Global Acrylonitrile Market 2020-2024 | Rising Demand from the Automotive Industry to Boost Market Growth | Technavio
With the increasing production of automobiles, the growth of the global acrylonitrile market is likely to accelerate during the forecast period.
The global acrylonitrile market size is expected to grow by 1096.62 thousand tons during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth. Request a free sample report
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Technavio has announced its latest market research report titled Global Acrylonitrile Market 2020-2024 (Graphic: Business Wire)
The growing stringency of environmental regulations pertaining to emissions is compelling automobile manufacturers to focus on the development of lightweight, fuel-efficient, and eco-friendly vehicles. This has increased the use of lightweight plastics in automotive structural powertrain, exterior, interior, and electrical and electronic components. Plastics are also used in the manufacture of instrument panels, pillar trims, dashboard components, door liners and handles, and seat belts. Acrylonitrile is one of the key materials used in the production of plastics, elastomers, and synthetic fibers. With the increasing production of automobiles, the growth of the global acrylonitrile market is likely to accelerate during the forecast period.
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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 research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Acrylonitrile Market: Increasing Carbon Fiber Production
Carbon fiber is being widely used in the aerospace and defense, sports and leisure, wind energy, and automotive sectors. For instance, the aerospace industry uses carbon fiber to manufacture various structures and components for air balloon gondolas and gliders, passenger airlines, fighter planes, and space shuttles. Similarly, the sports and leisure industry uses carbon fiber to manufacture tennis racquets, hockey sticks, fishing rods, kites and bicycle handlebars, etc. Carbon fibers are also used to produce fairings for recumbent bikes. Carbon fiber is derived from polyacrylonitrile (PAN), an organic polymer. Acrylonitrile is the primary raw material for producing PAN. Thus, the growing use of carbon fiber in various applications is expected to boost the demand for acrylonitrile during the forecast period.
“Factors such as the high demand for acrylonitrile from APAC, and the rising demand for acrylonitrile for manufacturing acrylonitrile butadiene styrene (ABS) will have a significant impact on the growth of the acrylonitrile market value during the forecast period,” says a senior analyst at Technavio.
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Acrylonitrile Market: Segmentation Analysis
This market research report segments the acrylonitrile market by application (ABS and SAN, acrylic fibers, polyacrylamide, nitrile butadiene rubber, and others) and geography (APAC, North America, Europe, MEA, and South America).
The APAC region led the acrylonitrile market in 2019, followed by North America, Europe, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing demand from industries such as automotive, construction, and water treatment.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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