Global Styrenic Polymers, By Origin (Seabed, Permafrost and Others), By Application (Vehicle, Commercial, etc.), By Region, Competition Forecast and Opportunities, 2027
Industry/ Innovation/ Related News:
January 2018- Mitsubishi Chemical Corporation announced to start
manufacturing of styrenic thermoplastic elastomer (TPS) at its location in
Thailand. Company’s TPS is extensively used in numerous fields such as building
materials, electronic devices, healthcare, food packaging, and automobiles.
This capacity expansion will help company to meet the increasing demand for TPS
in Southeast Asia.
August 2017- INEOS Styrolution, one of the leading manufacturer
of styrenics polymer in U.S. announced to expand its engineering plastics
capacity by an additional 34,000 metric tons per annum at their Moxi plant
situated in Gujarat, India. This expansion will cost around USD 20 million.
This expansion will help company to meet the growing demand for styrenics
polymer in India and Asia Pacific and also enhance company position as the
market leader for ABS and SAN (styrene acrylonitrile) in India.
May 2017- Ineos Styrolution and Videolar-Innova, a Brazilian
petrochemical firm announced to expand their production capacity for
acrylonitrile butadiene styrene (ABS) and acrylonitrile styrene acrylate (ASA).
The company planned to construct a new 100KT capacity ASA plant in Bayport,
Texas and ABS capacity for an additional 70 KT capacity in Altamira, Mexico.
The plant is expected to be complete by 2020. With this capacity expansion the
company will able to meet the increasing demand for styrenics polymer across
the North America and Globe.
Competitive Landscape
The styrenic polymers report has analysed the level of
competition among the key operating players as well as sector growth and market
scenario. The global styrenic polymers market includes a large number of
suppliers operating in the market which includes large scale and medium scale
producers. The major manufacturers operating in the global styrenic polymers
industry has shifted their focus towards growth association specifically by
Asia Pacific as medium level and small scale manufacturers are from this region
specifically from China, Singapore, South Korea, India, Indonesia, Thailand,
Taiwan, Malaysia, Australia, and Japan. Apart from this, the key manufacturers
are focusing on expanding their product portfolio by strategic acquisition and
mergers, joint ventures, product launches, and exclusive agreements. Many
operating players are increasing their manufacturing capacity of styrenic
polymers to meet the growing demand for styrenic polymers.
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Styrenic Polymers
Market – Overview
Styrenic polymers are predominantly utilized in
numerous end use industries such as building & construction, automotive,
electrical & electronics, food packaging, healthcare, and others. Styrenic
polymers market is predicted to witness moderate growth on account of their
demand in various end use industries. In addition, among the type segment
polystyrene accounted for the largest market share owing to their unique
properties which make them suitable for manufacturing of automobile parts and
various components. Furthermore, Styrene butadiene rubber is estimated to
register healthy growth with significant CAGR due to their wide usage in tire
industry. Moreover, increasing automobile production and sales in developed and
developing regions is estimated to drive the SBR segment in the upcoming years.
Geographically, Asia Pacific emerged as the largest
market for styrenic polymers followed by North America and Europe. The Asia
Pacific styrenic polymers market is expected to witness tremendous growth with
a healthy CAGR over the assessment year due to increasing industrial base for
many end use industries in these region. Furthermore, the demand for styrenic
polymers is expected to raise in numerous countries of Asia Pacific such as
China, India, Japan, Thailand, Malaysia, and South Korea on account of
continuous expansion of automotive sector combined with high adoption rate from
wind and marine sector. Apart from this, increasing investment by key market
players in their innovation and research & development activities and
shifting of styrenic polymers manufacturing unit in this region is expected to
fuel the styrenic polymers regional market growth. North American market is
predicted to witness robust growth due to increasing demand for styrenic
polymers in packaging & healthcare. North American market is further
segmented into U.S. and Canada, among them U.S. is expected to be the major
contributor in the regional market growth owing to strong growth of aerospace
and marine sector. European market is estimated to witness above steady growth
on account of increasing awareness regarding the benefits associated with the
product as well as growing purchasing power of consumer. In addition,
developing countries of Latin America and the Middle East & Africa are
predicted to witness steady growth due to strong consumer base for automobile
and electronics industries
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