Acrylonitrile – Procurement Best Practices & Sourcing Strategies

DESCRIPTION

Acrylonitrile Market Global Size:

The global acrylonitrile market size is evaluated at $14.2 billion in 2022, as mentioned in the ELINT Market Research’s acrylonitrile procurement market research report due to higher ABS/SAN polymers and acrylic fibers demands from the textiles, construction, household goods, industrial applications, and automobile sectors. Further, the procurement study predicted this industry to grow at a CAGR of 4.5 percent and achieve $16.2 billion worth by 2025.

Moreover, Asia-Pacific regions like China and India are projected to rule the international acrylonitrile sector by holding the largest market share by the forecasted period. Thus, these countries execute major manufacturing, supplying, and buying activities for acrylonitrile products, ABS, and acrylic resins. However, a few substantial factors like environmental issues and shifts in raw material prices such as propylene & ammonia could hamper the smooth production of acrylonitrile goods.

Market Definition:

Acrylonitrile is a transparent chemical, that operates as the key component in the manufacturing of acrylic fibers, which is further utilized by the clothing and home textiles industries. Also, acrylonitrile helps produce various mixes such as synthetic fibers, plastics, polishes, and thermoplastic. Thus, the versatility of this chemical causes massive demands in prominent industries like packaging, automotive, and construction. For instance, automobile companies can build tires and other essential parts using acrylonitrile. Further, construction businesses can manufacture long-lasting components to provide strength during building activities.

Acrylonitrile Market Drivers:

1. Rising Demands of Textile Sector –

Acrylic fibers are primarily made from acrylonitrile, which the textile industry mainly uses to manufacture clothing and other consumer products. Therefore, the need for textiles is growing due to a worldwide population boom and rising levels of financial freedom, especially in developing nations.

2. Increasing Utilization of ABS –

Acrylonitrile butadiene styrene (ABS) functions as a thermoplastic polymer that possesses handy qualities like resilience, moisture resistance, and thermal balance. Therefore, these fundamental qualities make this polymer a convenient choice for automobile and construction industry participants. Consequently, the growing requirement for ABS induced the vast adoption of acrylonitrile, which is a key ingredient that helps in manufacturing ABS goods. This reason automatically contributes to the global acrylonitrile market growth.

Acrylonitrile Market Challenges:

1. Shifts in Raw Material Prices –

Major raw materials like propylene and ammonia’s prices depend on primary factors such as supply-demand inequalities, geopolitical matters, and natural tragedies. Thus, these fluctuations propel instabilities in raw material expenses causing manufacturers to deal with higher production prices and reduced profit margins.

2. Low-Priced Polyester Fibers in the Textile Industry –

Low-priced polyester fibers generate intense competition within the textile industry, and acrylonitrile is a major component that produces acrylic fibers. Given this, the extensive use of polyester fibers in several textile-related uses poses a serious challenge to the acrylonitrile market’s expansion. Thus, to survive in this cutthroat market, suppliers of acrylonitrile and acrylic fibers must prioritize innovating their products and adopt cost optimization methods.

Acrylonitrile Market Opportunities:

1. Flourishing Demands for Electronic Gadgets –

Acrylonitrile constitutes key features like soundproofing, great impact prevention, and weightlessness; thus it assists in building electrical and electronic appliances such as household devices, computer cases, electronic apparatus, etc. Hence, as the electronic products industry is developing progressively due to urbanization and consumer electronics requirements, the global acrylonitrile procurement market is also expanding.

2. Rising Wastewater Treatment Methods –

Emerging applications in wastewater treatment methods derived opportunities for companies operating in the international acrylonitrile market. Due to the special qualities of acrylonitrile, it is used as a crucial compound in the manufacturing of synthetic textiles and many different kinds of polymers. These products further assist with wastewater treatment procedures. Consequently, as environmental safety concerns and regulations develop, businesses adopt innovative solutions for pollution control and enhancing water quality.

Acrylonitrile Market Segmentation:

1. Acrylonitrile Production Process –

Propylene ammoxidation is a significant and widely used process that helps in the production of acrylonitrile and generally owns more than 90% of the total market share. Thus, a vast amount of manufacturers employ this procedure that entails producing acrylonitrile products through a mixture of propylene, ammonia, and oxygen. Further, because of its great efficiency and low expenses, numerous companies prefer to use this method of production.

2. Application Types –

The biggest application segment for the global acrylonitrile market is acrylic fibers which help the textile sector to manufacture various goods like veils, mats, cushions, and clothes. Further, acrylonitrile butadiene styrene also occurred as the substantial application segment in this industry, which mainly helps the automobile sector to produce different components. Lastly, adiponitrile is also emerging as the fundamental application of acrylonitrile, which assists textile and automotive industries.

Regional Insights of the Acrylonitrile Market:

The geographical outlook of the global acrylonitrile market exhibits Acis-Pacific as the rapidly growing region, which conducts large amounts of production, consumption, and supply activities. In this country, mainly China, Japan & India provinces contribute to the overall acrylonitrile industry expansion due to the existence of major producers, and prompt acrylonitrile demands from various industries like textiles, automobiles, electrical devices, etc. Moreover, manufacturing companies are massively investing in research and development moves and adopting advanced technologies to produce cutting-edge acrylonitrile solutions and fulfill consumers’ needs.

Additionally, the North American region is also appearing a noteworthy producer and consumer of acrylonitrile. In this nation, continually growing requirements for acrylonitrile butadiene styrene (ABS) compounds propel the acrylonitrile industry growth. ABS is primarily utilized by the automotive and aerospace industries. Also, production moves of plastics, rubber, and thermoplastics contributed to acrylonitrile production in North America using the Sohio method, also called catalytic methodology. In addition, this country executes strict environmental safety regulations, which encourage companies to embrace sustainable technologies and procedures to produce acrylonitrile. Consequently, companies are massively investing in modern practices and innovations that can assist them in decreasing carbon and greenhouse gas count in the environment and building trust among the government and people. This way, they can draw individuals’ and associations’ attention towards their goods and achieve profitability.

Leading Acrylonitrile Procurement Market Intelligence Companies:

A number of noteworthy businesses are competing for dominance in the fiercely competitive global acrylonitrile market. A few of the important participants are INEOS Nitriles​, Asahi Kasei Corporation​, Jiangsu Sailboat Petrochemical, TongSuh Petrochemical Corp. Ltd.​, and Ascend Performance Materials​.