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The global acrylonitrile market size is projected to expand significantly in the near future, and grow at a CAGR of 3.8% over the forecast period (2019 - 2027).

Market Overview

Acrylonitrile is a volatile, clear liquid with a pungent odour, although, in the presence of impurities, it takes a faint yellow tint. Acrylonitrile is not a naturally occurring compound in the Earth's atmosphere, and is produced through catalytic ammoxidation of propylene. Its chemical formula is cCH2 CHCN, and it is classified as an organic compound owing to the presence of hydrogen atoms and carbon in its composition. Acrylonitrile can be polymerized into a substance called 'polyacrylonitrile', and the fibres of polyacrylonitrile can be used for producing a range of products such as fishing poles, bicycle frames, and tennis rackets.

Market Dynamics

Acrylonitrile has a wide range of industrial applications such as in the production of resins, rubber, elastomers, plastic, synthetic fibres, and carbon fibres used in the manufacture of drones, aircrafts and other equipment in the aerospace and defense industry. Demand for acrylonitrile is driven by the acrylic fiber industry, which is a key ingredient in the composition of acrylic fiber. Acrylic fibres are processed further into clothing (socks, hats, and sweaters), and are also used as precursors in the manufacture of carbon fibres which can be used in filtration systems and in the composite industry. In addition to acrylic fibres, acrylonitrile has another major application in the manufacturing of resins, thermoplastics, and rubber. The compound also has the ability to provide durability, heat resistance, and strength for application in end use industries such as construction, consumer goods, automotive, and wastewater treatment. The global acrylonitrile market is expected to be driven by significant demand from the construction industry in the near future. Also, growing awareness regarding wastewater treatment is likely to result in increasing consumption of acrylonitrile products in the industry.

However, factors such as occupational hazards associated with acrylonitrile are expected to hamper growth of the market. Exposure (inhalation or oral) to acrylonitrile has been found to cause nausea, headaches, impaired judgment, respiratory issues, and dizziness resulting from irritation of the mucous membranes. Studies suggest that acrylonitrile may be a potential human carcinogen and increase chances of lung and prostate cancer. Moreover, it is highly inflammable and toxic at low doses which poses an environmental risks. These factors are estimated to restrict the market growth over the forecast period.

Market Outlook

Asia Pacific is projected to witness the highest growth in terms of market share owing to the growing construction and automotive industries in countries such as China and India. Furthermore, there is a large demand for acrylic resins from countries such as Japan, India, China, and other emerging nations such as Taiwan and Malaysia. Europe is expected to emerge as the second largest market for acrylonitrile, owing to high demand for acrylonitrile from Western Europe. Growth of the automobile industry in Europe is another contributing factor to the overall growth of the acrylonitrile market in the region. Presence of industries such as pharmaceuticals and composite, as well as high demand for wastewater treatment in North America is expected to facilitate growth of the acrylonitrile market in the region. Currently, U.S. is leading the demand for acrylonitrile, however Canada is likely to reveal greater demand over the span of the next few years.

Key Players

Key players in the market include Sinopec, DSM, Mitsubishi Corporation, Ascend Performance Materials, INEOS Group AG, and Asahi Kasei Chemicals among others.

Key Developments

Several key players are focused on developing inorganic and organic growth strategies such as mergers & acquisition and capacity expansion of the plant in order to enhance their presence. For instance,

  • In June 2019, INEOS, one of the leading manufacturer of specialty chemicals, petrochemicals and oil products, announced to invest US$ 2 billion in its manufacturing plant in Saudi Arabia. The new acrylonitrile plant with the capacity of 425,000 tonnes, will use the company’s leading technology and catalyst.the units will begin its production in 2025.
  • In February 2011, Asahi Kasei Chemicals, key player in specialty chemicals, construct acrylonitrile plant in Korea with the capacity of 245,000 tonnes per year.
  • In July 2015, Royal DSM, leading player in nutrition, health and materials, announced partnership with CVC Capital Partners (CVC), an investment advisory firm, for DSM’s activities in Polymer Intermediates (Acrylonitrile and Caprolactam) and composite resin.
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Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users