ID: MRFR/CnM/0515-HCR | 140 Pages | Published By Priya Nagrale on March 2023
Styrenic polymers are the economical plastics that make up a family of major plastic products with styrene as their key building block. These polymers can be easily processed well above their softening point and also over a wide temperature range due to their amorphous structure. Styrenic polymers do not have a distinct melting point as compared to other partly crystalline polymers. This allows not only faster processing of these polymers but also high dimensional stability and excellent mechanical properties. The examples of styrene polymers are polystyrene, expandable polystyrene, styrene-acrylonitrile copolymer, styrene-methyl methacrylate copolymer, acrylonitrile-butadiene-styrene copolymer, and acrylonitrile-styrene-acrylate copolymer, as well as blends of these polymers with polyphenylene ether (PPE) and polycarbonate (PC). Styrenic polymers are used to produce a variety of household goods such as cups, utensils, furniture, kitchen appliances; consumer electronics; automobile parts; sports and recreational equipment; boats; and durable, lightweight packaging products.
The global styrenic polymers market is projected to register a healthy CAGR of over 5.60% during the forecast 2021-2030. The prominent driving factors for the market growth is the increasing use of styrenic polymers in the automotive industry. The demand for plastics in this industry is increasing on account of the growing concerns over the reduction of the overall weight of automobiles and thereby meet the stringent emission regulations. According to the American Chemistry Council, reducing the weight of a vehicle by 10% can improve the fuel economy by 6-8%. Plastics reduce the weight of modern cars, thereby lowering fuel consumption in the average car by 750 liters over a lifespan of 150,000 km. In addition, the use of plastics has benefited manufacturers by reducing vehicle assembly time and costs. There are different styrenic polymers, including acrylic-styrene-acrylonitrile copolymer (copolymer of SAN and acrylic rubber), ABS, and PC/ASA blends. In addition to the usual surface aesthetics provided, these polymers also provide scratch resistance, high Impact strength, excellent weatherability, and UV stability. The major automotive applications include unpainted exterior parts such as front grilles, radiator grille, side mirror housings, and rear-view mirrors, and interior electroplated components. Significant growth of the automotive industry in the emerging economies of Asia-Pacific and the Middle East & Africa is expected to propel the market growth during the forecast period further.
Another key factor propelling market growth is the growing popularity of the styrenic polymers in medical applications for the manufacture of surgical instruments, liquid containers, portable medical devices, connector tubes, and bags. The shift from the use of PVC to styrenic polymers, owing to the several functional and environmental advantages offered by the latter is likely to boost its demand in the medical industry during the review period.
The key players operating in the global market are adopting various business strategies such as expansions, investments, mergers & acquisitions in order to strengthen their market hold. For instance, the capacity expansion plans by INEOS Styrolution Group GmbH to increase its annual compounding capacity for acrylonitrile butadiene styrene (ABS) and acrylonitrile styrene acrylate (ASA) plastics by an additional 34 kilotons at its Moxi plant (Gujarat, India) to meet the rising demand for ABS and ASA in the automotive industry in India.
The fluctuations in crude oil prices are expected to hinder the prices of raw materials for the styrenic polymers, which is expected to be a key factor hindering the global market growth during the review period.
The global styrenic polymers market has been segmented into five key regions—Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. The regional market in Asia-Pacific dominated the global market, accounting for a market share of over 50% of the global market in 2018. Significant growth of the automotive and consumer goods industries in the region is expected to be a prominent factor driving the regional market growth. The automotive industry in India, China, Japan, South Korea, and Thailand are expected to be the major consumers of the styrenic polymers in the regional market in the years to follow. The automotive industry in Asia-Pacific is the largest globally, with major contributions from the emerging economies, including China, India, and the Southeast Asian countries. China is estimated to be the leading market for styrenic polymers in the region, whereas the market in India is expected to be the lucrative market for these polymers. The growing need for achieving reductions in component weight and economic fuel consumption as well as satisfying the aesthetic appeals is boosting demand for these plastics in the regional market. Additionally, increased spending and rising per capita income of individuals, has been pushing the consumer goods industry in the region, and hence the demand for styrenic polymers in this industry.
North America is expected to be the second-largest regional market, which is primarily attributed to the expanding healthcare and automotive industries in the region. The large-scale use of styrenic polymers in the manufacturing of medical devices and lightweight automobiles is expected to be the key factor favoring the regional market growth.
The regional market in the Middle East & Africa is expected to be the other fast-growing regional market on account of the expanding automotive sector in the region. The packaging and consumer goods industries are expected to be the major consumers for the product in the years to follow.
The global styrenic polymers market has been segmented on the basis of type, end-use industry, and region. Based on type, the global styrenic polymers market has been classified as General purpose polystyrene (GPPS), high impact polystyrene (HIPS), acrylonitrile butadiene styrene (ABS), styrene acrylonitrile (SAN), and others. By end-use industry, the global styrenic polymers market has been divided into automotive and transportation, building and construction, packaging, consumer goods, medical, sports & leisure, personal care, and others. The global styrenic polymers market has been studied with respect to five key regions—Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Versalis SpA (Italy), BASF SE (Germany), NOVA Chemicals (Canada), Synthos (Poland), INEOS Styrolution Group GmbH (Germany), PS Japan Corporation (Japan), KRATON CORPORATION (US), Chi Mei Corporation (China), ELIX Polymers (Spain), LG Chem (South Korea), and Alpek S.A.B. de CV (Mexico) are the key players operating in the global styrenic polymers market.
|Market Size||2030 : Significant value|
|Forecast Period||2021 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, End User and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Versalis SpA (Italy), BASF SE (Germany), NOVA Chemicals (Canada), Synthos (Poland), INEOS Styrolution Group GmbH (Germany), PS Japan Corporation (Japan), KRATON CORPORATION (US), Chi Mei Corporation (China), ELIX Polymers (Spain), LG Chem (South Korea), and Alpek S.A.B. de CV (Mexico)|
|Key Market Opportunities||The shift from the use of PVC to styrenic polymers, owing to the several functional and environmental advantages offered by the latter is likely to boost its demand|
|Key Market Drivers||The prominent driving factors for the market growth is the increasing use of styrenic polymers in the automotive industry.|
The styrenic polymers market is projected to grow at a 5.60% CAGR between 2021-2030.
Growing demand in medical applications and growing automotive industry is adding market growth.
Fluctuations in prices of crude oil may limit market growth.
The APAC region will have the largest share in the market.
Specific strategies that industry players have incorporated to create a niche in the styrenic polymers market include mergers and acquisitions, collaborations, product development, and others.