31-Mar-2021 | Market Research Store
Findings from Market Research Store report “Adiponitrile Market Market – By Application (Nylon Synthesis, and Electrolyte Solution), By End-Use (Automotive, Chemical, Electronics, Textiles, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global demand for Adiponitrile Market market in 2019 was approximately USD 8,500 Million. The market is expected to grow at a CAGR of 5% and is anticipated to reach around USD 13,000 Million by 2026.
Butachimie and Invista make adiponitrile by reacting butadiene with hydrogen cyanide, a process invented by DuPont, Invista's forerunner. Ascend uses an electrochemical process developed by Monsanto that begins with acrylonitrile. Butadiene hydrocyanation necessitates the use of natural gas for external heating. As a result, price fluctuations and the efficient use of natural gas affect production costs and process performance. In the electrodimerization of acrylonitrile, however, the price of the raw material has a greater impact on production costs than other significant factors. The biocatalytic synthesis of adiponitrile, which allows for a chemo-selective approach to dinitriles deprived of the usage of punitive reaction conditions or hydrogen cyanide, is expected to provide numerous opportunities for market growth during forthcoming years.
In order to meet the "Paris Climate Accord's" zero-emission goals, the French government declared in 2017 that by 2040, all diesel and gasoline-powered cars would be banned, and all vehicles will be replaced by electric vehicles. Norway, the Netherlands, and Japan are the frontrunners in the electronic vehicle category, according to the IEA. According to the IEA, Norway had a 46 percent share of global new electric car sales in 2018. Adiponitrile is also being used in a growing number of battery electrolyte preparations, which is anticipated to boost development in the coming years. Nylon 6-6 is a common engineering resin that is primarily used in the production of interior and exterior automotive components to reduce weight and improve fuel efficiency. Additionally, the material is increasingly being used in the development of high-performance textiles. Increased use of adiponitrile in the development of polyamide 6,6 (Nylon 6,6) resin from hexamethylenediamine (HMDA) is expected to drive market growth. According to the forecast, the global automotive industry will expand to USD 3,800 billion by 2030, up from USD 2,755 billion now, with a compound annual growth rate (CAGR) of 3%. Over the projected timeframe, the transition towards electric vehicles in developed and developing countries will increase the growth of existing 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.
Based on application, the market is divided into categories such as nylon synthesis, and electrolyte solution. Hexamethylenediamine, which is used as a feedstock for the manufacture of nylon 6,6, is made from adiponitrile. Hexamethylenediamine and adipic acid are used in a 1:1 ratio by manufacturers all over the world to make nylon 6,6 resin. Based on End-Use market is further segmented into categories such as automotive, chemical, electronics, textiles, and others. As the automotive industry faces tighter environmental regulations, nylon-66 offers the benefit of increased fuel efficiency through weight reduction and lower fuel emissions, ensuring a rise in global demand for adiponitrile.
In the electrical and electronics industry, adiponitrile is also used. With countries like China, Japan, South Korea, Singapore, and Malaysia leading the way, Asia is the world's largest manufacturer of electrical and electronic products. During the forecast era, the Asia-Pacific region is expected to dominate the adiponitrile consumption market. The market for adiponitrile has been rising in countries such as China, Japan, South Korea, and India. This is because these countries have industrial bases. With rising demand for adiponitrile in the production of automotive parts, the Asia Pacific region is quickly gaining momentum. Different OEM manufacturers are driving demand in these countries. To reduce production costs and meet consumer demand, major foreign manufacturers have begun to expand their manufacturing facilities into emerging economies such as China and India.
Some of the key players in the Adiponitrile market 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, and Rhodia Group, among others. LG Chem purchased DuPont's soluble organic light-emitting diodes (OLEDs) technology for an undisclosed amount in April 2019. The South Korean firm says the acquisition involves about 540 proprietary properties as well as production facilities. Invista, one of the world's leading adiponitrile producers, invested in the country in 2018 to build a 400,000-ton adiponitrile production capability in Shanghai Chemical Industry Park. Construction will begin this year, with production beginning in 2022. INVISTA's current 215,000 t/y hexamethylenediamine plant and 150,000 t/y nylon 6,6 polymer plant will be combined with the latest adiponitrile plant.
The coronavirus (COVID-19) pandemic is likely to affect the chemicals industry in several ways. Demand could fall due to instability in the global economy and capital markets, just as supply chains are disrupted by outbreaks in key regions. Workforces are at risk of contamination, and policymakers are starting to implement travel restrictions — both of which add an unpredictable factor.
Browse the full “Adiponitrile Market - “By Application (Nylon Synthesis and Electrolyte Solution), By End-User (Automotive, Chemical, Electronics, Textiles, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.marketresearchstore.com/market-insights/adiponitrile-market-828559
This report segments the adiponitrile market as follows:
Global Adiponitrile Market Market: By Application Segmentation Analysis
Global Adiponitrile Market Market: By End-Use Segmentation Analysis
Global Adiponitrile Market Market: Regional Segmentation Analysis
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