Growing scope of application in automotive and textile production remains a key contributor to the adiponitrile market. This is further supported by the trend of replacing conventional materials.
DUBLIN, IRELAND / ACCESSWIRE / February 20, 2020 / The global adiponitrile market is set to surpass a valuation of US$ 12 Bn by the end of 2026, as per the findings of a recent market intelligence study of Fact.MR. Businesses in the adiponitrile market are increasingly pushing for expansion of production capacities and strategic pricing to keep up with the competition.
"The demand for hexamethylene diamine has grown strongly in the past five years and remains a significant driving factor. Asia remains a hot spot for new investments owing to increasing consumption of engineering resins across the region," says the Fact.MR report.
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Adiponitrile Market: Key Findings
- Application in nylon synthesis continues to account for more than 85% of the global market value.
- Automotive applications continue to hold dominance in adiponitrile market for production of materials and components.
- Sales remain higher in developed regions, while East Asian market will display a faster rate of growth.
- Major manufacturers are pushing operations to the Asia Pacific, for cost benefit.
- Raw material pricing continues to be a key factor influencing industrial developments.
Adiponitrile Market: Key Driving Factors
- Strong demand for polymer nylon 6-6 is the primary driver for growth of the adiponitrile market.
- Demand for tire cords in the global automotive sector is generating lucrative opportunities for growth.
- Application in production of lithium ion battery and hexamethylene diisocyanate (HDI) contributes to growth.
Adiponitrile: Key Market Restraints
- Fluctuations in raw material prices is a key constraint for the global adiponitrile market.
- Cut throat pricing rivalry among competing manufacturers cuts in to profitability, thereby limiting market growth.
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Competition Landscape
The global adiponitrile market is largely consolidated. Industry leaders are focusing their efforts on developing competitive pricing strategies for their offerings. This includes installation of new production facilities or expanding existing ones, with greater emphasis on the Asia Pacific region. The report has also profiled some of the key players in global adiponitrile market, including but not limited to Rhodia, Invista, and Ascend Performance Materials.
About the Report
This 250+ pages study provides detailed forecast data on the adiponitrile market. The key categories covered in the report include application (nylon synthesis, hexamethylene diisocyanates (HDI), electrolyte solution, and others), end use (chemical intermediate, automotive, electronics, textiles, and others) and 25+ countries in key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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SOURCE: FactMR
View source version on accesswire.com:
https://www.accesswire.com/577137/Adiponitrile-Market-to-Cross-US-12-Bn-by-2029-Driven-by-Strong-Demand-for-Polymer-Nylon-6-6-Concludes-FactMR-in-a-New-Study
