The Global Styrenic Polymers Market is projected to reach around US$ 6,100.5 Million by the end of 2030, in terms of revenue, growing at a CAGR of 7.0% during the forecast period (2023-2030).
Global Styrenic Polymers Market: Growth Drivers
Rapidly expanding end-use Industries-
Increasing use of styrenic polymers in place of PVC across the healthcare industry is predominantly fueling the market growth. Due to various potential health threats associated with PVC, there is a restriction on the use of PVC materials. This is creating demand for plastic such as styrenic polymers as they exhibit excellent mechanical performance. Moreover, these polymers also offer easy disposability, design versatility, lightweight, and better aesthetics. All these properties of styrenic polymers are propelling the market growth.
The growing use of styrenic polymers in the medical industry for developing high-performance and miniaturized medical devices is propelling market growth. Medical devices can be easily micro-molded by using such plastics.
Global Styrenic Polymers Market: Restraints
Highly increasing cost of manufacturing Styrenic Polymers-
The high price of styrenic polymers compared to other thermoplastic materials is projected to hinder market growth. Polystyrene and ABS are two major materials that have a high price. For example, the average price of ABS is almost three times that of the lowest-priced PVC.
The volatile price of crude oil due to the political scenario as raw materials used in the manufacturing of styrenic polymers are derived from crude oil is expected to hamper the market growth.
Global Styrenic Polymers Market: Market Opportunity
The growing use of styrenic polymers for producing medical devices such as the storage of IV fluids, blood bags, dialysis solutions, and tubings is expected to offer lucrative opportunities. Robust demand for thermoplastic elastomers from the medical and healthcare industry is creating profitable opportunities for the styrenic polymers market.
Increasing R&D by manufacturers to explore more properties of styrenic polymers is projected to bring new market opportunities over the forecast period. Growing demand for technically advanced and more flexible products is encouraging manufacturers to invest in the R & D to develop a more innovative product. Thus growing investment in R &D by manufacturers is projected to offer enormous potential opportunities over the forecast period.
Styrenic Polymers Market Report Coverage
|Base Year:||2022||Market Size in 2022:||US$ 3,559.2 Mn|
|Historical Data for:||2017 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||7.0%||2030 Value Projection:||US$ 6,100.5 Mn|
Styrolution Group GmbH, Americas Styrenics LLC, Styron LLC (Trinseo S.A.), Saudi Basic Industries Corporation, Chi Mei Corporation, Kraton Polymers LLC, INEOS ABS (USA) Corporation, Chevron Phillips Chemical Company LLC, Bayer MaterialScience AG, Nova Chemicals Corporation
|Restraints & Challenges:||
Active innovation in Global Styrenic Polymers Market:
Continuous product innovation is a key trend in the market and this is expected to propel the market growth. For instance, Versalis, a producer of styrenic polymers owned by Eni, has launched an innovative type of expandable polystyrene (EPS), under the trademark Extir FL 3000.
The increasing focus of the manufacturer on expanding the production capacity of the products is one of the current trends. Ineos Styrolution announced that it is increasing its compounding capacity for acrylonitrile butadiene styrene (ABS) and acrylonitrile styrene acrylate (ASA) plastics by an additional 34,000 tons per annum at its Moxi plant located in Gujarat, India. This expansion involves a capital expenditure of $20 million.
Global Styrenic Polymers Market: Recent Developments
In March 2021, Chevron made headlines when it reached an agreement to acquire Noble Midstream Partners and its subsidiaries to expand its product portfolio and grow its customer base.
In March 2022, INEOS Styrolution, announced the launch of a completely new polymer-modified product portfolio. The new product line addresses the needs of compounders and extruders to improve polymer properties and enable improved processing. Small quantities of new products are available through professional and experienced distributors.
In October 2022, Arkema recently introduced a new range of recyclable high-performance polyamides. Partially or fully recycled Rilsan Polyamide 11, Rilsamid Polyamide 12 and Pebax polymers produced under Arkema's Virtucycle program at custom recycling centers in Italy are now being commercialized.
Figure 1. Global Styrenic Polymers Market Share (%) in terms of Value, By Region, in 2022
North America region dominated the Global Styrenic Polymers Market in 2022, accounting for a 39% share in terms of value, followed by Asia Pacific and Europe, respectively.
Global Styrenic Polymers Market: By Product Type
On the basis of Product Type in 2022, the polystyrene segment has accounted for the largest market share of 52% in terms of value
Figure 2. Global Styrenic Polymers Market Share (%) in terms of Value, By Product Type, in 2022
Global Styrenic Polymers Market: Key Companies
Key Companies are Styrolution Group GmbH, Americas Styrenics LLC, Styron LLC (Trinseo S.A.), Saudi Basic Industries Corporation, Chi Mei Corporation, Kraton Polymers LLC, INEOS ABS (USA) Corporation, Chevron Phillips Chemical Company LLC, Bayer MaterialScience AG, Nova Chemicals Corporation
*Definition:Styrenic polymers are produced by the polymerization of styrene monomers and compounds such as acrylonitrile and butadiene. Styrenic polymers are widely used across the automotive industry, packaging, construction, and electronic appliances. These polymers are rapidly replacing metallic parts across various end-user industries.
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