Global Styrenic Polymers Market Size By Product (Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), Expanded Polystyrene (EPS)), By Application (Building and construction, Automotive industry, Packaging), By Geographic Scope And Forecast Styrenic Polymers Market Size And Forecast Styrenic Polymers Market size was valued at USD 3.72 Billion in 2024 and is projected to reach USD 6.34 Billion by 2031, growing at a CAGR of 6.90% from 2024 to 2031. The prominent driving factors for the market growth are the increasing use of styrene polymers in the automotive industry. The demand for plastics in this industry is increasing on account of the growing concerns over the reduction of the overall weight of automobiles and thereby meeting the stringent emission regulations. The Global Styrenic Polymers Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market. Global Styrenic Polymers Market Overview Increasing the use of styrenic polymers in place of PVC across the healthcare industry is predominantly fueling the market growth. Due to various potential health threats associated with PVC, there is a restriction on the use of PVC materials. This is creating demand for plastic such as styrene polymers as they exhibit excellent mechanical performance. Moreover, these polymers also offer easy disposability, design versatility, lightweight, and better aesthetics. All these properties of styrenic polymers are propelling the market growth. The growing use of styrene polymers in the medical industry for developing high-performance and miniaturized medical devices is propelling market growth. Medical devices can be easily micro-molded by using such plastics. The high price of styrenic polymers compared to other thermoplastic materials is projected to hinder the market growth. Polystyrene and ABS are two major materials that have a high price. For example, the average price of ABS is almost three times that of the lowest-priced PVC. The volatile price of crude oil due to the political scenario as raw materials used in the manufacturing of styrenic polymers are derived from crude oil is expected to hamper the market growth. The growing use of styrenic polymers for producing medical devices such as the storage of IV fluids, blood bags, dialysis solutions, and tubing is expected to offer lucrative opportunities. Robust demand for thermoplastic elastomers from the medical and healthcare industry is creating profitable opportunities for the Styrenic Polymers Market. Increasing R&D by manufacturers to explore more properties of styrenic polymers is projected to bring new market opportunities over the forecast period. Growing demand for technically advanced and more flexible products is encouraging manufacturers to invest in the R & D to develop more innovative products. Thus growing investment in R &D by manufacturers is projected to offer enormous potential opportunities over the forecast period. Market Attractiveness The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Styrenic Polymers Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region. Global Styrenic Polymers Market Segmentation Analysis The Global Styrenic Polymers Market is segmented on the basis of Product, Application, and Geography. Styrenic Polymers Market, By Product Polystyrene (PS) Acrylonitrile Butadiene Styrene (ABS) Expanded Polystyrene (EPS) Unsaturated Polyester Resin (UPR) Styrene-Butadiene Rubber (SBR) Other Polymers Based on Product, the market is segmented into Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), Expanded Polystyrene (EPS), Unsaturated Polyester Resin (UPR), Styrene-Butadiene Rubber (SBR), and Other Polymers. Acrylonitrile butadiene styrene held a market share of over 12% in terms of revenue in 2019 and is projected to grow at the highest CAGR during the review period. The other medical Styrenic Polymers Market segment includes Acrylonitrile Styrene Acrylate (ASA), Styrene Isoprene Butadiene Styrene (SIBS), Unsaturated Polyester Resin (UPR), etc. ASA exhibits similar properties to ABS such as high gloss, good chemical and heat resistance, and high impact strength at low temperatures hence are widely used in medical devices across the globe. Styrenic Polymers Market, By Application Building and construction Automotive industry Packaging Medical Electrical and electronics Consumer goods Others Based on Application, the market is segmented into Building and construction, Automotive industry, Packaging, Medical, Electrical and electronics, Consumer goods, and Others. The medical instruments segment includes medical drip chambers, dry powder inhalers, diagnostic instruments, disposable laboratory ware, Petri dishes, tissue culture components, flasks, pipettes, etc. The growing demand for styrenic polymers in these applications shall substantially contribute to the growth of the medical Styrenic Polymers Market segment during the forecast period. Moreover, the ongoing pandemic across the globe has further propelled the demand for medical instruments in turn boosting the demand for medical styrenic polymers. The aforementioned trends along with stringent regulations against using harmful polymer materials have triggered demand for styrene-based polymers in medical instruments which shall further generate a substantial gain for the Styrenic Polymers Market. Styrenic Polymers Market, By Geography North America Europe Asia Pacific Rest of the world On the basis of Geography, the Global Styrenic Polymers Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The largest share of the market will be dominated by North America. This can be attributed to growing healthcare spending in the North American region. Moreover, the presence of strict healthcare standards and regulations has resulted in the substitution of conventional metallic devices for thermoplastic elastomers owing to their easy processability and their compliance with environmental regulations. The North American market was closely followed by the European market and shall exhibit similar growth trends. Key Players The “Global Styrenic Polymers Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as BASF, Lanxess AG, SABIC, Total S.A., The Dow Chemical Company, Chevron Philips Chemical Company, Chi Mei Corporation, Nova Chemicals Corporation, Asahi Kasei Corporation, and Styron LLC. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally. In March 2021, Chevron made it to the headlines by striking an agreement to acquire Noble Midstream Partners and its affiliates aiming to widen its product portfolio to expand its customer base. In March 2021, Ineos Styrolution offers its first styrenic polymers that are based on renewable styrene monomers. In June 2020, Aramco broke out the news of a successful acquisition of a 70% stake in Saudi Basic Industries Corporation (SABIC) to widen its services. In July 2020, Chevron Corporation and Algonquin struck an agreement to develop new projects that are expected to be an asset across Chevron’s global portfolio. In November 2020, SABIC and Vopak Holding Terminals BV penned a partnership with Jubail and Yanbu Industrial Cities Co. (JYIC). As per the agreement, strategic integration among the three parties is expected to scale up the scope of collaboration between local and international organizations. In June 2019, BASF publicly shook hands with NGK and entered into a sales agreement to widen its product portfolio. REPORT ATTRIBUTES DETAILS STUDY PERIOD 2021-2031 BASE YEAR 2024 FORECAST PERIOD 2024-2031 HISTORICAL PERIOD 2021-2023 UNIT Value (USD Billion) KEY COMPANIES PROFILED BASF, Lanxess AG, SABIC, Total S.A., The Dow Chemical Company, Chevron Philips Chemical Company, Chi Mei Corporation, Nova Chemicals Corporation, Asahi Kasei Corporation, and Styron LLC. SEGMENTS COVERED · By Product · By Application · By Geography CUSTOMIZATION SCOPE Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. https://www.verifiedmarketresearch.com/product/styrenic-polymers-market/
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