Adiponitrile Market Overview
Adiponitrile Market is expected to register a CAGR of 5.5% during the forecast period to cross USD 20.1 Billion by 2027. The main factors fueling the adiponitrile market are growing ultimatum from the textile industries and electrical industries. On the other hand, the decline in the global automotive production and unpreferred situations rising due to the covid-19 pandemic are hampering the growth of the global market for adiponitrile. The synthesis of adiponitrile via the biocatalytic route, which empowers a high regio and chemo-selective approach towards dinitriles without the use of hydrogen cyanide to strident reaction conditions, is expected to offer several opportunities for the increase of the market over the anticipated period. The automotive and transportation industry is projected to dominate the global adiponitrile market over the anticipated period. The Asia Pacific region represents the widest market and is also projected to be the fastest-rising market over the anticipated period due to the consumption in countries, such as India, Japan, and China.
Global Adiponitrile Market Share, by Application, 2017 (%)
Source: MRFR Analysis
The market in Asia-Pacific held the largest share of the global adiponitrile market in 2017 and is expected to register a higher CAGR during the forecast period. The region is expected to witness lucrative growth in the coming future owing to positive inclined growth of the end-use industries, especially from China and India. The increase in demand in the chemical industry in the region is expected to boost the regional market growth in the coming future. Additionally, the growth of other end-use industries, such as medical, personal care, and electronics is expected to add up to the growth in the global market.
The North American market is projected to grow substantially over the assessment period on account of the growth of end-use industries such as chemical, personal care automobile and textile in countries including the US and Canada. Moreover, higher consumption of polymer in the various applications is also likely to boost the demand for the product over the forecast period. The Latin American and the Middle & African markets are expected to witness moderate growth on account of increasing demand in the end use industries such as chemical and healthcare.
The global adiponitrile market has been segmented by product type, application, and region. Based on product type, the global market has been segmented into polyurethane; nylon 6,6; fiber; nylon 6,6 resin; adipate esters; and others. By application, the global market has been divided into chemical, medical, personal care, electronics, automobile, textile, and others.
The global adiponitrile market, by region, has been studied concerning five regions—North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Some of the key players operating in the global adiponitrile market are BASF (Germany), LG Chem (South Korea), Sinopec (Beijing), Ineos (Germany), DowDuPont (US), Evonik Industries (Germany), SABIC (Saudi Arabia), Royal Dutch Shell (The Netherland), and JSR Corporation (Japan), among others.
The adiponitrile is a nylon-66 intermediate. It is changed into nylon-66 through hexamethylene diamine as a transitional. Nylon-66 is applied heavily in the transportation and automotive sector. It is also applied to the radiator and tanks, oil pans, air intake manifolds, etc., as this is resistant to heat, grease, and oil. Nylon-66 finding increasing importance in the automotive and transportation segment in under-the-hood, chassis, and exterior and interior applications. This is due to its excellent properties, such as tensile strength, heat and chemical resistance, and abrasion resistance. The rising in the production of airbags is also projected to increase the need for nylon-66, hence increasing the ultimatum for adiponitrile. The ultimatum for adiponitrile from the section is likely to increase moderately, owing to the slowdown of the automotive industry during the anticipated period.
|Market Size||2027: USD 20.1 Billion|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BASF (Germany), LG Chem (South Korea), Sinopec (Beijing), Ineos (Germany), DowDuPont (US), Evonik Industries (Germany), SABIC (Saudi Arabia), Royal Dutch Shell (The Netherland), and JSR Corporation (Japan), among others.|
|Key Market Opportunities||The growth the end use industries such as textile and chemicals is expected to propel the global market growth over the forecast period.|
|Key Market Drivers||The increasing demand in the plastics and automotive industry.|
The global adiponitrile market valuation can touch 20.1 Billion by 2027.
The global adiponitrile market can expand at 5.5% CAGR from 2020 to 2027.
Formosa Plastics Corporation, Toray Industries, Inc, Hexcel Corporation, Cytec Industries Inc., OJSC «SvetlogorskKhimvolokno», DowAksa, Mitsubishi Chemical Corporation, Kureha Corporation, Teijin Limited, Taekwang Industrial Co., Ltd, Nippon Graphite Fiber Co., Ltd., HYOSUNG, SGL Group, and Carbon Mods are major players of the global adiponitrile market.
The global adiponitrile market growth is restrained by huge capital required for the setup of adiponitrile units.
The global adiponitrile market is driven by the growing plastics and automotive industries.