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Adiponitrile market to surpass $12 bn by 2019: Fact MR

19
Feb '20
Pic: Shutterstock
Pic: Shutterstock
The adiponitrile market is growing at a compounded annual growth rate (CAGR) of around 4.5 per cent till 2029, when it may surpass $12 billion, bolstered by a strong demand for polymer nylon 6-6, which finds widespread applications in the production of commodities such as electro-insulation, conveyor belts and carpet fibres, according to a new report by market research company Fact MR.

The adiponitrile market is also being supported by an upward trajectory in the Asia Pacific region, owing to the easier availability of low cost facilities for production.

The demand for nylon 6-6 is continuing to grow across United States and Europe, owing to its use as a popular resin in engineering applications. This is particularly true in terms of the demand for tyre cords from the global automotive segment, which is generating a number of lucrative opportunities in the market for the near future. On the basis of this trend, the sales of adiponitrile are expected to surpass $12 billion by the end of 2029.

Adiponitrile for nylon synthesis applications will hold control over 85 per cent of the global adiponitrile market with a growth of 1.4 times across the forecast period, with a slower rate of growth.

Most end-use applications for adiponitrile will be aimed towards the production of automotive components and materials, which will account for nearly 42 per cent of the global market, necessitated by the high strength and temperature requirements of components like plug parts, radiator housing and hydraulic brakes.

Developed regions, including North America and Europe, are displaying a low to average rate of growth, while these cumulatively continue to hold more than 61 per cent shares in the global adiponitrile market.

While the sales of adiponitrile are expected to remain higher in developed regions, countries in the East Asia Region are rapidly gaining traction accounting for nearly 20.6 per cent share in the global market, characterised by a high rate of growth through the forecast period.

Even as automotive applications continue to hold dominance in the adiponitrile market, end use applications in the textiles sector for the production of clothing fibre, rugs and carpets, will continue to grow throughout the forecast period.

Fibre2Fashion News Desk (DS)


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