Styrenic Polymers Market size worth $ 5.85 Billion, Globally, by 2028 at 7.9% CAGR: Verified Market Research®

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 meets the stringent emission regulations.

Jersey City, New Jersey, Dec. 09, 2021 (GLOBE NEWSWIRE) — Verified Market Research recently published a report, “Styrenic Polymers Market” By Product (Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), Expanded Polystyrene (EPS)), By Application (Building and construction, Automotive industry, Packaging), and By Geography. According to Verified Market Research, the Global Styrenic Polymers Market size was valued at USD 3.23 Billion in 2020 and is projected to reach USD 5.85 Billion by 2028, growing at a CAGR of 7.9 % from 2021 to 2028.

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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 the styrenic polymers are propelling market growth. The growing use of styrene polymers in the medical industry for developing high-performance and miniaturized medical devices is propelling the 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 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

Key Players

The major players in the market are 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.

Verified Market Research has segmented the Global Styrenic Polymers Market 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

• Styrenic Polymers Market, By Application
  • Building and construction
  • Automotive industry
  • Packaging
  • Medical
  • Electrical and electronics
  • Consumer goods
  • Others

• Styrenic Polymers Market by Geography
  • North America
    • U.S
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • ROW
    • Middle East & Africa
    • Latin America

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