The global styrenic polymers market is expected to witness considerable growth over the forecast period on account of its widespread use in numerous end-use industries including automotive, construction, consumer goods, and packaging. Growth in the automotive industry over the past few years particularly in emerging markets of China and India has triggered the demand for styrenic polymers. This is expected to have a positive impact on styrenic polymer market over the next seven years. Furthermore, increasing demand for lightweight materials in the consumer goods industry is anticipated to positively influence market growth. Increasing application scope of styrenic polymers in the manufacturing of medical devices and pharmaceutical packaging is likely to propel demand over the next seven years. However, the high cost of styrenic polymers as compared to its substitutes including PVC and polyethylene is expected to restrain the market growth.
The market for styrenic polymers is segmented on the basis of products into polystyrene (PS), expandable polystyrene (EPS), acrylonitrile butadiene styrene (ABS), unsaturated polyester resins (UPR) and styrene-butadiene rubber (SBR). Styrenic polymers are used in various end-use industries owing to their superior chemical and physical properties including lightweight, chemical inertness, heat resistance, electrical insulation, and rigidity. The growing use of UPR in marine accessories, pipes & tanks, and wind energy devices including wind blades and rotors is expected to augment the growth of styrenic polymers over the next seven years. In addition, the market is segmented on the basis of end-use industries into automotive, building & construction, consumer goods, medical, wind energy, and marine accessories. Automotive was the largest end-use industry in 2014 owing to the proliferation of automobile manufacturing units particularly in emerging economies of Asia Pacific and CSA.
Asia Pacific was the largest styrenic polymer market in 2014 accounting for more than half of the global consumption and is expected to be the fastest-growing market owing to rapid industrialization and urbanization in emerging economies of China and India. North America and Europe are expected to witness moderate growth on account of slowdown in the automobile manufacturing industry. Additionally, Central & South America are anticipated to have strong growth prospects on account of surge in the construction and automotive industry in Brazil and Mexico.
Major market participants include Total SA, BASF SE, Lanxess AG, SABIC, Dow Chemical Company, Chi Mei Corporation, LG Chem. Limited, Chevron Philips Chemical Company, and Styron LLC.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.