Yahoo Finance Acrylonitrile Global Market Report 2022: Ukraine-Russia War Impact
Major players in the acrylonitrile market are Ineos, Asahi Kasei, Mitsubishi Chemicals, Chemelot, Lukoil, Lenntech B. V. , Sumitomo Chemical, Ascend performance Materials, Taekwang Industrial co. ltd. , Sumitomo Chemicals, Sinopec Group, Solvay, Secco, Formosa Plastics, and LUC Group.
New York, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Acrylonitrile Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06371409/?utm_source=GNW
The global acrylonitrile market is expected to grow from $ 12.21 billion in 2021 to $ 13.00 billion in 2022 at a compound annual growth rate (CAGR) of 6.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The acrylonitrile market is expected to reach $ 15.05 billion in 2026 at a CAGR of 3.7%.
The acrylonitrile market consists of sales of acrylonitrile by entities (organizations, sole traders, and partnerships) that refer to an organic compound with the formula CH?CHCN.Acrylonitrile (CH?=CHCN) is a toxic, colorless, pale-yellow liquid.
Acrylonitrile is primarily used as a raw material in the manufacture of acrylic and modacrylic fibers. Other important applications include plastics (acrylonitrile-butadiene-styrene (ABS) and styrene-acrylonitrile (SAN)), nitrile rubbers, nitrile barrier resins, adiponitrile, and acrylamide.
The main applications of acrylonitrile are acrylic fiber, adiponitrile, styrene-acrylonitrile, acrylonitrile butadiene styrene, acrylamide, carbon fiber, nitrile rubber, and others.Acrylic fibers are soft and stretchy, resulting in lightweight, lofty yarns.
Acrylic fiber refers to the material made from acrylonitrile that is used as a replacement for wool in clothing and carpets.It is generally referred to as a flexible and adaptable fiber that produces fluffy and light yarns.
These characteristics resemble wool quite closely. The different end-users include automotive, electrical and electronics, construction, packaging, and others.
Asia Pacific was the largest region in the acrylonitrile market in 2021. The regions covered in the acrylonitrile market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growing textile and apparel industries are expected to propel the growth of the acrylonitrile market going forward.The apparel and textile industry is divided into two major segments, textile and fabric production from raw materials and the transformation of these fabrics into clothing and other accessories.
The increasing need for acrylic fibers caused by the expansion of the textile, garment, and other industries drives the demand for acrylonitrile. For instance, in April 2022, according to a report shared by India Brand Equity Foundation (IBEF), an Indian government export promotion agency, handcrafted exports from India reached $ 2.13 billion between April 2021 and September 2021, a 60.34% YoY growth due to increased industry participants’ participation in promoting handicraft products in international markets. In addition, by 2030, India’s cotton production is expected to reach 7.2 million tonnes (or 43 million bales of 170 kg each), spurred by rising consumer demand. Therefore, the growth in the textile and apparel industries is driving the growth of the acrylonitrile market.
Product innovations are the key trend gaining popularity in the acrylonitrile market.Major companies operating in the acrylonitrile sector are focused on introducing new products such as these to sustain their position in the market.
For instance, in September 2019, AnQore Smart Chemicals, a Netherlands-based specialist chemical supplier, launched a new brand, Econitrile, under which the company manufactures and distributes sustainable, certified acrylonitrile with a substantially lower impact on the environment.When compared to AnQore acrylonitrile, Econitrile has a 60% smaller carbon footprint.
Econitrile is the first sustainable, mass balance-certified, and ISCCplus acrylonitrile produced from circular or bio-sourced materials.It can be used to create sustainable goods, including green nitrile gloves and phone components.
This launch represents another step forward for AnQore’s product portfolio.
In January 2019, Sinochem International, a China-based company engaged in the chemical and rubber businesses, acquired Elix Polymers for $ 223.8 million. This acquisition will allow Sinochem to strengthen its brand in the European and American markets and position it rapidly in the Asian market. Elix Polymers is a Spain-based company that manufactures acrylonitrile-butadiene-styrene (ABS) resins and derivatives.
The countries covered in the acrylonitrile market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The acrylonitrile market research report is one of a series of new reports that provides acrylonitrile market statistics, including acrylonitrile industry global market size, regional shares, competitors with an acrylonitrile market share, detailed acrylonitrile market segments, market trends and opportunities, and any further data you may need to thrive in the acrylonitrile industry. This acrylonitrile market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06371409/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
CONTACT: Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001
