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Acrylonitrile market expected to grow due to carbon fiber demand
Increasing demand for carbon fiber is expected to drive the global acrylonitrile market to post a compound annual growth rate (CAGR) of more than 3% during the period 2019-2023, according to the latest market research report by Technavio.
Along with increasing carbon fiber demand, the report also analyzes other significant trends and market drivers that will affect market growth for acrylonitrile, the primary raw material for producing the carbon fiber precursor polyacrylonitrile (PAN).
“Apart from the increasing carbon fiber production, the technological advances in the acrylonitrile production process is one other factor that is expected to boost the growth of the global market. The National Renewable Energy Laboratory (NREL) has developed a new catalytic method to produce renewable acrylonitrile using 3-hydroxypropionic acid. This hybrid biological-catalytic process is used as an alternative to the conventional petrochemical production method for manufacturing acrylonitrile. Thus, such advances are expected to contribute largely to the growth of the overall global market, during the forecast period,” says an analyst at Technavio in a press release.
This market research report segments the global acrylonitrile market by application (ABS and SAN, acrylic fibers, polyacrylamide, Nitrile butadiene rubber and others) and geographical regions (Asia-Pacific, Europe, North America, South America, and Middle East and Africa).
According to the report, the Asia-Pacific region led the market in 2018, followed by Europe, North America, South America, and Middle East and Africa, respectively. During the forecast period, the Asa-Pacific region is expected to continue leading and is expected to register the highest incremental growth due to the increasing demand from industries such as automotive, construction and water treatment.
Some of the topics covered in the report include market landscape, market sizing, five forces analysis, market segmentation, geographical segmentation, market drivers, market challenges, market trends and vendor landscape.