-- Styrenic Polymer Market Overview to 2023
Polymerization of styrene in the presence of vinyl group results in the formation of the styrenic polymer. Styrene-based resins are widely used to produce a wide variety of everyday goods, ranging from cups and utensils to furniture, kitchen appliances, hospital and school supplies, boats, sports and recreational equipment, consumer electronics, durable, and lightweight packaging of all kinds.
Key Players
Some of the prominent players operating in the global styrenic polymer market are BASF SE (Germany), SABIC (Saudi Arabia), Lanxess AG (Germany), The Dow Chemical Company (U.S.), Total S.A. (France), NOVA Chemicals Corporation (Canada), INEOS Group AG (Switzerland), Ashland (U.S.), Bayer CropScience limited (Germany), JEC Group (France), DSM (Netherlands), Alpek S.A.B. de C.V. (Mexico), Asahi Kasei Chemicals Corp. (Japan), and INEOS Styrolution Group GmbH (Germany).
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The growing usage in end-use industries coupled with the inclination of consumers towards a luxurious lifestyle has propelled the market growth. Furthermore, increasing demand for the productin automotive, construction, electronics, and other major end-use industries is likely to fuel the global styrenic polymer market growth. Furthermore, increasing scope for styrenic polymer in medical devices, manufacturing, and packaging is anticipated to uplift the market growth. One of the noted developments in the Styrenic polymer market is the creation of a new world-class styrene monomer plant by INEOS Styrolution, which will use low-cost feedstock and energy from shale gas.
Moreover, the Novodur and Lunar product launches for cosmetic packaging and Styrolux and Styroflex for food packaging by Styrolution are likely to offer substantial opportunities in cosmetic and food industries, respectively, during the review period. However, the product is considered as a potential health hazard by various associations, such as The International Agency for Research on Cancer and the U.S. National Toxicology Program, which may challenge the market growth. Fluctuation in raw material costs is likely to challenge the market growth, for instance, BASF increased prices of the styrene-butadiene, styrene-acrylic, and acrylic latex polymers in North America in year 2016.
Intended Audience
Styrenic Polymer Market Manufacturers
Traders and Distributors of Styrenic Polymer Market
Production Process Industries
Potential Investors
Segmental Analysis
The global styrenic polymer market is segmented into product and end-use industries. On the basis of product, the market is segregated into polystyrene, expanded polystyrene, acrylonitrile butadiene styrene, styrene butadiene rubber, and unsaturated polyester rubber. The market by end-user is further segmented into automotive, building & construction, consumer goods, electrical & electronics, marine accessories, packaging, and others.
North America and Europe are expected to showcase considerable growth due to the technological advancements in automotive manufacturing. The lavish lifestyle coupled with high disposable income is the major factor, driving the market growth in this region. The U.S. is the largest automotive market and can be attributed to the growing demand for efficient and lightweight vehicles. Furthermore, the pharmaceutical base located in the U.S. is likely to consume a significant amount of styrenic polymer. Developed personal home care industries in the European region is anticipated to drive the European market positively. The major countries attributing to this growth are Germany, Italy, and the U.K among others.
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