LONDON–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/Chemicals?src=hash” target=”_blank”gt;#Chemicalslt;/agt;–The global acrylonitrile market is expected to post a CAGR of over 3%
during the period 2019-2023, according to the latest market research
report by Technavio.
Acrylonitrile is the primary raw material used to manufacture plastics,
elastomers, and synthetic fibers and is commonly used lightweight
materials in automotive applications. These materials are mainly used in
automotive structural, powertrain, exterior, interior, and electronic
and electrical components. Moreover, manufacturers are focusing on
manufacturing lightweight, fuel-efficient, and environment-friendly
automobiles to comply with stringent environmental regulations on
vehicular emissions. Major automotive manufacturing countries like
China, Germany, South Korea, Japan, and the US, are also using
acrylonitrile in the form of plastics in various automotive components.
Therefore, the increasing production of vehicles will lead to a rise in
the demand for acrylonitrile, thereby driving market growth during the
As per Technavio, the increasing carbon fiber production will have a
positive impact on the market and contribute to its growth significantly
over the forecast period. This global
acrylonitrile market 2019-2023 research report also
analyzes other significant trends and market drivers that will affect
market growth over 2019-2023.
Global acrylonitrile market: Increasing carbon
Carbon fiber is a long, thin, durable, and lightweight material that is
made from polyacrylonitrile (PAN), an organic polymer. Acrylonitrile is
the primary raw material for producing PAN. Approximately 90% of carbon
fibers are made from PAN, and the rest are made of rayon or petroleum
pitch. Carbon fiber is stronger and lighter than steel. It is
extensively used in the aerospace and defense, sports and leisure, wind
energy and automotive sectors. For instance, in the aerospace industry,
carbon fibers are used to manufacture structures and components for
aircraft and spacecraft. The applications include hot air balloon
gondolas and gliders, passenger airliners, fighter planes, and space
shuttles. Thus, the increasing demand for carbon fibers in the aerospace
and defense and sports and leisure sectors will drive the demand for
acrylonitrile during the forecast period.
“Apart from the increasing carbon fiber production, the technological
advances in the acrylonitrile production process is one other factor
that is expected to boost the growth of the global market. The National
Renewable Energy Laboratory (NREL) has developed a new catalytic method
to produce renewable acrylonitrile using 3-hydroxypropionic acid. This
hybrid biological-catalytic process is used as an alternative to the
conventional petrochemical production method for manufacturing
acrylonitrile. Thus, such advances are expected to contribute largely to
the growth of the overall global market, during the forecast period,” says
an analyst at Technavio.
Global acrylonitrile market: Segmentation
This market research report segments the global acrylonitrile market by
application (ABS and SAN, acrylic fibers, polyacrylamide, Nitrile
butadiene rubber, others) and geographical regions (APAC, Europe, North
America, South America, and MEA).
The APAC region led the market in 2018, followed by Europe, North
America, South America, and MEA respectively. During the forecast
period, the APAC region is expected to continue dominating as well as
register the highest incremental growth due to the increasing demand
from industries such as automotive, construction, and water treatment.
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