New York , Feb. 13, 2024 (GLOBE NEWSWIRE) -- The global alpha-methylstyrene market size is predicted to expand at 4% CAGR between 2024 and 2036. The market is projected to garner a revenue of USD 800 million by the end of 2036, up from a revenue of USD 506 million in the year 2023. The reason behind the growth is due to the growing production of chemicals across the globe. The main growth drivers for the chemical sector are anticipated to be robust demand across end-user sectors since the manufacture and use of chemicals have a significant role in employment, trade, and economic growth on a global scale. In 2023, it is anticipated that global chemical production apart from medicines will increase by more than 1%.
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The growing demand for polymers is believed to fuel the market growth. Alpha-methylstyrene (AMS) is an organic chemical compound that is colorless and is used to make a range of styrene polymers that offer a number of advantages to meet the varied needs of the healthcare sector, including special benefits for the design and development of medical devices and parts owing to their versatility. Innovations in product formulations and the discovery of novel applications can open up new market opportunities for alpha-methylstyrene. This includes efforts to improve the efficiency and sustainability of its production processes.
Alpha-methylstyrene Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The ABS manufacture segment to garner the highest growth
- Market in North America to grow at a highest rate
Increasing Applications in Electronics across the Globe to Boost Market Growth
Alpha-methylstyrene is utilized to add heat resistance to ABS resins which are often used in electronic appliances mainly to produce plastic power tool housing protectors and face guards for wall outlets as they possess a significant creep resistance that keeps them from deforming even when subjected to heavy mechanical stress. Ongoing research and development efforts are crucial in unlocking new applications and improving production processes for alpha-methylstyrene. The surge in patent applications reflects the industry's commitment to innovation, driving future growth by expanding the range of applications and improving efficiency. Research and development initiatives in alpha-methylstyrene applications have led to a 25% increase in the number of patent applications related to novel formulations and processes over the last five years, based on data from the World Intellectual Property Organization (WIPO). The dominance of the Asia-Pacific region, particularly China, in alpha-methylstyrene consumption is a result of rapid industrialization, economic growth, and robust manufacturing activities. The statistics affirm the regional significance in propelling the overall growth of the alpha-methylstyrene market. Alpha-methylstyrene acts as an effective resin modifier, enhancing critical properties in resin formulations.
Alpha-methylstyrene Industry: Regional Overview
The global alpha-methylstyrene market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding Automotive Industry to Drive the Market Growth in Asia Pacific Region
The alpha-methylstyrene market in Asia Pacific region is estimated to garner the largest revenue by the end of 2036. The electronics industry extensively utilizes alpha-methylstyrene in the production of specialty polymers for applications such as adhesives and coatings. The dominance of the Asia-Pacific region in electronics manufacturing substantiates the region's significant contribution to the growth of the market. Asia-Pacific accounted for 70% of the global electronics manufacturing output in 2020, based on data from the International Data Corporation (IDC). Alpha-methylstyrene is a crucial component in the production of impact-resistant ABS resins used in various automotive applications. The robust growth of the automotive industry in the Asia-Pacific region, driven by increasing consumer demand and infrastructure development, has directly translated into higher demand for AMS. The substantial share of global manufacturing output held by the Asia-Pacific region underscores its status as a manufacturing powerhouse. Industries such as automotive, electronics, and packaging, which heavily rely on polymers and resins derived from alpha-methylstyrene, have thrived in this environment, contributing to the increased demand for AMS.
Resilient Automotive Manufacturing to Propel the Growth in the North America Region
The North America alpha-methylstyrene market is estimated to garner the highest CAGR by the end of 2036. Alpha-methylstyrene is a vital component in the production of acrylonitrile-butadiene-styrene (ABS) resins, renowned for their impact resistance. The consistent growth in the North American automotive sector, fueled by consumer demand and technological advancements, has driven the demand for ABS resins and, consequently, alpha-methylstyrene. Between 2015 and 2019, the North American automotive industry exhibited an annual growth rate of 2.5%, as reported by the International Organization of Motor Vehicle Manufacturers (OICA). The electronics industry relies on alpha-methylstyrene for specialty polymer applications, including adhesives and coatings. The substantial share of global electronics manufacturing held by North America indicates the region's significance in driving the demand for alpha-methylstyrene within the electronics and electrical sector. Alpha-methylstyrene is utilized in the production of resins for packaging applications. The increasing focus on sustainable packaging practices and recycling initiatives in North America aligns with the use of alpha-methylstyrene in the development of recyclable and eco-friendly packaging materials.
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Alpha-methylstyrene Segmentation by Application
- ABS Manufacture
- Waxes
- PARA-CUMYLPHENOL
- Adhesives and Coatings
Amongst these segments, the alpha-methylstyrene market ABS manufacture segment is anticipated to hold the largest share over the forecast period. Among the most commonly used engineering thermoplastics is ABS, also known as Acrylonitrile Butadiene Styrene, which is a versatile family of thermoplastic polymers that ensures exceptional chemical resistance, high rigidity, durability, and dimensional stability. One of the most widely used processes for producing ABS plastic goods is injection molding whereby a polymer is pushed through a mold at extreme pressure after being heated to a completely molten state. Moreover, ABS in injection molding applications has the ability to produce large quantities of goods with extremely efficient technology as a result, it can keep up with the food and beverage (F&B) industry fast speed. A range of products that handle food and beverages before consumption are made via the method of food-grade plastic injection molding that is suitable for food use such as high-density polyethylene (HDPE), a petroleum thermoplastic with a wide range of applications, is a common plastic used in the food business. The global food and drink industry is expected to increase by more than 12% between 2022 and 2027.
Alpha-methylstyrene Segmentation by Purity Level
- High Purity
- Low Purity
Amongst these segments, the alpha-methylstyrene market high purity segment is anticipated to hold a significant share over the forecast period. High purity chemicals play a pivotal role in semiconductor manufacturing, ensuring the quality and reliability of electronic components. The escalating demand for advanced electronics, driven by trends like 5G technology and the Internet of Things (IoT), fuels the growth of the high purity segment. As the semiconductor market expands, so does the need for chemicals with stringent purity levels. High purity chemicals are integral to pharmaceutical manufacturing, where even trace impurities can have significant implications. The increasing demand for pharmaceuticals, coupled with regulatory requirements emphasizing product purity, drives the growth of the high purity segment. The pharmaceutical industry's expansion necessitates chemicals meeting the highest standards of purity for drug synthesis and formulation. High purity chemicals find applications in the calibration and operation of analytical instruments across various industries, including healthcare, environmental monitoring, and research. The rising complexity and precision requirements in analytical instruments contribute to a growing demand for high purity standards, ensuring accurate and reliable results. The expanding analytical instruments market directly influences the growth of the high purity segment. The analytical instruments sales are expected to reach USD 91 billion by 2025.
Alpha-methylstyrene Segmentation by End-User
- Packaging
- Automotive
- Electronics
- Construction
- Chemicals
- Paints and Coatings
Few of the well-known market leaders in the global alpha-methylstyrene market that are profiled by Research Nester are Versalis S.p.A., Titan Company, SEQENS SAS, Altivia, The Plaza Group, ROSNEFT, Solvay, Domo Chemicals, Yangzhou Lida Chemical Co., Ltd., Mitsubishi Chemical Holdings Corporation, Mitsui Chemicals, Inc, and other key market players.
Recent Development in the Market
- SI Group, Inc. announced an investment of over 23% of funds to American and Indian chemical manufacturing facilities to increase the resin's capacity and assist in offering the global customer base the best solutions. The expansions will concentrate on the adhesive and automotive supply chains. The company offers a wide range of compounds, including tackifiers, anti-degradants, and reinforcing resins, and are meant to lessen worldwide bottlenecking for resole capacity.
- Domo Chemicals a top manufacturer of superior technical materials acquired Solvay’s Performance Polyamides Business to bolster the engineering materials business of DOMO Chemicals, utilize the distinct technological, development, and step toward sustainable growth strategy, and position itself as a leading worldwide service provider in the transportation, electrical and electronic, and consumer goods sectors.
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