Styrenic Polymers Market – Synopsis
Styrenic Polymers Products have become an inseparable part of modern lives adding value, convenience, and quality to the daily life. Becoming an integral component in a diversified range of products from an aeroplane toy to a real-life aeroplane, from myriad consumer electronics to transportation, construction, and medical applications, Styrenic Polymers enjoy an absolute monopoly. Increasingly finding a new application area with the growing proliferation of technology, these polymers have garnered quite a prominence around the world.
And with each application expanse, the market for Styrenic Polymers is increasing on the global level, enjoying an extensive traction all around. After the recent involvement of high-quality virgin, Styrenic Polymers in chemical recycling technology developed by Agilyx (US) to recycle PS (polystyrene) waste, these polymers have become a more valuable material that is re-usable plus helping the environment reducing plastic waste. The pervasively increasing importance certainly provides the impetus to the market growth, furthering demand.
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Key Players
Some of the prominent players operating in the global styrenic polymer market are BASF SE (Germany), SABIC (Saudi Arabia), Lanxess AG (Germany), The Dow Chemical Company (U.S.), Total S.A. (France), NOVA Chemicals Corporation (Canada), INEOS Group AG (Switzerland), Ashland (U.S.), Bayer CropScience limited (Germany), JEC Group (France), DSM (Netherlands), Alpek S.A.B. de C.V. (Mexico), Asahi Kasei Chemicals Corp. (Japan), and INEOS Styrolution Group GmbH (Germany).
Acknowledging the kind of traction gained by this market, Market Research Future (MRFR) recently published a study report. According to MRFR, Styrenic Polymers market is expected to grow enormously by 2023, registering a phenomenal CAGR during the anticipated period (2017 – 2023). Augmenting applications of Unsaturated Polyester Resin (UPR) in wind energy generation coupled with the increasing demand for Styrene Butadiene Rubber (SBR) backed by the enforced tire labeling regulations are fuelling the market growth of Styrenic Polymers.
The growing usage in end-use industries coupled with the inclination of consumers towards a luxurious lifestyle has propelled the market growth. Furthermore, increasing demand for the productin automotive, construction, electronics, and other major end-use industries is likely to fuel the global styrenic polymer market growth. Furthermore, increasing scope for styrenic polymer in medical devices, manufacturing, and packaging is anticipated to uplift the market growth. One of the noted developments in the styrenic polymer market is the creation of a new world-class styrene monomer plant by INEOS Styrolution, which will use low-cost feedstock and energy from shale gas. Moreover, the Novodur and Lunar product launches for cosmetic packaging and Styrolux and Styroflex for food packaging by Styrolution are likely to offer substantial opportunities in cosmetic and food industries, respectively, during the review period.
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However, the product is considered as a potential health hazard by various associations, such as The International Agency for Research on Cancer and the U.S. National Toxicology Program, which may challenge the market growth. Fluctuation in raw material costs is likely to challenge the market growth, for instance, BASF increased prices of the styrene-butadiene, styrene-acrylic, and acrylic latex polymers in North America in year 2016.
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