The Increasing demand for acrylonitrile butadiene styrene in the construction and automotive industry is driving the market for Acrylonitrile.
New York City, United States – May 18, 2020 /MarketersMedia/ —
The global Acrylonitrile market is forecast to reach USD 90.26 Billion by 2027, according to a new report by Reports and Data. Acrylonitrile is the main monomer of synthetic fibers commonly called acrylics, which are defined as a manufactured fiber in which the fiber-forming substance is any long-chain synthetic polymer composed of at least 85% by weight of acrylonitrile units. The increasing production of carbon fiber is also likely to drive the market demand up. Most of the carbon fibers are made from an organic polymer known as polyacrylonitrile (PAN), which is manufactured using acrylonitrile. Thus, growth in the demand for carbon fiber will boost the demand for the market product.
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Companies considered and profiled in this market study
Asahi Chemicals, SINOPEC, Petro China, Formosa Plastics Corporation, Shanghai SECCO Petrochemical Co., Mitsubishi Rayon Co., INEOS, Taekwang Industrial Co., Ascend Performance Materials Operations LLC, and Sumitomo Chemical Co, among others.
Asia Pacific held the largest market share throughout the forecast period. High demand for electrical and electronics, home appliances, gadgets, and automobiles in China and India are encouraging market growth. Moreover, the growth in the construction sector in the developing nations are also boosting market demand. China, Japan, Taiwan, Korea are the hub of semiconductors, and this also encourages the growth of the market.
For the purpose of this report, Reports and Data have segmented into the global Acrylonitrile market on the basis of application, end-user, distribution channel and region:
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
• Acrylic Fiber
• Styrene-Acrylonitrile Resin (SAR)
• Acrylonitrile Butadiene Styrene
End-User Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
• Electrical and Electronics
Distribution Channel Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
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Further key findings from the report suggest
• An increase in demand from the automotive industry is one of the primary reasons for the growth of the market. Manufacturers in the automotive industry are using composites and plastics in automotive structure, exterior, interior, powertrain, and electrical component as well. This is boosting the demand of the market in the segment.
• Direct sales channel is one of the mode of distribution channels in the acrylonitrile market. These channel take the shortest route to the consumer and are sold directly to them. Most of the automotive companies have their own stores, where they sell their own manufactured cars.
• Acrylonitrile butadiene styrene is a sturdy engineering thermoplastic and amorphous polymer that is used in the production of lightweight, rigid, and molded products which are used in a diverse set of end-use applications. It is normally used to manufacture protective housing for power tools and plastic face guards for a wall socket.
• ABS is also commonly used in the automotive industry for manufacturing of items, including plastic alloys and decorative interior car parts. In the construction industry, this polymer finds application in the production of plastic tubing and corrugated plastic structures.
Regional Outlook (Revenue, USD Billion; 2017-2027)
• North America
• Asia Pacific
• Latin America
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