Polyacrylonitrile Market Size, Share, Growth, and Industry Analysis by Type (Acrylic Staple Fiber, Acrylic Tow and Acrylic Top) By Application (Filtration, Textiles, Precursors To Carbon Fiber, Outdoor and Fiber-reinforced Concrete) Regional Forecast From 2022 to 2028

Updated On: 22 April 2024

Polyacrylonitrile Market REPORT OVERVIEW

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The global polyacrylonitrile market size US$ 7797 million in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with the polyacrylonitrile market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to generate substantial revenue by 2028, exhibiting a CAGR of 3.3% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The polyacrylonitrile market refers to the global market for the polymer polyacrylonitrile (PAN), which is a synthetic resin used in a wide range of applications. Polyacrylonitrile is a thermoplastic polymer that is produced by the polymerization of acrylonitrile. The global polyacrylonitrile market is driven by various factors, including the growing demand for polyacrylonitrile -based carbon fiber composites in the aerospace and automotive industries, as well as in wind energy applications. The high strength-to-weight ratio of polyacrylonitrile -based carbon fiber composites make them ideal for use in lightweight and high-performance materials.

In addition, the increasing demand for water treatment and filtration systems is also driving the growth of the polyacrylonitrile market. Polyacrylonitrile is widely used in the production of membranes for water treatment, as well as in the production of adsorbent materials for air and water purification.

The polyacrylonitrile market is expected to continue to grow in the coming years due to the increasing demand for lightweight and high-performance materials in various industries, as well as the growing need for water treatment and filtration systems. However, fluctuations in raw material prices and environmental concerns related to the production and disposal of polyacrylonitrile may present challenges to the market's growth.

COVID-19 Impact: Disrupted Global Supply Chain to Disturb the Market Demands

The global economic slowdown caused by the pandemic has led to a decrease in demand for polyacrylonitrile products. Many industries, including the textile and automotive industries, which are major consumers of polyacrylonitrile, have been negatively affected by the pandemic, resulting in reduced demand for polyacrylonitrile.

Furthermore, the pandemic has disrupted the global supply chain, leading to a shortage of raw materials and transportation issues. This has resulted in higher prices for raw materials and transportation costs, which have affected the profitability of the polyacrylonitrile market.

LATEST TRENDS

"Rising Prices and Growing Focus on Sustainability to Augment the Market Growth"

One of the major applications of polyacrylonitrile is the production of carbon fiber, which is used in a range of industries including aerospace, automotive, and wind energy. The demand for carbon fiber is expected to grow rapidly in the coming years, driving growth in the polyacrylonitrile market. The prices of polyacrylonitrile have been increasing due to a number of factors, including rising raw material costs, supply chain disruptions, and increased demand. This has led to higher prices for end-use products, which may impact demand in some markets. With the increasing concern about climate change, there is a growing focus on sustainability in the polyacrylonitrile market. This has led to the development of more sustainable production processes and the use of recycled materials. Companies in the PAN market is investing in research and development to create new and improved products. This includes the development of new grades of polyacrylonitrile that offer improved performance and cost-effectiveness.

Polyacrylonitrile Market Segmentation

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• By Type Analysis

By type, market is segmented into acrylic staple fiber, acrylic tow and acrylic top. The acrylic staple fibre type segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into filtration, textiles, precursors to carbon fiber, outdoor and fiber-reinforced concrete. The filtration textiles segment will lead the global share through 2028.

DRIVING FACTORS

"Increasing Demand for Water Treatment to Push the Market"

Carbon fiber is a lightweight, strong, and durable material that is widely used in various industries, including aerospace, automotive, and sports equipment. Polyacrylonitrile is a primary raw material for carbon fiber production, and as the demand for carbon fiber increases, the demand for polyacrylonitrile also grows. Polyacrylonitrile is used as a flocculant in water treatment processes to remove suspended solids and impurities from wastewater. The growing demand for clean water and wastewater treatment is driving the demand for polyacrylonitrile in the water treatment industry.

"Growth in the Electronics Industry and Government Initiatives to Propel the Market Growth"

Polyacrylonitrile is also used in the textile industry to produce synthetic fibers that are soft, comfortable, and durable. The growing demand for comfortable and durable textiles, especially in the clothing and home furnishings sectors, is driving the demand for polyacrylonitrile. Polyacrylonitrile is used in the production of lithium-ion batteries, which are widely used in various electronic devices, including smartphones, laptops, and electric vehicles. The growing demand for electronic devices is driving the demand for polyacrylonitrile in the electronics industry.

Various governments are implementing initiatives and regulations to promote the use of sustainable materials and reduce carbon emissions. Polyacrylonitrile-based carbon fiber is considered a sustainable material, and the growing emphasis on sustainability is driving the demand for polyacrylonitrile.

RESTRAINING FACTORS

"Limited Availability of Raw Materials to Hinder the Market Growth "

Polyacrylonitrile is derived from crude oil, and any instability in crude oil prices can significantly impact the prices of polyacrylonitrile. This can lead to lower demand and decreased profit margins for manufacturers. The availability of raw materials, such as acrylonitrile, may be limited due to geopolitical tensions or supply chain disruptions, leading to a shortage of polyacrylonitrile. Polyacrylonitrile production involves the release of hazardous chemicals and by-products, which can pose environmental risks. Stringent regulations and increasing public awareness of environmental issues may impact the demand for polyacrylonitrile.

Polyacrylonitrile Market REGIONAL INSIGHTS

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"North America’s Market to Grow Exponentially with the Forecasted Period"

The demand for polyacrylonitrile is expected to increase in North America due to the growing demand from the aerospace and defense industries. The region is home to several major aircraft manufacturers, and polyacrylonitrile is widely used in the production of aircraft parts and components.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• AKSA (Turkey)
• Dralon (Germany)
• Mitsubishi Chemical (Japan)
• Aditya Birla Group (India)
• Formosa Plastics Corporation (China)
• TOYOBO (Exlan) (Japan)
• Taekwang (South Korea)
• Toray (Japan)
• Kaltex (Mexico)
• Montefibre (Spain)
• Pasupati Acrylon (India)
• SGL (Fisipe) (Portugal)
• SDF Group (France)
• Indian Acrylics (India)
• Sinopec (China)
• Jilin Chemical Fiber (China)
• CNPC (China)
• Jiangsu Zhongxin Group (China)
• Zhejiang Hangzhouwan (China)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.