USD 3.48 billion
Report ID: SQSG15A2049 | Region: Global | Published Date: October, 2022 | Pages: 157
Global Styrenic Polymers Market size was valued at USD 3.48 billion in 2021, and it is expected to reach a value of USD 5.53 billion by 2028, at a CAGR of more than 6.85% over the forecast period (2022-2028).
Styrene monomers and substances like butadiene and acrylonitrile are polymerized to create styrenic polymers. They possess a wide range of qualities, including great impact strength, exceptional weather resistance, scratch resistance, and UV stability. Styrenic polymers are a kind of plastic with exceptional mechanical qualities and very high dimensional stability. Styrenic polymers include polystyrene, expandable polystyrene, acrylonitrile-butadiene-styrene, styrene-acrylonitrile, styrene-methyl methacrylate copolymer, and styrene-acrylonitrile. They are employed in the production of many different home items, including furniture, cups, and consumer electronics. Styrenic polymers are widely employed in the packaging, construction, automotive, and electrical appliance industries. Styrenic polymers are anticipated to develop as a result of the expanding usage of unsaturated polyester resins (UPR) in maritime accessories, pipelines and tanks, and wind energy equipment such as wind blades and rotors. They are employed in the production of many different home items, including furniture, cups, and consumer electronics. Numerous end-user sectors are quickly switching over to these polymers in place of metallic components.
Global Market Size
USD 3.48 billion
more than 6.85% CAGR
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Global Styrenic Polymer Market is segmented based on product, application, and region. Based on product, global styrenic polymer market is segmented Polystyrene (PS), Expanded Polystyrene (EPS), Acrylonitrile Butadiene Styrene (ABS), Styrene Butadiene Rubber (SBR), Unsaturated Polyester Resin (UPR), and other Polymers. On the basis of application, it is categorized into medical, building & construction, packaging, automotive, appliances, marine accessories, wind energy, and others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Product
In terms of revenue, acrylonitrile butadiene styrene (ABS) held the highest market share in 2021 and is anticipated to experience the fastest CAGR over the forecast period. Acrylonitrile Styrene Acrylate (ASA), Styrene Isoprene Butadiene Styrene (SIBS), Unsaturated Polyester Resin (UPR), and others are included in the other medicinal Styrenic Polymers Market section. Because ASA demonstrates ABS-like characteristics, including high gloss, superior chemical and heat resistance, and high impact strength at low temperatures, it is often used in medical equipment across the world.
Analysis by Application
Medical applications occupied the highest market share in 2021. Medical drip chambers, dry powder inhalers, diagnostic tools, disposable lab supplies including flasks and pipettes, as well as Petri dishes and tissue culture components are all included in the medical instruments section. During the forecast period, the increased demand for styrenic polymers in various applications would significantly support the expansion of the medical styrenic polymers market segment. Additionally, the increasing demand for medical supplies, driving up demand for medical styrenic polymers. The aforementioned developments, together with strict laws against the use of dangerous polymer materials, have increased demand for styrene-based polymers in medical equipment, which will further boost the market for styrenic polymers.
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Asia‑Pacific dominated the Global Styrenic Polymers Market in 2021. The expansion of the regional market is anticipated to be propelled by the region's growing automotive and consumer goods sectors. In the coming years, the leading consumers of styrenic polymers in the regional market are anticipated to be the automotive industries in India, China, Japan, South Korea, and Thailand. With significant contributions from the developing nations like China, India, and Southeast Asia, the automobile sector in the Asia-Pacific region is the largest internationally. The market in China is anticipated to be the largest market for styrenic polymers in the region, while the market in India is anticipated to be the most profitable. Demand for these polymers is increasing in the regional market due to the rising requirement to reduce component weight, fuel consumption, and meet aesthetic attractions. Additionally, the demand for styrenic polymers in this industry has been driven by growing per capita income and higher expenditure in the region's consumer goods industry.
Due to the region's growing healthcare and automotive sectors, North America is anticipated to be the second-largest regional market. Styrenic polymers are widely used in the production of lightweight vehicles and medical gadgets, which is anticipated to be the main driver promoting the expansion of the regional market. Additionally owing to the stringent standards in the healthcare industry and restrictions and due to their simplicity in processing and compliance with environmental requirements, thermoplastic elastomers have replaced traditional metallic devices.
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Global Styrenic Polymers Market is fragmented and highly competitive. To increase their market share, the major companies in the international market are implementing a variety of business tactics, including mergers and acquisitions, expansions, and investments. Major players include BASF, Lanxess AG, SABIC, Total S.A., and The Dow Chemical Company. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
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According to our Global Styrenic Polymers Market analysis, the medical devices segment is likely to be driven in the near future by an increase in the elderly population which will positively impact the styrenic polymer market growth. In terms of product, the acrylonitrile butadiene styrene segment held larger market share. This can be attributed to the properties of ABS such as high rigidity, good impact resistance, even at low temperatures, good insulating properties, good abrasion and strain resistance, high dimensional stability and high surface brightness and excellent surface aspect. In terms of application, the segment of medical application held the larger share of the Global Styrenic Polymers Market. This can be caused due to the shift towards plastics including styrenic polymers in medical market as plastics provide a broad range of advantages over metallic devices
|Market size value in 2021||USD 3.48 billion|
|Market size value in 2028||USD 5.53 billion|
|Growth Rate||more than 6.85%|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Styrenic Polymers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Styrenic Polymers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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