Styrenic Polymers Market Growth 2022-2030 :
Styrenic polymers are a group of end plastic products with styrene as the central component. The group is quite unique as it does not have a specific melting. This provides faster processing of these polymers with high dimensional stability and excellent mechanical properties. The global styrenic polymers market can expect 5% CAGR during the forecast period during the forecast period of 2019 to 2025. Market Research Future (MRFR) in their report on the same claimed that the possibility to cross the anticipated valuation by the end of 2025 is quite high for the market.
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Several factors are expected to play crucial role in the development of the global Styrenic polymers market. Among them, its use in the manufacturing of various household goods, kitchen appliances, consumer electronics, boats, automobile parts, sports & recreational equipment, and durable, lightweight packaging products can provide substantial traction to the global market. Its widespread application in the healthcare industry is expecting further traction due to its integration in the manufacturing of connector tubes, surgical instruments, portable medical devices, liquid containers, and bags.
Several companies in the global styrenic polymers market are taking initiatives of pacing up the demand. This is happening due to the intense development of strategies with an aim to solidify individual position and also take the global market forward in terms of revenue and expansion possibilities. MRFR has recorded the name of a few companies to track the flow of the market. They are NOVA Chemicals (Canada), Versalis SpA (Italy), BASF SE (Germany), INEOS Styrolution Group GmbH (Germany), Synthos (Poland), KRATON CORPORATION (US), LG Chem (South Korea), PS Japan Corporation (Japan), ELIX Polymers (Spain), Chi Mei Corporation (China), and Alpek S.A.B. de CV (Mexico).
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The global styrenic polymers market, as per MRFR analysis, can be segmented into type and end-use industry. This type of report focuses on decoding details about various factors that can impact the global market in the coming years.
Based on the type, the global styrenic polymers market can be segmented into General-purpose polystyrene (GPPS), high impact polystyrene (HIPS), acrylonitrile butadiene styrene (ABS), styrene acrylonitrile (SAN), and others.
By end-use industry, the global styrenic polymers market growth includes automotive & transportation, building & construction, packaging, consumer goods, medical, sports & leisure, personal care, and others.
The global styrenic polymers market report includes five key regions—Asia-Pacific (APAC), Europe, North America, Latin America, and the Middle East & Africa (MEA). This report discusses various dynamics and demographic challenges, which can help in charting the future course for the market.
The APAC market is all set to expect better growth in the coming years and is also known for being the highest revenue generator. This is due to emerging economies that are spending substantial amount to help their infrastructure. Various companies in the region are also investing in strategies to develop the market scenario. On the other hand, global players are banking on the production of this region to make sure that their demands meet the supply.
North America has the second largest market. This can be attributed to the expanding healthcare and the revamping automotive industries in the region. Styrenic polymers get used in the manufacturing of medical devices and due to its ability to curb carbon emission by lowering the weight it is enjoying widespread traction in the automobiles sector.
The MEA market is expected to gain substantial ground due to changes in the region that have been initiated by various countries. The packaging industry is gaining grounds due to which the regional market can achieve traction.
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In August 2019, INEOS Styrolution, Trinseo and Agilyx announced that they are collaborating in pioneering advanced polystyrene (PS) chemical recycling facility in Europe. The plant would be of commercial scale and will be able to process 50 tons per day.
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