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In the fourth quarter of 2023, the price of acrylonitrile in North America exhibited a bullish trend. Initially, prices rose due to the constrained availability of feedstock ammonia, caused by reduced supplies of upstream natural gas impacting production rates.
The latest report by IMARC, titled "Acrylonitrile Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data" delivers a comprehensive analysis of acrylonitrile prices on a global and regional scale, highlighting the pivotal factors contributing to price changes. This detailed examination includes spot price evaluations at key ports and an analysis of pricing structures, such as Ex Works, FOB, and CIF, across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Acrylonitrile Prices December 2023:
Report Offering:
The study delves into the factors affecting acrylonitrile price variations, including alterations in the cost of raw materials, the balance of supply and demand, geopolitical influences, and sector-specific developments.
The report also incorporates the most recent updates from the market, equipping stakeholders with the latest information on market fluctuations, regulatory modifications, and technological progress. It serves as an exhaustive resource for stakeholders, enhancing strategic planning and forecast capabilities.
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Acrylonitrile Price Trend- Q4 2023
The acrylonitrile market is primarily driven by its critical applications across various industries such as automotive, construction, and electronics. The demand for acrylonitrile-based products like acrylonitrile butadiene styrene (ABS) and nitrile butadiene rubber (NBR) is escalating due to their essential role in manufacturing components that demand strength, resilience, and durability. In the automotive sector, acrylonitrile is used extensively in lightweight components, which are vital for improving fuel efficiency and reducing emissions. Additionally, the burgeoning construction industry utilizes ABS for piping and fittings, owing to its robustness and adaptability to extreme temperatures. Furthermore, the electronics industry's continuous expansion significantly contributes to the demand, as acrylonitrile-based polymers are preferred for their excellent thermal stability and aesthetic finish in consumer electronics. Economic growth, coupled with advancements in manufacturing technology and increasing consumer demand for high-performance, durable plastics, continues to propel the acrylonitrile market forward.
The global acrylonitrile market size reached US$ 11.6 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 13.5 Billion, at a projected CAGR of 1.70% during 2023-2032. In North America, the acrylonitrile price trends in the last quarter were primarily influenced by a complex interplay of increased demand, supply chain disruptions, and geopolitical tensions. The commencement of the quarter saw a spike in demand from domestic manufacturers of Nitrile Butadiene Rubber and ABS, prompted by rising import costs and heightened freight charges due to geopolitical unrest. This was compounded by significant production disruptions due to unforeseen plant shutdowns in key facilities across Texas and Louisiana, largely due to extreme weather conditions. Moreover, energy prices surged, influenced by the same geopolitical tensions, adding to the production costs. Towards the quarter's end, demand from the refrigeration sector further pushed prices up, exacerbated by limited propylene supplies due to maintenance activities at major manufacturing units.
In the APAC region, acrylonitrile prices experienced fluctuations driven by varying demand and supply constraints. The quarter began with declining prices due to reduced off-takes from Nitrile Butadiene Rubber producers, influenced by an oversupply in the glove manufacturing sector. However, prices started to climb mid-quarter as the availability of propylene feedstock tightened, primarily due to restricted crude oil supplies from the Middle East amid ongoing geopolitical conflicts. This situation was further strained by reduced operating rates at manufacturing units. Additionally, the Lunar New Year and subsequent seasonal celebrations stimulated moderate trading activities, pushing prices upward. By the end of the quarter, escalated demand in the air cargo market, spurred by e-commerce growth and shipping disruptions, notably affected acrylonitrile pricing dynamics.
In Europe, acrylonitrile prices were influenced by several factors including feedstock availability, energy costs, and market demand fluctuations. Initially, prices were tempered by lower ammonia costs and sluggish demand from the agrochemical industry. However, as the quarter progressed, increased energy costs and delayed propylene supplies due to logistic issues through the Suez Canal put upward pressure on prices. The automotive sector's demand for Nitrile Butadiene Rubber, crucial for manufacturing components for electric vehicles, also contributed to this rise. The shortage of skilled labor towards the quarter's end led to production slowdowns and increased operational costs. Additionally, heightened global air cargo demand further complicated the supply chain, leading to a resurgence in acrylonitrile prices by the quarter's end.
Browse Full Report: https://www.imarcgroup.com/acrylonitrile-pricing-report
Key Points Covered in the Acrylonitrile Pricing Report:
The report delivers the following key findings, alongside a comprehensive breakdown of prices by region:
Regional Price Analysis:
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Note: The current country list is selective, detailed insights into additional countries can be obtained for clients upon request.
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