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.
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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
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
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- 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.
Download Report PDF: Adiponitrile Market
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