Wilmington, Delaware, United States, Transparency Market Research Inc. -, Oct. 10, 2024 (GLOBE NEWSWIRE) -- The global bio-based acrylonitrile market (바이오 기반 아크릴로니트릴 시장) was projected to attain US$ 162.2 million in 2023. It is likely to garner an 8.1% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 381.9 million.
Global Bio-based Acrylonitrile Market: Key Players
Top companies in the global bio-based acrylonitrile market are making large investments in the development of advanced bio-based feedstock and expanded production facilities in order to meet the increasing demand from profitable industries like electronics, automotive, and packaging.
The top companies in the industry use outsourcing, mergers and acquisitions, and regional development as essential tactics to hold onto their dominant market position in a changing and fragmented environment. The following companies are well-known participants in the global bio-based acrylonitrile market:
- AnQore
- Solvay
- Asahi Kasei Corporation
- Trinseo
Bio-based acrylonitrile is a chemical molecule derived from recyclable organic sources such as agricultural wastes, waste materials, and other sugars. The chemical is employed in the large-scale production of acrylic fibers, resins, and other polymers used in electronics, eco-friendly packaging, and automobile components.
Reduced carbon footprint, improved sustainability ratings, and an overall decrease in dependency on fossil fuels and other traditional energy sources are some benefits of using bio-based acrylonitrile.
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Companies looking for ecologically acceptable resin and material solutions are drawn to bio-based materials due to the growing demand from eco-conscious consumers for products with little environmental effect. Current market trends for bio-based acrylonitrile show that yield enhancement, cost reduction, and process optimization are top priorities.
Key Findings of the Market Report
- Sustainable alternatives are in greater demand in the industrial industry due to growing concerns about climate change, environmental damage, and carbon emissions.
- Companies in the industry are seeing significant growth in the bio-based acrylonitrile market as a result of the emphasis on circular economy principles and less environmental impact.
- Acrylonitrile made from recycled polymers is a less expensive option than acrylonitrile made from petrochemicals.
- The compound's adoption permits a change in the supply chain toward a more environmentally friendly one that satisfies changing customer demands and legal requirements.
Market Trends For Bio-based Acrylonitrile
- The technique for producing useful materials or products using biological systems like bacteria or enzymes is known as bio-manufacturing. The main areas of innovation in biomanufacturing are efficiency optimization, enhanced sustainability, and scalability.
- The focus of biomanufacturing innovations, which includes research and development on bio-based acrylonitrile, is on process optimizations and bioreactor designs necessary for the ecologically responsible commercial production of acrylonitrile.
- The market value of bio-based acrylonitrile is increasing due to an increase in government funding for the construction of bio-manufacturing facilities as well as the creation of guidelines and standards that promote the use of bio-based products.
Global Market for Bio-based Acrylonitrile: Regional Outlook
- In 2023, Europe accounted for the highest proportion of the bio-based acrylonitrile market. The existence of industrial centers, an increase in investments in sustainable technologies and bio-based materials, and easy access to raw resources are all contributing to the region's market dynamics.
- The bio-based acrylonitrile market is expected to develop rapidly in North America between 2024 and 2034, according to the most recent prediction. The presence of a well-established industrial infrastructure and strong backing from government institutes for the development of eco-friendly materials are driving forward market statistics in the region.
- The United States economy benefits from biomanufacturing to the tune of around US$ 1363.8 billion, according to the National Institute of Standards and Technology.
Key developments by the players in this market are:
- Leading chemical manufacturer Ineos Nitriles announced the debut of a new bio-based acrylonitrile product line named Invireo in July 2023.
- When compared to acrylonitrile manufactured traditionally, the product has a 90% smaller carbon footprint. The launch is to encourage sustainability and lessen dependency on resources derived from fossil fuels.
Global Bio-based Acrylonitrile Market Segmentation
Type
- Fermentation-based
- Direct Synthesis-based
Application
- Fibers
- Resins
- Water Treatment
- Adhesive Production
- Others
End Use
- Textile
- Packaging
- Automotive
- Electronics
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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