Styrenic polymers Market to reach around US$ 5,442.7 million by 2027 - Coherent Market Insights

Styrenic polymers are plastic that has extremely dimensional stability and excellent mechanical properties. Acrylonitrile-butadiene-styrene, styrene-acrylonitrile, styrene-methyl methacrylate copolymer, polystyrene, expandable polystyrene, and acrylonitrile-styrene-acrylate copolymer are some of the styrenic polymers. They are used to manufacture wide range of household goods such as furniture, cups, consumer electronics, etc.

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.

Drivers:

Rising demand for polystyrene from the medical industry due to its excellent physical and mechanical properties is driving the market growth. High versatile and transparency property of the polystyrene and also the availability of the product in a wide range of color is further anticipated to foster the market growth of the styrenic polymers over the forecast timeframe.

Market Opportunities

Rapid growth in the medical packaging industry is expected to provide potential market opportunities over the forecast period. Styrenic polymers are packaging of the medical devices and medicines due to their excellent crack resistance and transparency properties. Growing the geriatric population around the globe is creating demand for healthcare needs thus fueling the demand for styrenic polymers from the medical industry for packaging.

Market Restraints

Environmental concern associated with the disposal of plastic in the environment as they exhibit various potential threats is projected to hinder the market growth. Factor such as non-biodegradability of plastic is leading to pollution in the ocean which is impacting aquatic as well as terrestrial species. This is expected to restrict market growth.

Key Takeaways:

Global styrenic polymers market was valued at US$ 3,056.2 market in 2019 and is forecast to reach a value of US$ 5,442.4 Mn by 2027 at a CAGR of 7.5% between 2019 and 2027.

Polystyrene segment dominated the global styrenic polymers market in 2019, accounting for 51.7%share in terms of value, followed by SEBS and ABS segment respectively

Market Trends

The growing popularity of the ABS plastic materials across the medical industry is projected to propel the market growth. This is attributed to the superior properties such as classy finish and gloss, better resistance to heat & chemical, and flexibility. All these factors are driving demand for the ABS materials from the medical industry. This is in turn augmenting the market growth of the styrenic polymers. 

Upgrading safety standards and regulations across healthcare and the medical industry is one of the growing trend. A growing need for safe use and reduce contamination in the product is again anticipated to foster market the growth. Increasing inclination of the manufacturer from metallic medical devices to thermoplastic-based medical devices due to growing need for lightweight and high-performance medical devices is further expected to augment the market growth of the styrenic polymers over the forecast period. 

Competitive Section:

Company Names 

1. Styrolution Group GmbH
2. Americas Styrenics LLC
3. Styron LLC (Trinseo S.A.)
4. Saudi Basic Industries Corporation
5. Chi Mei Corporation
6. Kraton Polymers LLC
7. INEOS ABS (USA) Corporation
8. Chevron Phillips Chemical Company LLC
9. Bayer MaterialScience AG
10. Nova Chemicals Corporation

Few Recent Developments

• In May 2019, The Woodlands-based Americas Styrenics, a subsidiary of Chevron Phillips Chemical and Trinseo LLC, has joined forces with Agilyx, a Tigard, Ore. based chemical company, announced the of launch a new chemical recycling joint venture. 
• In June 2019, Chevron Phillips (CPCHEM), a joint venture (JV) between Chevron and Phillips 66, has made a US$15 billion bid to acquire Nova Chemicals.
• In February 2020, Trinseo, the global materials company, and manufacturer of plastics, latex binders, and synthetic rubber, has announced its collaboration with CEDAP, a specialist in sheet extrusion for the packaging industry.

Global Styrenic Polymers Market - Impact of Coronavirus (Covid-19) Pandemic

The sudden outbreak of the novel coronavirus has increased the demand for the styrenic polymers market throughout the globe owing to upsurge in the demand of styrenic polymers across various end-use industries such as pharmaceuticals and medical industries. Moreover, the rapidly increasing demand on health facilities also supports the market growth.

Segmentation