The market for styrenic polymers had a value of $3.5 billion in 2021 and is predicted to develop at a CAGR of 7.5% between 2023 and 2030. Styrenic polymers are low-cost plastics that constitute a broad family of styrene-based plastic goods. Due to their amorphous form, these polymers may be treated easily at temperatures much above their softening point and across a broad temperature range. Styrenic polymers have a melting point that is not different from partly crystalline polymers. This expedites the processing of these polymers and also improves their dimensional stability and mechanical properties. The increasing use of styrene polymers in the automotive industry is one of the most significant development drivers for the market. Increasing worries regarding the total weight reduction of automobiles, which satisfies stringent environmental rules, have led to an increase in demand for plastics in this industry.
Increased use of styrenic polymers as opposed to PVC in the healthcare industry is the key market growth factor. Due to the potential health concerns associated with PVC, its usage is restricted. This is boosting the demand for plastics with excellent mechanical qualities, such as styrene polymers. In addition, these polymers provide easy disposal, design versatility, reduced weight, and enhanced aesthetics. These attributes of styrenic polymers are driving the market growth. The rising use of styrene polymers in the medical industry to manufacture high-performance, miniature medical equipment is driving the market growth. The use of these plastics simplifies the micro molding of medical equipment.
The increasing use of styrenic polymers in the production of medical devices, such as the storage of intravenous fluids, blood bags, dialysis solutions, and tubing, is predicted to generate profitable opportunities. The need for thermoplastic elastomers in the medical and healthcare industry presents attractive opportunities for the Styrenic Polymers Market. In the coming years, rising R&D expenditures by manufacturers to study further properties of styrenic polymers are predicted to provide new market opportunities. The rising demand for technologically advanced and adaptable products drives companies to conduct research and development in order to provide more imaginative goods. As a result, the increased R&D expenditures of manufacturers are predicted to generate enormous opportunities over the projection period.
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It is projected that the high cost of styrenic polymers compared to other thermoplastics will hinder the market's expansion. ABS and polystyrene are two crucial, pricey materials. For example, the average cost of ABS is greater than three times that of the cheapest PVC. As the raw materials used to manufacture styrenic polymers are derived from crude oil, the unpredictability of crude oil prices as a result of the political climate is anticipated to impede market expansion.
According to the American Chemistry Council, reducing the bulk of a vehicle by 10% can increase its fuel economy by 6% to 8 %. Plastics lower the weight of modern automobiles, hence decreasing fuel consumption by 750 gallons during the typical vehicle's lifetime of 150,000 kilometers. In addition, the use of plastics has reduced the time and cost associated with vehicle assembly, which has helped manufacturers. Styrenic polymers include acrylic-styrene-acrylonitrile copolymer (copolymer of SAN and acrylic rubber), ABS, and PC/ASA blends. In addition to the typical surface aesthetics, these polymers offer resistance to scratching, high impact strength, remarkable weatherability, and UV stability. Principal automotive uses include unpainted exterior components like front grilles, radiator grilles, side mirror housings, and rearview mirrors, as well as electroplated interior components. During the forecast period, strong growth of the automotive industry in the emerging economies of Asia-Pacific and the Middle East & Africa is expected to stimulate market expansion.
In terms of revenue, acrylonitrile butadiene styrene held a market share of over 12% in 2021 and is projected to grow at the highest CAGR during the time of analysis. Other divisions of the medicinal Styrenic Polymers Market include, among others, Acrylonitrile Styrene Acrylate (ASA), Styrene Isoprene Butadiene Styrene (SIBS), and Unsaturated Polyester Resin (UPR). Similar to ABS in its high gloss, chemical and heat resistance, and high impact strength at low temperatures, ASA is utilized globally in medical equipment.
The market is split into applications such as construction and automotive, packaging, medical, electrical and electronic, and consumer products. In 2021, medical applications led the market in terms of revenue. In addition, the global pandemic has boosted the demand for medical devices, resulting in a rise in demand for medical styrenic polymers. The aforementioned developments and stringent rules against the use of harmful polymer materials have driven demand for styrene-based polymers in medical instruments, which will result in substantial market expansion for styrenic polymers.
The Asia-Pacific regional market dominated the global market in 2021, accounting for more than fifty percent of the global market. Significant expansion of the automotive and consumer goods industries in the region is predicted to be a prominent factor fueling the regional market's growth. The automotive industry in India, China, Japan, South Korea, and Thailand is predicted to be the greatest regional consumer of styrenic polymers in the coming years. The Asia-Pacific automobile industry is the largest in the world, with substantial contributions from emerging economies such as China, India, and Southeast Asian countries. China is predicted to be the largest market for styrenic polymers in the region, while India would be the most lucrative. On the regional market, demand for these polymers is increasing because of the growing need to reduce component weight and fuel consumption, as well as to satisfy aesthetic preferences. In addition, rising consumer expenditures and income per capita have propelled the consumer goods industry in the region, hence increasing the demand for styrenic polymers in this industry.
North America is projected to be the second-largest regional market, mostly due to the region's thriving healthcare and automotive industries. It is projected that the extensive use of styrenic polymers in the production of medical devices and lightweight automobiles will be the key driver driving the growth of the regional market. Due to the region's thriving automotive industry, the Middle East and Africa market is predicted to be the second-fastest expanding market. In the coming years, the packaging and consumer products industries are predicted to be the product's main consumers.
As a result of the rising demand for styrenics, a number of companies have increased their production capacities in an effort to improve their market shares. Therefore, expansion is the key growth strategy for the majority of firms. Other growth opportunities, such as the creation of new products, agreements, and partnerships, are also leveraged to expand market share. Market leaders include BASF (Germany), SABIC (Saudi Arabia), Lanxess AG (Germany), The Dow Chemical Company (United States), and Total S.A. (France). Chevron Philips Chemical Company, Chi Mei Corporation, Nova Chemicals Corporation, Asahi Kasei Corporation, Styron LLC, and others are also market leaders.
