The demand for acrylonitrile will be driven by rising automobile production combined with increased availability of raw materials at cheaper rates. Acrylonitrile is a chemical molecule that is increasingly used to make automotive components. The drop in propylene prices has created even more profitable income opportunities for the acrylonitrile sector.
During the projection period, the worldwide acrylonitrile market would rise at a steady 4 percent CAGR. Market companies are focusing on expanding capacity in emerging markets in order to take advantage of the market’s rapid growth. The acrylonitrile industry provides lucrative growth prospects amid rising consumer demand for automotive components.
Acrylonitrile Market: Key Takeaways
- The application category of acrylonitrile butadiene styrene has the largest market share, accounting for more than a third of the entire market value. Increased investments in construction and automotive are driving up demand for acrylonitrile, which is used to make non-latex gloves.
- Nitrile rubber has the second-largest market share, accounting for more than a quarter of the entire market value. The improved product qualities of nitrile rubber are opening the way for acrylonitrile to be used as a basis raw material indefinitely.
- East Asia has the greatest market share, accounting for more than 40% of total revenue. China and Japan are two of the world’s largest consumers and producers of acrylonitrile.
- With a 20% share of the entire market value, South Asia and Oceania offers the most promising growth prospects. The region’s booming economies are investing in end-use industries including infrastructure construction and automobiles.
Acrylonitrile Butadiene to Account for 1/3rd of total Market Value
Acrylonitrile butadiene styrene dominates the market, accounting for more than a third of the overall market value.
Demand for this category is driven by diverse uses in the manufacturing of thermoplastic and polymer-based components in industries such as automotive and construction.
Nitrile rubber has the second-largest market share, accounting for over a quarter of the entire market value.
Nitrile rubber is an excellent raw material for non-latex gloves, automobile transmission belts, binders, and adhesives due to its great solvent resistance.
Through 2029, the nitrile rubber market will provide the most profitable growth prospects.
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