Adiponitrile Market By Industry Trends, Statistics, Key Companies Growth And Regional Forecast To 2025
The global adiponitrile market size is projected to reach USD 11.9 billion by 2025, registering a revenue-based CAGR of 4.9% during the forecast period, according to a new report by Radiant Insights, Inc. Increasing demand for adiponitrile in manufacturing hexamethylenediamine, which is a major raw material for polyamide 6,6 (nylon 6,6) is anticipated to drive the market over the forecast period.
Polyamide 6,6 (PA 6,6) is extensively used in the manufacturing of automotive components including interior and exterior parts. PA 6,6 based components help reduce the weight of vehicle, which leads to increased fuel efficiency. In addition, its use in the manufacturing of high performance apparels and as an additive in formulation of battery electrolyte is anticipated to positively affect the industry over the forthcoming period.
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Increasing adoption of electric vehicles across the globe as an eco-friendly alternative to replace fuel combustion engines has expanded electric vehicle manufacturing sector over the past few years. Adiponitrile is gaining importance as an electrolyte additive in lithium ion batteries which results in increased efficiency and overall performance of each battery cycle. Growing production of electric vehicles operating on Li-ion batteries is anticipated to fuel the demand for adiponitrile over the forthcoming period.
Adiponitrile can be manufactured by hydrocyanation of butadiene and electrodimerisation process of acrylonitrile. Hydrocyanation process requires natural gas for the heating purpose which is regulated by multiple authorities across different countries to monitor environmental pollution. Whereas, electrodimerisation process includes high cost of raw material thus, increasing the cost of manufacturing. Owing to these factors, manufacturing of adiponitrile has become a very cost sensitive process. As an effect of it, manufacturers are conducting extensive research for the development of innovative and cost effective processes to cater to the increasing demand for adiponitrile across the globe.
The market is characterized by presence of limited manufacturers across the globe. Invista uses its patented manufacturing technology at its own plant and at Butachimie, which is its joint venture with Solvay S.A. in France. Other notable players in the market are Ascend Performance Materials and Kishida Chemical Co.
Further key findings from the report suggest:
• Nylon synthesis application dominated the market with revenue share of 86.6% in 2018 on account of increasing demand in automotive & textile application
• In 2018, automotive segment dominated the market with a total share of 81.7% in terms of revenue on account of increasing demand for PA 6,6 to design and manufacture various parts of vehicle
• North America is the largest producer of the product, contributing for more than 30% of the global production
• In 2018, U.S. is the largest consumer of the product in North America wherein 78.8% of the product was consumed in automotive and textile applications
• Some of the key market players are Invista, Ascend Performance Materials, Butachimie, and Kishida Chemicals that caterto the global demand for the product in various end-use industries
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Table of Contents
Chapter 1 Methodology And Scope
1.1 Market segmentation & scope
1.2 Market definition
1.3 Information procurement
1.4 Purchased database
1.5 Radiant Insights, Inc. internal database
1.6 Secondary sources & third party perspectives
1.7 Primary research
1.8 Information analysis
1.8.1 Data analysis models
1.9 Market formulation & data visualization
1.10 Data validation & publishing
1.11 Research scope and assumptions
1.11.1 Assumptions
Chapter 2 Executive Summary
2.1 Market snapshot
Chapter 3 Market Variables, Trends, and Scope
3.1 Market lineage outlook
3.1.1 Plastics industry outlook
3.1.2 Outlook on end-use industries
3.2 Penetration and growth prospect mapping, 2014 - 2025
3.3 Business segment trends
3.4 Value chain analysis
3.4.1 Raw material trends
3.4.2 Sales channel analysis
3.4.3 Distribution channels
Continued…
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