The global acrylonitrile market is expected to post a CAGR of more than 3% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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 will 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 important trends and market drivers that will affect market growth over 2019-2023.
Global 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. The growing use of carbon fiber in various applications is expected to boost the demand for acrylonitrile during the forecast period.
Apart from increasing carbon fiber production, technological advances in acrylonitrile production processes and the emergence of new plants are some other major factors that will boost market growth during the forecast period, says a senior analyst at Technavio.
Global Acrylonitrile Market: Segmentation Analysis
This market report segments the global acrylonitrile market by application (ABS and SAN, acrylic fibers, polyacrylamide, nitrile butadiene rubber, and others) and geography (APAC, Europe, MEA, North America, and South America).
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 maintain its dominance over the global market due to the high demand from the flocculants and coagulant manufacturers in the region.
Technavios sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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