Styrenic Polymers Market Information by Type (General Purpose Polystyrene (GPPS), High Impact Polystyrene (HIPS), Acrylonitrile Butadiene Styrene (ABS), Styrene Acrylonitrile (SAN)), End-Use Industry (Automotive and Transportation, Building and Construction, Packaging, Consumer Goods, Medical, Sports & Leisure, and Personal Care), Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)—Forecast till 2024
Global Key Players
Alpek Sab De Cv, Asahi Kasei Corporation, Ashland, BASF, Bayer Material Science, CCP Composites, ENI S.P.A, Ineos Group Ag, Lanxess Ag, Nova Chemicals Corporation among others are some of the prominent players at the forefront of competition in the Global Styrenic Polymers Market and are profiled in MRFR Analysis.
Styrenic Polymers Market Estimated to Be Rigged with a Significant Growth by 2021
The styrenic polymers report has analysed the level of competition among the key operating players as well as sector growth and market scenario. The global styrenic polymers market includes a large number of suppliers operating in the market which includes large scale and medium scale producers. The major manufacturers operating in the global styrenic polymers industry has shifted their focus towards growth association specifically by Asia Pacific as medium level and small scale manufacturers are from this region specifically from China, Singapore, South Korea, India, Indonesia, Thailand, Taiwan, Malaysia, Australia, and Japan.
Apart from this, the key manufacturers are focusing on expanding their product portfolio by strategic acquisition and mergers, joint ventures, product launches, and exclusive agreements. Many operating players are increasing their manufacturing capacity of styrenic polymers to meet the growing demand for styrenic polymers.
Styrenic Polymers Market Overview
Styrenic polymers are predominantly utilized in numerous end use industries such as building & construction, automotive, electrical & electronics, food packaging, healthcare, and others. Styrenic polymers market is predicted to witness moderate growth on account of their demand in various end use industries. In addition, among the type segment polystyrene accounted for the largest market share owing to their unique properties which make them suitable for manufacturing of automobile parts and various components. Furthermore, Styrene butadiene rubber is estimated to register healthy growth with significant CAGR due to their wide usage in tire industry. Moreover, increasing automobile production and sales in developed and developing regions is estimated to drive the SBR segment in the upcoming years.
Geographically, Asia Pacific emerged as the largest market for styrenic polymers followed by North America and Europe. The Asia Pacific styrenic polymers market is expected to witness tremendous growth with a healthy CAGR over the assessment year due to increasing industrial base for many end use industries in these region. Furthermore, the demand for styrenic polymers is expected to raise in numerous countries of Asia Pacific such as China, India, Japan, Thailand, Malaysia, and South Korea on account of continuous expansion of automotive sector combined with high adoption rate from wind and marine sector. Apart from this, increasing investment by key market players in their innovation and research & development activities and shifting of styrenic polymers manufacturing unit in this region is expected to fuel the styrenic polymers regional market growth.
North American market is predicted to witness robust growth due to increasing demand for styrenic polymers in packaging & healthcare. North American market is further segmented into U.S. and Canada, among them U.S. is expected to be the major contributor in the regional market growth owing to strong growth of aerospace and marine sector. European market is estimated to witness above steady growth on account of increasing awareness regarding the benefits associated with the product as well as growing purchasing power of consumer. In addition, developing countries of Latin America and the Middle East & Africa are predicted to witness steady growth due to strong consumer base for automobile and electronics industries.
Industry/ Innovation/ Related News:
January 2018- Mitsubishi Chemical Corporation announced to start manufacturing of styrenic thermoplastic elastomer (TPS) at its location in Thailand. Company’s TPS is extensively used in numerous fields such as building materials, electronic devices, healthcare, food packaging, and automobiles. This capacity expansion will help company to meet the increasing demand for TPS in Southeast Asia.
August 2017- INEOS Styrolution, one of the leading manufacturer of styrenics polymer in U.S. announced to expand its engineering plastics capacity by an additional 34,000 metric tons per annum at their Moxi plant situated in Gujarat, India. This expansion will cost around USD 20 million. This expansion will help company to meet the growing demand for styrenics polymer in India and Asia Pacific and also enhance company position as the market leader for ABS and SAN (styrene acrylonitrile) in India.
May 2017- Ineos Styrolution and Videolar-Innova, a Brazilian petrochemical firm announced to expand their production capacity for acrylonitrile butadiene styrene (ABS) and acrylonitrile styrene acrylate (ASA). The company planned to construct a new 100KT capacity ASA plant in Bayport, Texas and ABS capacity for an additional 70 KT capacity in Altamira, Mexico. The plant is expected to be complete by 2020. With this capacity expansion the company will able to meet the increasing demand for styrenics polymer across the North America and Globe.
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