Adiponitrile Market to grow at a CAGR of 4.39% during 2024-2028
The Adiponitrile Market is expected to grow at a CAGR of 4.39% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2270.3 million. Adiponitrile serves as a crucial production intermediate in the manufacture of polymers like Nylon 6,6 and Polyamide 6,6. These polymers offer significant design flexibility in various industries, including automotive, aerospace, electrical and electronics, and energy. By replacing metals with polymers, manufacturers can achieve substantial weight reduction, resulting in a 70-80 percent weight savings. This substitution also leads to reduced cycle times, increased durability, and decreased installation time. In the era of advancing technology, the demand for lighter, thinner, and more intelligent electrical and electronic equipment continues to escalate, making the use of polymers an indispensable solution.
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Technavio analysts predict that the Automotive subsegment will lead the End-user segment during 2024 and 2028 In the automotive sector, high process temperatures necessitate the use of robust materials for components, with nylon 6,6 and polyamide 6,6 being preferred over metals due to their superior chemical resistance, extended service life, and resistance to hydrolysis. Nylon 6,6's exceptional properties, including high tensile strength, enhanced chemical resistance, and superior abrasion resistance, make it increasingly valuable in the automotive industry for interior, exterior, chassis, and under-hood applications. Moreover, the cost-effectiveness of polymers, as opposed to using stainless steel, which can escalate automotive application costs, is a significant advantage. Polymers facilitate the fabrication of automotive components, enabling cost savings.
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The Adiponitrile market is experiencing significant growth due to its applications in various industries that prioritize weight reduction and fuel efficiency. In the transportation sector, Adiponitrile is used to produce Hexamethylene diamine (HDI), which is a crucial component in the production of polyurethane foams and coatings. This results in lighter and more fuel-efficient vehicles. Beyond transportation, Adiponitrile is also used in the production of bio-based plastics, providing sustainable alternatives to traditional petroleum-based materials in industries such as electrical, construction, textile, and automobile. In the electrical industry, Adiponitrile is used in the production of lithium-ion batteries for electronics and electric vehicles. Moreover, Adiponitrile is used in the production of Nylon substitutes, Para-aramid synthetic fibers, Bioresorbable polymers, and Polyvinylidene fluoride, which have applications in affordable healthcare, airbags, and high-performance materials. Bio-Adiponitrile, a bio-based form of Adiponitrile, is gaining popularity due to its environmental benefits. The market for Adiponitrile is expected to grow further as demand for lightweight and sustainable materials continues to increase. In summary, the Adiponitrile market is driven by its applications in weight reduction and fuel efficiency in various industries, including transportation, electrical, construction, textile, automobile, and healthcare. Its ability to produce high-performance materials such as Polyurethane products, Polypropylene, and various polymers makes it a versatile and essential chemical in today's economy.
The global specialty chemicals industry encompasses businesses producing high-value-add chemicals utilized in the manufacturing of specialized products, such as fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. According to Technavio's market analysis, the specialty chemicals market size is determined by the consolidated revenue generated by manufacturers specializing in high-value-added chemicals. Key growth drivers for this market include the increasing demand for specialized adhesives and sealants, which are expected to significantly contribute to market expansion throughout the forecast period.
The Adiponitrile Market is experiencing significant growth, fueled by the increasing application in electrical and electronics sector. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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