The global acrylonitrile market size is projected to make substantial gains on account of the surging demand for medical devices and equipment amid the COVID-19 pandemic, states Fortune Business Insights™ in its report, titled “Acrylonitrile Market Size, Share & Industry Analysis, By Application (Acrylonitrile Butadiene Styrene (ABS), Styrene-Acrylonitrile Resin (SAR), Acrylic Fiber, Acrylonitrile Butadiene Rubber (NBR), Others) Others and Regional Forecast, 2024-2032”. According to the data released by the Johns Hopkins University, the total global number of coronavirus cases is 96.1 million with 2.05 million deaths. The outbreak of COVID-19 has wreaked havoc across healthcare systems around the world, with hospitals and clinics in most countries getting overwhelmed by the escalating number of cases. The unrelenting rise in COVID patients has created a critical need for efficient medical equipment and devices in healthcare facilities. Acrylonitrile copolymers are essential in the manufacturing of intravenous connectors and valves, surgical instruments, inhaler housings, home test kits, trays and kits, and instrument handles. The high reliance on this material is due to the durability and structural strength its gives polymers, making the end-use product suitable for rough environments. The COVID-19 pandemic has, thus, heightened the adoption of plastics, which, in turn, has intensified the demand for acrylonitrile-based materials in the medical, pharmaceutical, and healthcare industries.
List of Key Players Covered in the Acrylonitrile Market Report:
Sumitomo Chemical
LUKOIL
Taekwang Industrial Co., Ltd.
SINOPEC
Asahi Kasei
Lenntech B.V.
Ascend Performance Materials
Mitsubishi Chemicals
INEOS
Highlights of the Report:
Individual and collective study of all the market segments in an in-depth manner;
Granular analysis of the factors driving and retarding market growth;
Comprehensive assessment of the regional developments influencing the market; and
Thorough profiling and examination of the key market players and their dominant strategies.
Restraining Factor
Unhindered Plastic Pollution Worldwide May Hamper Growth
The acrylonitrile market growth may get inhibited over the next few years due to the skyrocketing levels of plastic pollution worldwide. According to the UN Environment Program (UNEP), humans produce approximately 300 million tons of plastic waste every. A study by the University of Leeds, UK predicts that over 1.3 billion tons of plastic will be dumped in the oceans and on land between 2016 and 2040. Moreover, the study reveals that even if lawmakers adopt and implement stringent measures, 710 million tons of plastic garbage will still be discarded into the environment. Acrylonitrile is a crucial compound that goes into the manufacturing of different polymer materials, which are then used for making a wide range of end-use products. In the automotive industry, for instance, acrylonitrile butadiene styrene (ABS) is majorly applied in the creation of dashboard components, seatbelts, instrument panels, and door handles and liners. With governments making concerted efforts to minimize the use of plastic materials, the adoption of raw materials such as ABS is likely to decrease.
Information Source: https://www.fortunebusinessinsights.com/acrylonitrile-market-102299
Regional Insights
North America to Lead the Global Market Supported by Strict Environmental Laws
North America is poised to dominate the acrylonitrile market share in the forthcoming years due to the framing and implementation of stringent environmental regulations to curb carbon emissions. As a result, manufacturers in the region are swiftly switching to alternative materials, such as SAR and SAN. In Europe, the consumption of ABS is consistently high as large automakers in the region, such as Volkswagen and BMW, heavily utilize acrylonitrile copolymers for the production of tires and vehicle interiors. The market in Asia Pacific is expected to experience dynamic growth owing to the leading position of the region in the production of rubber.
Competitive Landscape
Strategic Takeovers by Key Players to Augment Market Competition
Top companies in this market are making calculated acquisitions of polymer manufacturers to enlarge their market footprint. These takeovers are allowing companies to expand and deepen their operations in regional markets and diversify their portfolios by adding novel products and technologies to their existing offerings.
Industry Developments:
January 2021: Ascend Performance Materials announced the acquisition of France-based Eurostar Engineering Plastics, a specialist in flame-retardant plastics. Through this purchase, Ascend will be to strengthen its portfolio of compounded polyamides and bolster manufacturing capabilities.
Blog Related Insights: https://www.globenewswire.com/news-release/2022/11/22/2560539/0/en/Acrylonitrile-Market-Size-Share-Growth-Trends-and-Forecast-2022-2029-Exclusive-Report-by-Fortune-Business-Insights.html