Global Acrylonitrile Market Is Estimated To Witness Significant Growth Due To Rising Construction Sector And Increasing Consumer Appliances Industry

Acrylonitrile Market 

 Overview:

Acrylonitrile is an organic compound that is widely used as an intermediate in the manufacture of many chemicals, including acrylamide and nylon. It is also widely used in the production of acrylic fibers, insecticides, and pharmaceuticals. Acrylonitrile is considered to be a hazardous substance due to its pungent smell and flammability. Acrylonitrile has been associated with cancer. The EPA classifies acrylonitrile as a probable human carcinogen. Breathing in its fumes can lead to dizziness, nausea, and rashes. Acrylonitrile is highly reactive with oxidizers. Strong acids such as sulfuric and nitric acid are known to oxidize acrylonitrile. The vapors can form a very explosive mixture with air, making it difficult to extinguish. Using a self-contained breathing apparatus can help firefighters fight the fire.

Market Dynamics:

 

Growing product launches is estimated to augment growth of the global Acrylonitrile Market during the forecast period. For instance, Taekwang Industrial and LG Chem have formed a joint venture for setting up an acrylonitrile plant in in South Korea in June 2021. This plant will help in meeting the increasing demand in the global market. Moreover, growing stringent environmental rules associated with the production of chemicals are anticipated to restrain growth of the global acrylonitrile market during the forecast period.

The Global Acrylonitrile Market Size Is Projected To Expand Significantly In The Near Future, And Grow At A CAGR Of 3.8% Over The Forecast Period (2019 - 2027).

Impact of COVID-19:

 

COVID-19 was first recognized in China in 2019. The virus was then transmitted to other parts of the world. To avoid the transmission of the disease governments across the world had to impose strict lockdowns in many countries. This hampered many businesses and global economy. Strict nationwide lockdowns were also imposed. Social distancing rules led to shutting down of schools, colleges, offices and any public gatherings. During the pandemic people became more health conscious and were more aware about their well-being. However, the pandemic also resulted in making people more plastic dependent. Thus, there was an increased adoption of plastics, which resulted in increasing demand for acrylonitrile-based materials in healthcare, and pharmaceutical sector. This boosted the growth of the global Acrylonitrile Market during the pandemic.

Key Takeaways:

The global Acrylonitrile Market is expected to witness high growth, exhibiting CAGR of XX% over the forecast period, due to increasing partnerships among major players. For instance, Trillium Renewable Chemicals is planning to set up a new company for manufacturing chemicals in April 2021.

Asia Pacific is anticipated to witness significant growth in the global acrylonitrile market over the forecast period, owing to rising growing construction sector.

Major players operating in the global Acrylonitrile Market are Sumitomo Chemical Co., Ltd., INEOS, Taekwang Industrial Co., Ltd., Asahi Kasei Advance Corp., Secco, Ascend Performance Material, Mitsubishi Chemical Corp., Chemelot, and Formosa Plastics Corp.