Published: Mar-2021 | Format: PDF | Market Research Store | Number of pages: 110 | Code: MRS - 828559
According to the report published by Market Research Store, global demand for the adiponitrile market was estimated at approximately USD 8,500 Million in 2019 and is anticipated to generate revenue of around USD 13,000 Million by end of 2026, growing at a CAGR of around 5% between 2020 and 2026.
Global Adiponitrile Market: Overview
Adiponitrile, also known as hexanedinitrile, is a colorless organic liquid that is commonly used as a precursor for the polymer nylon 6-6, which is noted for its high mechanical strength and is used in a variety of applications such as conveyor belts, carpet fabrics, and electro-insulating elements. Adiponitrile is also used as an intermediate in the manufacture of corrosion inhibitors and rubber accelerators, though to a much lesser degree.
Global Adiponitrile Market: Growth Factors
Over the projected timeline, the transition towards electric cars in developed and emerging countries will increase the growth of current IC engine vehicles, as well as the market for adiponitrile. As automotive production increases, so will demand auto-parts, resulting in increased market growth for adiponitrile. The growing use of adiponitrile in nylon-66 processing further drives its demand owing to its high mechanical efficiency, rigidity, heat and chemical resistance, and suitability for use in industries such as automobiles, chemicals, electronics, and textiles, Nylon 66 is in high demand. The strong demand for Nylon-66 in the automotive and textile industries is boosting the adiponitrile market, as it is considered to be an important intermediate in the manufacture of Nylon-66. The market demand is also being fueled by its increasing use in the textile and healthcare industries as a result of expanded usage in the production of personal care goods, rising disposable income, and a growing move toward beauty and wellness trends, especially in emerging economies such as Brazil, China, India, and Vietnam. However, the impact of the covid-19 pandemic has severely affected the purchasing habits of consumers across the globe owing to which there has been a decline in automobile sales. Stringent governmental regulations in limiting the usage of automobiles for curbing the issues of air pollution further hinder the market growth. Nevertheless, the surging adoption of electric and hybrid vehicles along with the modernization of vehicles for improving their efficiency and performance and the usage of adiponitrile in small concentrations in lithium-ion batteries provides lucrative growth opportunities in the forecasted period.
Global Adiponitrile Market: Segmentation
Based on the application segment, the adiponitrile market is divided into nylon synthesis and electrolyte solution, out of which nylon synthesis is anticipated to hold maximum market share as nylon synthesis is used in several industries, including textiles and automobiles. The market is growing due to the rising demand for nylon in the manufacturing of clothing, furniture, packaging solutions, and automobiles, as well as increased industrialization and automation around the world. As the automobile industry faces stricter environmental regulations, nylon-66 offers the benefit of improved fuel quality by weight loss and lower fuel emissions, ensuring an increase in global demand for adiponitrile. On the basis of end-use applications, the market is segmented into automotive, chemical, electronics, textiles, and others. The segment of the automobile holds the largest share as compared with other segments owing to its useful properties such as high strength, low weight, and superior heat resistant properties. It's also used to manufacture truck components, passenger and commercial vehicle parts, automobiles, heavy and light-duty vehicle parts, and more. The escalating demand for adiponitrile in lithium-ion batteries, as well as the growing proliferation of electric cars, are projected to drive this segment's market growth.
Global Adiponitrile Market: Regional Analysis
The Asia Pacific region is expected to dominate the market because adiponitrile is mostly used in the electrical and electronics industry, and the Asian region is the world's largest manufacturer of electrical and electronics, with countries like China, Japan, South Korea, Singapore, and Malaysia leading the market. Despite the fact that the Asian automotive industry contracted in 2019, the electric vehicle sector is seeing increased adoption and growth. Because of the presence of top main corporations with large manufacturing bases in countries like China, India, Japan, and South Korea, demand for adiponitrile has been rising. According to India Brand Equity Foundation, the Indian textile and apparel industry is projected to develop at a CAGR of about 10%. (IBEF). Adiponitrile, a nylon-66 intermediate, is used in the manufacture of carpets, hosiery, and knitted garments. According to the OICA, Asia Pacific car revenues grew by over 6.52 percent from 2012 to 2018, with South East Asian countries having tremendous growth potential. The area will be a top investment choice in the coming years due to a surge in foreign direct investment for economic growth, owing to low labor costs and simple land availability.
Global Adiponitrile Market: Competitive Players
The major players dominating the global adiponitrile market in terms of revenue and development are Invista, JSR Corporation, Asahi Kasei Corp., Alfa Aesar, Ascend Performance Materials, Merck, LG Chem, Butachimie, Evonik Industries, Spectrum Chemical Mfg. Corp., Kishida Chemical Co., Ltd., Braskem, Thermo Fisher Scientific, Acros Orhanixs BVBA, Tokyo Chemical Industry, Rhodia Group, and Others. These major players have used a variety of strategies to gain a reputable position in the global market, including signing agreements, bonds, contracts, partnerships, joint ventures, new product launches, collaborations, and mergers and acquisitions. To achieve a reputable role in the global economy, these major players have used a range of tactics, including signing deals, shares, leases, alliances, joint ventures, new product releases, collaborations, and mergers and acquisitions.
Adiponitrile Market: Regional Segment Analysis