Westford, USA, July 20, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the expansion of the styrenic polymers market is significantly influenced by the growing adoption of these materials as a substitution for PVC in the healthcare sector. As concerns regarding the environmental impact of PVC rise, styrenic polymers have emerged as a favorable alternative due to their eco-friendly characteristics. In the medical industry, styrenic polymers are being increasingly employed to fabricate high-performance miniature medical devices, contributing to rapid market growth.
Browse in-depth TOC on the "Styrenic Polymers Market."
- Pages - 157
- Tables - 71
- Figures – 75
The surge in the utilization of styrenic polymers within the automotive sector is a significant driver behind the expansion of the styrenic polymers market. These polymers find widespread application in various automotive components, with interior electroplated parts and unpainted external elements being among the most common uses.
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Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 3.72 Billion |
| 2030 Value Projection | USD 6.78 Billion |
| CAGR | 6.9% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in the Styrenic Polymers Market
- Chevron Phillips Chemical Company LLC
- Nova Chemicals Corporation
- INEOS Styrolution Group GmbH
- Trinseo S.A.
- BASF SE
- SABIC
- LG Chem Ltd.
- Total S.A.
- Denka Company Limited
- Chi Mei Corporation
- Asahi Kasei Corporation
- Repsol S.A.
- Styron LLC
- Kumho Petrochemical Co., Ltd.
- FCFC Styrenics Corporation
- Americas Styrenics LLC
- Polimeri Europa S.p.A.
- Samsung Fine Chemicals Co., Ltd.
- Ashland Global Holdings Inc.
- Idemitsu Kosan Co., Ltd.
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Acrylonitrile Butadiene Styrene Segment is Expected to Grow in the Market Due to its Versatile Properties
Acrylonitrile butadiene styrene (ABS) emerged as the leading player in the styrenic polymers market, capturing the highest market share. ABS is expected to maintain its dominant position and experience the highest CAGR. The versatile properties of ABS, including its high impact resistance, mechanical strength, and excellent durability, have made it a preferred choice in various applications across industries like automotive, electronics, construction, and consumer goods.
The markets in the North America are projected to hold a prominent position as the second-largest styrenic polymers market, driven by the region's flourishing healthcare and automotive sectors. Styrenic polymers are in high demand for their versatile applications in both industries.
Medical Applications Segment is Expected to Dominate the Market Due to the Extensive Use of Styrenic Polymers In Various Medical Instruments
Medical applications segment dominated the styrenic polymers market, representing the largest market share. This growth was primarily driven by the extensive use of styrenic polymers in various medical instruments and devices. Medical drip chambers, a critical component in intravenous delivery systems, extensively employ styrenic polymers due to their excellent transparency and biocompatibility.
Regional markets in the Asia-Pacific emerged as the dominant force in the global styrenic polymers market. The growth and expansion of the regional market are primarily attributed to the flourishing automotive and consumer goods sectors in the region. As economies in countries such as India, China, Japan, South Korea, and Thailand continue to develop, the demand for styrenic polymers has witnessed a significant upsurge, especially in the industry.
A comprehensive analysis of the major players in the styrenic polymers market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Styrenic Polymers Market
- In 2022, Kraton Corporation and Formosa Petrochemical Corporation embarked on a joint venture project for the HSBC factory in Mailiao, Taiwan. This project is set to result in a remarkable 30% increase in the current facility's capacity. With the successful completion of this expansion initiative, Kraton can efficiently serve its clients in Asia, offering a comprehensive range of SEBS and SEPS products in crumb and pellet forms. Leveraging state-of-the-art Kraton technology, the local manufacturing base will enable the company to enhance its product offerings and cater to the growing demand in the region effectively.
- Chevron recently made significant strides in expanding its client base and diversifying its product offerings by acquiring Noble Midstream Partners and its affiliates. This strategic move garnered notable attention, reinforcing Chevron's position in the market. By incorporating Noble Midstream's assets and expertise, Chevron gained access to a broader portfolio of products and services, further strengthening its position as a key player in the energy sector.
Key Questions Answered in Styrenic Polymers Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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