The global adiponitrile market size is expected to reach USD 13.94 billion by 2028 according to a new study by Polaris Market Research. The report Adiponitrile Market Share, Size, Trends, Industry Analysis Report, By Application (Electrolyte Solution, Nylon Synthesis, Hexamethylene Diisocyanate); By Production Method (Electrochemical Hydrodimerization of Acrylonitrile, Hydrocyanation of Butadiene); By End-Use; By Regions; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The demand for adiponitrile is expected to increase during the forecast period from the automotive and textile industries. Rising use in the development of personal care products and increasing use in the production of nylon 66 is boosting the market growth. Rising industrialization, growing urbanization, and increasing environmental concerns further drive the growth of the market of adiponitrile.
The wide use of nylon 66 in applications such as electronics, automotive, packaging, construction, and consumer goods owing to properties such as high strength, greater abrasion and wear resistance, fuel and oil resistance, electrical insulating properties, and fatigue resistance has significantly increased the demand for adiponitrile across the globe.
The demand for the production of adiponitrile through hydrocyanation of butadiene is high. This method is increasingly being adopted by market players owing to its affordable price, mass production, and high efficiency. The nylon synthesis segment dominated the global market for adiponitrile in 2020. Nylon is used in the automotive sector for the manufacturing of bearings, slides, door handles, door & window stops among others. Other applications of nylon include tires and conveyor belts, coated fabrics, furnishings, floor coverings, and weaving among others.
Adiponitrile is used in diverse industries such as automotive, chemical, textile, healthcare, electronics, personal care, and others. The automotive segment accounted for the highest share in 2020. The increasing application of nylon 66 for the manufacturing of bearings, gears, bushes, and coatings owing to its high mechanical strength, low cost, wear resistance, and stability has increased the demand for adiponitrile.
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Factors such as the growing automotive industry, increasing adoption of electric vehicles, and rising need for modernization of vehicles boost the growth of the adiponitrile in the automotive industry. Rising urbanization, technological advancements, and an increase in the sale of passenger vehicles have resulted in increased applications of adiponitrile.
Asia Pacific is expected to grow at a significant rate during the forecast period. Rising industrial growth, urbanization, and growth in the automotive sector support market growth in this region. Leading global players are expanding their presence in developing nations of China, Japan, India, and South Korea to tap the growth opportunities offered by these countries.
There has been increasing demand for adiponitrile from industries such as construction, chemical, and healthcare, thereby driving the growth of the market for adiponitrile in Asia Pacific. Increasing penetration of passenger vehicles coupled with rising awareness regarding the adoption of electric vehicles fuels the market growth in this region.
Some of the major market participants include Asahi Kasei Corp, Thermo Fisher Scientific, Butachimie, Acros Organics B.V.B.A., Tokyo Chemical Industry, Merck & Co., Inc., BASF, Ascend Performance Materials, The Dow Chemical Company, LyondellBasell Industries N.V., Kishida Chemical Co., Ltd, Spectrum Chemical Mfg. Corp, DuPont, Invista, and Shandong Runxing Chemical Technology Co. Ltd.
Polaris Market research has segmented the adiponitrile market report on the basis of application, production method, end-use, and region:
Adiponitrile, Application Outlook (Revenue, USD Million, 2016 – 2028)
Adiponitrile, Production Method Outlook (Revenue, USD Million, 2016 – 2028)
Adiponitrile, End-Use Outlook (Revenue, USD Million, 2016 – 2028)
Adiponitrile, Regional Outlook (Revenue, USD Million, 2016 – 2028)