Acrylonitrile Market

The global acrylonitrile market is projected to continue an upward consumption trend from 2022 to 2030, with a forecasted CAGR of +2.3% for volume and +3.6% for value. In 2022, the market reached 2.6M tons in consumption and $4.6B in value. The United States leads in both consumption and production, with steady growth expected in the near future. Imports and exports showed fluctuations, with key players including India, South Korea, China, and the Netherlands. Price trends varied by country, with China and the UK seeing notable growth rates.

Market Forecast

Driven by increasing demand for acrylonitrile worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.3% for the period from 2022 to 2030, which is projected to bring the market volume to 3.2M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market value to $6.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Acrylonitrile

In 2022, approx. 2.6M tons of acrylonitrile were consumed worldwide; surging by 10% on 2021 figures. The total consumption volume increased at an average annual rate of +2.2% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. As a result, consumption reached the peak volume and is likely to continue growth in the immediate term.

The global acrylonitrile market value stood at $4.6B in 2022, picking up by 2.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the global market attained the peak level in 2022 and is likely to see steady growth in years to come.

Consumption By Country

The United States (622K tons) remains the largest acrylonitrile consuming country worldwide, accounting for 24% of total volume. Moreover, acrylonitrile consumption in the United States exceeded the figures recorded by the second-largest consumer, the UK (277K tons), twofold. Japan (250K tons) ranked third in terms of total consumption with a 9.5% share.

In the United States, acrylonitrile consumption expanded at an average annual rate of +6.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the UK (+39.1% per year) and Japan (+3.9% per year).

In value terms, the United States ($1B) led the market, alone. The second position in the ranking was held by the Netherlands ($441M). It was followed by the UK.

From 2012 to 2022, the average annual growth rate of value in the United States stood at +6.1%. The remaining consuming countries recorded the following average annual rates of market growth: the Netherlands (+17.9% per year) and the UK (+36.7% per year).

In 2022, the highest levels of acrylonitrile per capita consumption was registered in the Netherlands (14 kg per person), followed by Belgium (4.3 kg per person), the UK (4.1 kg per person) and Malaysia (3.3 kg per person), while the world average per capita consumption of acrylonitrile was estimated at 0.3 kg per person.

From 2012 to 2022, the average annual rate of growth in terms of the acrylonitrile per capita consumption in the Netherlands totaled +20.3%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Belgium (-0.1% per year) and the UK (+38.2% per year).

Production

World Production of Acrylonitrile

In 2022, production of acrylonitrile increased by 4.7% to 2.7M tons, rising for the fifth consecutive year after two years of decline. The total output volume increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 8.6%. Global production peaked in 2022 and is likely to see steady growth in the near future.

In value terms, acrylonitrile production shrank to $4.1B in 2022 estimated in export price. Over the period under review, production, however, recorded a slight decrease. The growth pace was the most rapid in 2021 with an increase of 42%. Over the period under review, global production reached the maximum level at $4.9B in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Production By Country

The United States (987K tons) constituted the country with the largest volume of acrylonitrile production, comprising approx. 36% of total volume. Moreover, acrylonitrile production in the United States exceeded the figures recorded by the second-largest producer, Japan (290K tons), threefold. The third position in this ranking was held by China (240K tons), with an 8.8% share.

In the United States, acrylonitrile production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (-0.2% per year) and China (+753.2% per year).

Imports

World Imports of Acrylonitrile

In 2022, after two years of growth, there was significant decline in supplies from abroad of acrylonitrile, when their volume decreased by -11.9% to 1.3M tons. In general, imports saw a mild downturn. The pace of growth appeared the most rapid in 2018 with an increase of 18%. As a result, imports attained the peak of 1.6M tons. From 2019 to 2022, the growth of global imports remained at a lower figure.

In value terms, acrylonitrile imports declined notably to $2.6B in 2022. Overall, imports showed a mild contraction. The most prominent rate of growth was recorded in 2021 with an increase of 62%. As a result, imports reached the peak of $3.1B, and then dropped significantly in the following year.

Imports By Country

India (212K tons) and South Korea (174K tons) represented the major importers of acrylonitrile in 2022, recording near 16% and 13% of total imports, respectively. Malaysia (109K tons) ranks next in terms of the total imports with an 8.2% share, followed by the Netherlands (8%), China (7.8%), France (7%), Belgium (6.3%) and Taiwan (Chinese) (6.3%). Mexico (51K tons), the UK (46K tons), Hungary (40K tons), Germany (32K tons) and Thailand (30K tons) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +17.2%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, India ($368M), South Korea ($289M) and France ($236M) constituted the countries with the highest levels of imports in 2022, together accounting for 34% of global imports. Malaysia, the Netherlands, China, Belgium, Taiwan (Chinese), the UK, Mexico, Hungary, Germany and Thailand lagged somewhat behind, together accounting for a further 52%.

The UK, with a CAGR of +20.5%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average acrylonitrile import price amounted to $1,959 per ton, waning by -3.9% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 62% against the previous year. As a result, import price attained the peak level of $2,039 per ton, and then declined slightly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the UK ($2,543 per ton), while South Korea ($1,664 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+2.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Acrylonitrile

In 2022, shipments abroad of acrylonitrile decreased by -17.6% to 1.4M tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports continue to indicate a slight decrease. The most prominent rate of growth was recorded in 2021 with an increase of 14%. As a result, the exports reached the peak of 1.7M tons, and then fell dramatically in the following year.

In value terms, acrylonitrile exports contracted notably to $2.6B in 2022. In general, exports recorded a mild setback. The most prominent rate of growth was recorded in 2021 with an increase of 81% against the previous year. As a result, the exports attained the peak of $3.5B, and then declined markedly in the following year.

Exports By Country

In 2022, the United States (365K tons), distantly followed by South Korea (229K tons), China (217K tons), Taiwan (Chinese) (157K tons), Germany (155K tons) and the Netherlands (69K tons) represented the key exporters of acrylonitrile, together achieving 84% of total exports. Japan (52K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +115.5%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($692M), South Korea ($461M) and China ($337M) appeared to be the countries with the highest levels of exports in 2022, together comprising 57% of global exports.

In terms of the main exporting countries, China, with a CAGR of +126.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average acrylonitrile export price amounted to $1,831 per ton, dropping by -8.6% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average export price increased by 59% against the previous year. As a result, the export price reached the peak level of $2,003 per ton, and then reduced in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in the Netherlands ($2,192 per ton) and South Korea ($2,010 per ton), while Taiwan (Chinese) ($1,535 per ton) and China ($1,549 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform