The global adiponitrile market is expected to witness a moderate growth between 2022 to 2027 at a CAGR of over 4%, Rising demand from the electrical sector is expected to drive the adiponitrile market, owing to its uses in electrical insulation and its properties such as excellent abrasion, wear resistance, etc.
Researchmoz throws some glimpse on the market dynamics including the size of the market, drivers, restraints, trends, opportunities, and competitive edge.
Factors Driving and Restraining the Market
Here Are Some of the Market Drivers That Are Expected To Expand The Adiponitrile Market During In The Forecast Period.
- With the rising production of Hexamethylenediamine (HMDA) to produce polyamide 6,6, there is a huge demand for adiponitrile, owing to the expansion of the global adiponitrile market.
- The increased demand from the automotive industry is expected to drive the global adiponitrile market in the coming years. The growth can be due to fuel optimization and lightweight vehicles.
- The rising demand for airbags, engine covers, etc. is anticipated to inflate the sales of adiponitrile, thus resulting in the expansion of the global adiponitrile market during the forecast period.
- The excellent properties such as lightweight, excellent heat resistance, and excellent strength are predicted to boost the demand for adiponitrile, paving the way for the growth of the global adiponitrile market during the forecast period.
- The stringent regulations on reducing carbon footprints are expected to bolster the demand for the adiponitrile, owing the global adiponitrile to widen in the following years.
The Market Restraint of the Global Adiponitrile Market in The Forecast Period Include-
The slowdown in the automotive sector due to the long-term effect of the covid pandemic may hamper the growth of the global adiponitrile market.
Despite the restraint, the rising demand and sales of passenger vehicles is anticipated to drive the global adiponitrile market during the forecast period.
The increasing demand for conveyor belt coated fabrics, and floor coverings are likely to boost the global adiponitrile market in the following years.
Adiponitrile is highly used in enamels, paints, adhesives, etc. which is expected to be another major cause for the global adiponitrile market to grow in the coming years.
Increasing demand for electric vehicles across the globe may add to the growth in the global adiponitrile market in the coming years, the automotive giants such as Tesla, Chevrolet, and Ford are expected to boost the market in this regard.
The Asia Pacific is anticipated to thrive during the forecast years, thanks to the growing urbanization and demand for passenger vehicles and textiles.
North America and Europe are expected to witness moderate growth due to rising demand from the automotive sector and the presence of major players.
The global adiponitrile market is consolidated with the cutthroat competition due to the presence of prominent players. These key players are concentrating on expanding their market presence by indulging in strategic collaborations, partnerships, mergers etc.
Given Are the Major Players in the Global Adiponitrile Market
- China Petroleum & Chemical Corporation
- Evonik Industries
- The Dow Chemical Company
- JSR Corporation
- LG Chem
- Rhodia group
- Royal Dutch Shell
- Saudi Basic Industries Corporation
- Predominantly it is the automotive sector that is expected to augment the demand for adiponitrile in the global market.
- The Asia Pacific is anticipated to thrive due to urbanization resulting booming market for passenger vehicles and many automotive manufacturers moving their production units to developing countries such as India and China because of the low production costs and labour costs.
- In Europe, Germany and UK are expected to witness a surge in the production of conveyor belts, airbags, engine covers, tires, etc. leading to the expansion of the global adiponitrile market during the forecast period.
Applications Disposition (USD Revenues in Millions)
- Nylon Synthesis
- Electrolyte Solution
End Users Disposition (USD Revenues in Millions)
- Chemical Intermediate
- Electricals and Electronics
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)