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Acrylonitrile Market 2024-2033: Production Analysis, Growth Strategy, Industry Insights And Major Players
Acrylonitrile Market
As per the report, the acrylonitrile market size has grown strongly in recent years. It will grow from $13.82 billion in 2023 to $14.59 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The acrylonitrile market size is expected to see strong growth in the next few years. It will grow to $18.49 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
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Textile And Apparel Industries Fueling Growth In The Acrylonitrile Market
The growing textile and apparel industries are expected to propel the growth of the acrylonitrile market going forward. The apparel and textile industry is divided into two major segments, textile and fabric production from raw materials and the transformation of these fabrics into clothing and other accessories. The increasing need for acrylic fibers caused by the expansion of the textile, garment, and other industries drives the demand for acrylonitrile. For instance, in April 2022, according to a report shared by India Brand Equity Foundation (IBEF), an Indian government export promotion agency, handcrafted exports from India reached $ 2.13 billion between April 2021 and September 2021, a 60.34% YoY growth due to increased industry participants' participation in promoting handicraft products in international markets. In addition, by 2030, India's cotton production is expected to reach 7.2 million tons (or 43 million bales of 170 kg each), spurred by rising consumer demand. Therefore, the growth in the textile and apparel industries is driving the growth of the acrylonitrile market.
Ineos Nitriles Innovation With The Sustainable Acrylonitrile Solution
Major companies operating in the acrylonitrile market are focusing on innovating products, such as the Invireo TM, to provide reliable services to customers. InvireoTM is used as an acrylonitrile that delivers a significant carbon footprint reduction compared to traditional fossil acrylonitrile. For instance, in June 2023, INEOS Nitriles, a UK-based manufacturer of petrochemicals, launched InvireoTM. Invireo TM is a bio-attributed product line for acrylonitrile, which is produced from sustainable feedstock's. InvireoTM reduces the carbon footprint of the end product by more than 90%.
The acrylonitrile market covered in this report is segmented -
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
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Major companies operating in the acrylonitrile market include INEOS Group Limited, Asahi Kasei Corporation, Mitsubishi Chemical Corporation, Chemelot Campus, Lukoil, Lenntech B.V., Sumitomo Chemical Company Limited, Ascend Performance Materials LLC, Taekwang Industrial Co. Ltd., Repsol S.A., China Petroleum & Chemical Corporation (Sinopec), Solvay S.A., Shanghai Secco Petrochemical Company Limited, Formosa Plastics Corporation, LUC Group, Taixing Yangzi River Petrochemical Co. Ltd., CNPC Jilin Chemical Group, Reliance Industries Limited, Lotte Chemical Corporation, Toray Industries Inc., Thai Acrylic Fiber Co. Ltd., Gihi Chemicals Co., Blackwell Plastics, CHIMEI, Zibo Qixiang Tengda Chemical Co. Ltd., CPDC (Chang Chun Plastics Co. Ltd.), LG Chem, Krada CPS Industry S.L, Nanjing Chemical Material Corp.
Contents of the report:
1. Executive Summary
2. Acrylonitrile Market Report Structure
3. Acrylonitrile Market Trends And Strategies
4. Acrylonitrile Market - Macro Economic Scenario
5. Acrylonitrile Market Size And Growth
…..
27. Acrylonitrile Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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