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Adiponitrile Market to Surpass US$ 12 Billion, as Production in Asia Pacific Soars, Says Fact.MR
Adiponitrile Market
The demand for nylon 6-6 is continuing to grow across United States and Europe, owing to its use as a popular resin in engineering applications. This is particularly true in terms of the demand for tyre cords from the global automotive segment, which is generating a number of lucrative opportunities in the market for the near future. On the basis of this trend, the sales of adiponitrile are expected to surpass US$ 12 Bn by the end of 2029.
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Key Takeaways of Adiponitrile Market Study
Adiponitrile for nylon synthesis applications will hold control over 85% of the global adiponitrile market with a growth of 1.4 x through the forecast period, with a slower rate of growth.
Most end use applications for adiponitrile will be aimed towards the production of automotive components and materials, which will account for ~42% of the global market, necessitated by the high strength and temperature requirements of components such as plug parts, radiator housing, and hydraulic brakes.
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Developed regions including North America and Europe are displaying a low to average rate of growth, while they cumulatively continue to hold more than 61% shares in the global adiponitrile market.
While the sales of adiponitrile are expected to remain higher in developed regions, countries in the East Asia Region are rapidly gaining traction accounting for ~ 20.6% share in the global market, characterized by a high rate of growth through the forecast period.
Even as automotive applications continue to hold dominance in the adiponitrile market, end use applications in the textiles sector for the production of clothing fiber, rugs, and carpets, will continue to grow throughout the forecast period.
“Hexamethylene diamine has grown strongly in the past five years and remains a significant driving factor. Asia remains hot spot for new investments owing to increasing consumption of engineering resins across the region.”, says the Fact.MR analyst.
Competitive Pricing to Intensify Expansion Operations in China
The global adiponitrile market is largely consolidated with prominent players such as Invista, Ascend Performance Materials, and Rhodia accounting for most of the market share. However, the overall market is currently going through intense competition in terms of pricing strategies. Consequently, major players are shifting their production facilities to countries in Asia Pacific, particularly in China. This growth is expected to continue with the rising demand for tyre cords.
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Find More Valuable Insights on the Adiponitrile Market
Fact.MR, in its new offering, provides a comprehensive analysis of the global adiponitrile market, presenting historical demand data (2014-2018) and complete forecasts for the period, 2019-2029.
The study gives out detailed insights on the adiponitrile market on the basis of application (nylon synthesis, hexamethylene diisocyanates (HDI) electrolyte solutions, and others), end-use (chemical intermediate, automotive, electronics, textiles, and others) across seven regions (North America, Latin America, Europe, East Asia, South Asia & Oceania (SAO), and Middle East and Africa).
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