LONDON--(BUSINESS WIRE)--The global acrylonitrile market is expected to post a CAGR of over 3% during the period 2019-2023, according to the latest market research report by Technavio.
Acrylonitrile is the primary raw material used to manufacture plastics, elastomers, and synthetic fibers and is commonly used lightweight materials in automotive applications. These materials are mainly used in automotive structural, powertrain, exterior, interior, and electronic and electrical components. Moreover, manufacturers are focusing on manufacturing lightweight, fuel-efficient, and environment-friendly automobiles to comply with stringent environmental regulations on vehicular emissions. Major automotive manufacturing countries like China, Germany, South Korea, Japan, and the US, are also using acrylonitrile in the form of plastics in various automotive components. Therefore, the increasing production of vehicles will lead to a rise in the demand for acrylonitrile, thereby driving market growth during the forecast period.
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 global acrylonitrile market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global acrylonitrile market: Increasing carbon fiber production
Carbon fiber is a long, thin, durable, and lightweight material that is made from polyacrylonitrile (PAN), an organic polymer. Acrylonitrile is the primary raw material for producing PAN. Approximately 90% of carbon fibers are made from PAN, and the rest are made of rayon or petroleum pitch. Carbon fiber is stronger and lighter than steel. It is extensively used in the aerospace and defense, sports and leisure, wind energy and automotive sectors. For instance, in the aerospace industry, carbon fibers are used to manufacture structures and components for aircraft and spacecraft. The applications include hot air balloon gondolas and gliders, passenger airliners, fighter planes, and space shuttles. Thus, the increasing demand for carbon fibers in the aerospace and defense and sports and leisure sectors will drive the demand for acrylonitrile during the forecast period.
“Apart from the increasing carbon fiber production, the technological advances in the acrylonitrile production process is one other factor that is expected to boost the growth of the global market. The National Renewable Energy Laboratory (NREL) has developed a new catalytic method to produce renewable acrylonitrile using 3-hydroxypropionic acid. This hybrid biological-catalytic process is used as an alternative to the conventional petrochemical production method for manufacturing acrylonitrile. Thus, such advances are expected to contribute largely to the growth of the overall global market, during the forecast period,” says an analyst at Technavio.
Global acrylonitrile market: Segmentation analysis
This market research report segments the global acrylonitrile market by application (ABS and SAN, acrylic fibers, polyacrylamide, Nitrile butadiene rubber, others) and geographical regions (APAC, Europe, North America, South America, and MEA).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to continue dominating as well as register the highest incremental growth due to the increasing demand from industries such as automotive, construction, and water treatment.
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