Global Styrenic Polymers Market

Global Styrenic Polymers Market Size, Share, Growth Analysis, By Product(Polystyrene (PS), Expanded Polystyrene (EPS)), By Application(Medical, Building & construction) - Industry Forecast 2024-2031

Report ID: SQMIG15A2279 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 71 | Figures: 75

Global Styrenic Polymers Market Regional Insights

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 size was valued at USD 3.48 billion in 2019 and is poised to grow from USD 3.72 billion in 2023 to USD 6.78 billion by 2031, growing at a CAGR of 6.9% in the forecast period (2024-2031).

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. 'Chevron Phillips Chemical Company LLC', 'Nova Chemicals Corporation', 'INEOS Styrolution Group GmbH', 'Trinseo S.A.', 'BASF SE', 'SABIC', 'LG Chem Ltd.', 'Total S.A.', 'Denka Company Limited', 'Chi Mei Corporation', 'Asahi Kasei Corporation', 'Repsol S.A.', 'Styron LLC', 'Kumho Petrochemical Co., Ltd.', 'FCFC Styrenics Corporation', 'Americas Styrenics LLC', 'Polimeri Europa S.p.A.', 'Samsung Fine Chemicals Co., Ltd.', 'Ashland Global Holdings Inc.', 'Idemitsu Kosan Co., Ltd.'

Market expansion is primarily being driven by an increase in the usage of styrenic polymers in substitution of PVC in the healthcare sector. Styrenic polymers are increasingly being used in the medical sector to create high-performance, miniature medical devices, which is propelling market growth. These polymers make it simple to micro-mold medical devices.

Some firms are developing styrenic-based powder polymer modifiers. The demand for compounders and extruders to increase polymer characteristics and enable better processing is met by these innovative products. Increased rigidity, greater colour fastness and retention, resistance to UV rays, dimensional stability, and impact resistance are just a few of the modifications. A few modifiers also provide enhanced processing, such as the ability to operate at lower temperatures and with less energy. A variety of polymers are addressed by the styrenics-based modifiers. Various polymers have been examined for compatibility and effectiveness, including ABS, ASA, PBT, PC, PP, PE, PS, PVC, SAN9, SBC, TPE, and TPU.

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.

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