in 2024, showcasing a notable Compound Annual Growth Rate (CAGR) of 5.6%. This surge is attributed to various factors, including heightened demand from the automotive industry, a burgeoning petrochemical sector, growing environmental awareness, substantial investments in research and development, and extensive infrastructure development.

 

 

Key Statistics:

• Market Size (2023): $13.82 billion
• Projected Market Size (2024): $14.59 billion
• CAGR (2023-2024): 5.6%

 

 

Future Outlook: A Promising Trajectory

The upward trajectory is expected to persist, with the acrylonitrile market projected to reach $18.49 billion in 2028, boasting a commendable CAGR of 6.1%. The forecasted growth is fueled by an array of factors, including circular economy initiatives, market digitization, evolving global trade dynamics, amplified demand for consumer appliances, and an upswing in the use of plastics.

 

 

Key Predictions:

• Projected Market Size (2028): $18.49 billion
• Estimated CAGR (2024-2028): 6.1%

 

 

Textile and Apparel Industries: Pivotal Drivers

The exponential growth of the acrylonitrile market is significantly driven by the flourishing textile and apparel industries. These industries play a pivotal role, not only in fabric production from raw materials but also in the transformation of these fabrics into clothing and various accessories. The increasing need for acrylic fibers, influenced by the expansion of these industries, is a key contributor to the escalating demand for acrylonitrile.

 

 

Industry Insights:

• Textile and apparel industry divided into textile and fabric production, and transformation into clothing.
• India’s handcrafted exports reached $2.13 billion between April 2021 and September 2021, marking a 60.34% YoY growth.
• Anticipated cotton production in India by 2030: 7.2 million tons.

 

 

Innovations Driving Growth: ABS 4125 UL in Focus

Major companies operating in the acrylonitrile market are prioritizing innovation to cater to evolving customer needs. A noteworthy example is the development of ABS 4125 UL (Acrylonitrile Butadiene Styrene), a sustainable product with a remarkable post-consumer recycled content of 95% or more. Launched by MBA Polymers UK Ltd. in June 2023, ABS 4125 UL finds applications in electronics, automotive manufacturing, and consumer goods, emphasizing the industry’s commitment to sustainable practices.

 

 

Read The Full Acrylonitrile Market Report Here:

https://www.thebusinessresearchcompany.com/report/acrylonitrile-global-market-report

 

 

Product Innovation:

• ABS 4125 UL: Sustainable product with a post-consumer recycled content of 95% or more.
• Application areas: Electronics, automotive manufacturing, consumer goods.

Global Expansion: Oriental Shenghong’s Strategic Acquisition

In December 2021, Oriental Shenghong, a prominent Chinese producer, expanded its global reach by acquiring Serbon Petrochemical for 14.36 billion yuan ($2.04 billion). This strategic move positions Oriental Shenghong as an international fossil chemical company, leveraging Serbon’s facilities and broadening growth opportunities.

 

 

Acquisition Highlights:

• Oriental Shenghong’s acquisition of Serbon Petrochemical for 14.36 billion yuan ($2.04 billion).
• Serbon Petrochemical: Chinese provider of acrylonitrile, EVA photovoltaic materials, and other products.

 

 

Market Segmentation: A Comprehensive Breakdown

To provide a holistic view, the acrylonitrile market is segmented based on application and end-user categories.

 

 

Segmentation Overview:

1. By Application:
   • Acrylic Fiber
   • Adiponitrile
   • Styrene Acrylonitrile
   • Acrylonitrile Butadiene Styrene
   • Acrylamide
   • Carbon Fiber
   • Nitrile Rubber
   • Other Applications
2. By End User:
   • Automotive
   • Electrical & Electronics
   • Construction
   • Packaging
   • Other End Users

 

 

Regional Dominance: Asia-Pacific Takes the Lead

In 2023, Asia-Pacific emerged as the largest region in the acrylonitrile market, further solidifying its dominance in the global landscape.

Regional Insight:

• Asia-Pacific: Largest region in the acrylonitrile market in 2023.

 

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The Acrylonitrile Global Market Report 2024 provides an overviewof the acrylonitrile market for the time series: historic years (2010 -2021) and ten years forecast (2023 – 2032).The acrylonitrile market forecast analyzes acrylonitrilemarket size, acrylonitrile market share,leading competitor and their market positions.

 

 

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