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Styrenic Polymers Market in the polymer industry is a fast changing and dynamic. Packaging, consumer products, automotive and construction contain styrenic polymers such as polystyrene, ABS and SBR. There are several factors that affect supply, demand and price in the styrenic polymer market.
 The Styrenic Polymers Market is driven by increasing demand from end use industries. They are used by packaging companies because they can be utilized for food containers or disposable items. They are used for making car’s interior and exterior parts since it has both impact resistance and aesthetics of ABS. This will mean the rise of styrenic polymer demand with the international development of these sectors hence changes in market dynamics.
 Raw material pricing and availability also affects styrenic polymer market dynamics. Petrochemical sources offer styrene monomer which is an essential ingredient in making styrenic polymers. Since crude oil prices fluctuate due to geopolitical events, the production costs differentials might happen to change for the manufacturing of these polymers made from styrene monomers. These raw material price fluctuations have a ripple effect on manufacturing pricing and profit margins.
 Restrictive policies on environment and environmental issues resulting into a paradigm shift in the markets for styrenic polymers have put manufacturers under immense pressure to provide more sustainable alternatives as plastic waste becomes even more important together with recycling.Hence there exist bio-based and recycled ones in this market today.Market-oriented firms that care about their environment can gain competitive advantage while adapting better to changing market situations.
 Global trade and economic factors also impact on Styrenic Polymers Market. For example during economic downturns consumer spending decreases affecting both packaging sector as well as automobile sector thus reducing demand for these materials used in manufacture of cars’ interiors.This would apply when looking at how trade policy along international relations influence raw material accessibility & competitiveness among producers of Styrenic polymers. Market players therefore have to keep track of geopolitical events so as to handle challenges and opportunities.
 Styrenic Polymers Market dynamics are shaped by innovation and technology. Efforts are being made to enhance the performance of styrenic polymers for different applications. This includes mechanical properties, thermal stability, and flame retardancy. innovation can give manufacturers an edge by coming up with new features in their goods that will address the needs of end users.
Styrenic Polymers Market Highlights:
Market Synopsis
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. Â
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.
Regional Analysis
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.
Market Segmentation
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.
Key Players
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.
Intended Audience
- Styrenic polymer manufacturers
- Traders and distributors of styrenic polymers
- Research and development institutes
- Potential investors
- End-users
- Nationalized laboratories
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