The North America Acrylonitrile Market would witness market growth of 1.3% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 971.5 Kilo Tonnes, showcasing a growth of 0.6% (2019-2022).
As the automotive sector expands, it drives the growth of the market. Acrylonitrile-based resins are used in the packaging industry due to their strength and barrier properties. With the growth of e-commerce and the need for sustainable packaging materials, there are many opportunities for expansion in this sector. Advances in production technology and catalysts make acrylonitrile production more efficient and cost-effective, potentially driving market expansion.
The demand for synthetic fibers, including acrylic fibers, significantly impacts the acrylonitrile market. Fashion trends, textile industry dynamics, and consumer preferences influence this demand. Acrylonitrile is a key component in producing ABS resins used in various applications, including automotive parts, electronics, and consumer goods. Therefore, trends in the plastics and resins industry directly affect the acrylonitrile market. Acrylonitrile is crucial in producing plastics and resins, including ABS resins. With the increasing use of plastics in automotive, electronics, and packaging industries, there is a continuous need for acrylonitrile.
The automotive industry in Canada relies on acrylonitrile-based materials to meet performance, safety, and design requirements. As the industry continues to evolve with advancements in technology and materials, the demand for innovative acrylonitrile-based solutions is expected to remain strong. Additionally, sustainability and regulatory factors will likely play a growing role in shaping material choices in the Canadian automotive sector. As per ITA, Canada plans enormous investments in its automotive sector for clean technologies and the production of electric vehicles (EVs) with zero emissions. By collaborating with provincial governments, the Canadian government aims to achieve carbon neutrality by 2050. Therefore, the region presents lucrative expansion prospects for the market.
The US market dominated the North America Acrylonitrile Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,939.4 million by 2030. The Canada market is exhibiting a CAGR of 1.7% during (2023 - 2030). Additionally, The Mexico market would experience a CAGR of 2.3% during (2023 - 2030).
Based on Application, the market is segmented into Acrylonitrile Butadiene Styrene (ABS), Acrylic Fiber, Styrene Acrylonitrile, Adiponitrile, Acrylamide, Carbon Fiber, Nitrile Rubber, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Acrylonitrile Market is Predict to reach $13.1 Billion by 2030, at a CAGR of 1.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include INEOS Group Holdings S.A., Sumitomo Chemical Co., Ltd., China Petrochemical Development Corporation (Core Pacific Group), Asahi Kasei Advance Corporation (Asahi Kasei Corporation), Mitsubishi Chemical Holdings Corporation, Ascend Performance Materials LLC (SK Capital and Partners), AnQore, Formosa Plastics Group, and TAEKWANG Industrial Co., ltd.
By Application (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Million, 2019-2030)
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