Global Styrenic Polymers Market - Synopsis
Styrenic Polymers Products have become an inseparable part of modern lives adding value, convenience, and quality to the daily life. Becoming an integral component in a diversified range of products from an aeroplane toy to a real-life aeroplane, from myriad consumer electronics to transportation, construction, and medical applications, Styrenic Polymers enjoy an absolute monopoly. Increasingly finding a new application area with the growing proliferation of technology, these polymers have garnered quite a prominence around the world.
And with each application expanse, the market for Styrenic Polymers share is increasing on the global level, enjoying an extensive traction all around. After the recent involvement of high-quality virgin, Styrenic Polymers in chemical recycling technology developed by Agilyx (US) to recycle PS (polystyrene) waste, these polymers have become a more valuable material that is re-usable plus helping the environment reducing plastic waste. The pervasively increasing importance certainly provides the impetus to the market growth, furthering demand.
Acknowledging the kind of traction gained by this market, Market Research Future (MRFR) recently published a study report. According to MRFR, Styrenic Polymers market is expected to grow enormously by 2023, registering a phenomenal CAGR during the anticipated period (2021 – 2030). Augmenting applications of Unsaturated Polyester Resin (UPR) in wind energy generation coupled with the increasing demand for Styrene Butadiene Rubber (SBR) backed by the enforced tire labeling regulations are fuelling the market growth of Styrenic Polymers.
In addition, other factors contributing the market growth include increasing population urbanization across the world. Improving economic conditions that enhance consumers’ affordability worldwide are providing impetus to the market growth. Increasing investments transpired into RD activities by the market players coupled with the increasing government interest and investment funding for improving the technology is creating a larger revenue pocket in the market.
Moreover, increasing demand from the prominent already burgeoning end-use industries like automotive, electronics, construction, and healthcare (medical devices) is fostering the market growth to an extent. Increasing scope for Styrenic Polymer in the manufacturing of packaging is likely to boost the market growth. Furthermore, some of the recent developments in the styrenic polymer market, such as Styrolux and Styroflex materials, specially developed for food packaging by INEOS Styrolution are expected to offer significant opportunities in cosmetic and food industries, respectively, during the assessment period.
On the other hand, increasing environmental and health concerns aroused due to the usage of styrene and uptake of other resins as the substitute to UPR, factors as such are likely to restrict the market growth Styrenic polymers during the review period. Also, volatility of prices supply of feedstock hampers the market growth to a great deal.
Global Styrenic Polymers Market - Competitive Landscape factors
The global Styrenic Polymers market Analysis appears to be fiercely competitive and fragmented with many well-established players having the global presence. Brand reinforcement, mergers acquisitions, and innovation remain the popular trends for the key players in the market.
Industry/ Innovation/ Related News:
April 20, 2018 - Top Polymer Enterprise Ltd. (China), a notable thermoplastic elastomer maker announced the investment of USD 15 million in a factory near Atlanta. This will be company’s first plant (expansion) outside China and is expected to boost the company’s existence into the US market. The U.S. site will be operational by May 2019.
Global Styrenic Polymers Market - Segmentations
For an easy grasp and enhanced understanding, MRFR has segmented the analysis into 3 Key dynamics.
By Product Types : Comprises - Polystyrene, EPS (Expanded Polystyrene), ABS (Acrylonitrile Butadiene Styrene), UPR (Unsaturated Polyester Rubber Resin), and SBR (Styrene Butadiene Rubber) among others.
By End-Use Industry : Building Construction, Automotive, Consumer Goods, Marine Accessories, Electrical Electronics, and Packaging, among others.
By Regions : North America, Europe, APAC and Rest of the World.
Global Styrenic Polymers Market - Geographical Analysis
Globally, Asia Pacific is the largest market for Styrenic Polymers followed by the North America and Europe markets respectively. The growing industrialization coupled with the demand from burgeoning end-user industries in the region such as automotive, electrical electronics food and cosmetic packaging industry help to bolster the regional market growth. Continuing with the same growth trends, APAC region is likely to retain its dominance in the global Styrenic Polymers market.
While the North America market stands as the second largest market for Styrenic Polymers owing to the presence of leading manufacturers in the region with the superior product offering. The region is estimated to be the major revenue pocket for the global Styrenic Polymers market by 2023.
The Europe market of Styrenic Polymers is rapidly expanding in the global market. Augmented demand for the product, backed by the well-developed industries such as automotive and personal home care industry in some of the European countries like Germany, Italy, France and the UK drives the growth of the regional market.
The Global Styrenic Polymers Market is led by some of the fervent key players including SABIC (Saudi Arabia), BASF SE (Germany), Lanxess AG (Germany), Total S.A. (France), The Dow Chemical Company (US), NOVA Chemicals Corporation (Canada), Ashland (U.S.), INEOS Group AG (Switzerland), Bayer CropScience limited (Germany), DSM (Netherlands), JEC Group (France), Alpek S.A.B. de C.V. (Mexico), INEOS Styrolution Group GmbH (Germany), and Asahi Kasei Chemicals Corp. (Japan). Profiling them in its analysis, MRFR finds out their strategies keeping them at forefront of the competition.
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