Styrenic polymers are produced by 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.
The global styrenic polymers market is estimated to account for US$ 3,056.2 Mn in terms of value and 1,160.7 Kilo Tons in terms of volume by the end of 2019.
Increasing use of styrenic polymers in place of PVC across the healthcare industry is predominantly fueling market growth. Due to various potential health threats associated with the 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 the 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 the market growth. Medical devices can be easily micro-molded by using such plastics.
Figure 1. Global Styrenic Polymers Market Share (%) in terms of Value, By Region, in 2019
North America region dominated the global styrene polymers market in 2019, accounting for 39.9% share in terms of value.
The high price of the styrenic polymers compared to other thermoplastic materials is projected to hinder the 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.
|Base Year:||2019||Market Size in 2019:||US$ 3,056.2 Mn|
|Historical Data for:||2016 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||7.5%||2027 Value Projection:||US$ 5,442.7 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:||
The growing use of styrenic polymers for producing medical devices such as storage of IV fluids, blood bags, dialysis solutions, and tubings is expected to offer lucrative opportunities. Robust demand for thermoplastic elastomers from 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 are encouraging manufacturers to invest in the R & D to develop for a more innovative product. Thus growing investment in R &D by manufacturer is projected to offer enormous potential opportunities over the forecast period.
Figure 2. Global Styrenic Polymers Market– Opportunity Analysis
Market Trends/Key Takeaways
Continuous product innovation is a key trend in the market and this is expected to propel the market growth. For instance, in June 2019, 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 trend. For instance, in August 2017, 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 tonnes per annum at its Moxi plant located in Gujarat, India. This expansion involve a capital expenditure of $20 million.
Figure 3. Global Styrenic Polymers Market Share (%) in terms of Value, By Product Type, in 2019
On the basis of product type in 2019, the polystyrene segment has accounted the largest market share of 51.7% in terms of value, followed by SEBS and ABS segment respectively.
Global Styrenic Polymers Market - Impact of Coronavirus (Covid-19) Pandemic
The styrenic polymers market is expected to grow at a significant rate during the forecast period as the demand for medicine and pharmaceutical industry is rising. The demand for pharmaceutical products due to the coronavirus has peaked thereby, increasing the demand for styrenic polymers market.
Few Recent Developments
In August 2017, 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 tonnes per annum at its Moxi plant located in Gujarat, India. This expansion involve a capital expenditure of $20 million.
Styrenic polymers are manufactured by polymerization of styrene monomers and is widely used substitute for a number of metallic parts used in various end user industries. Styrenic polymers offers wide range of products across various industries such as construction, packaging, electronic appliances and automotive industries.
The growing popularity of the ABS plastic materials across the medical industry is projected to propel the market growth. In addition, increasing R &D by manufacturers to explore more properties of styrenic polymers is projected to bring new market opportunities over the forecast period.
Development of new styrenic polymers with high performace for applications in a number of industries such as medical industries is supporting market growth. Moreover, rapid growth in the medical packaging industry is expected to drive the overall growth of the market over the forecast period.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.