Thursday, 31 March 2016

Styrene Acrylonitrile Resins Market to Stand at US$2.86 bn by 2024, Demand from Consumer Goods Industry Pushes Growth : TMR

Transparency Market Research has published a new report titled “Styrene Acrylonitrile (SAN) Resins Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.” According to the report, the global styrene acrylonitrile resins market was valued at US$2.01 bn in 2015 and is likely to reach US$2.86 bn in 2024, expanding at a CAGR of 4.0% between 2016 and 2024.

Styrene acrylonitrile (SAN) resins are copolymers of styrene and acrylonitrile. Typically, SAN resin is composed of 70% to 80% styrene and 20% to 30% acrylonitrile. However, SAN resins are yellowish in nature and loses transparency upon injection molding, unlike polystyrene. Styrene acrylonitrile is an optically transparent material. SAN resins display several desirable properties such as mechanical strength, chemical resistance, impact resistance, and surface gloss vis-à-vis several other competing resins such as polymethyl methacrylate (PMMA), polyethylene, polystyrene, and acrylonitrile butadiene styrene (ABS). Styrene acrylonitrile resins are majorly categorized into six end-users: consumer goods, electrical & electronic appliances, packaging, automotive, building & construction, and others.

Consumer goods accounted for the largest share of the global styrene acrylonitrile resins market with more than 30% share in 2015. Demand for styrene acrylonitrile resins in the manufacture of consumer goods such as food container, toothbrush handle, and hangers among various other applications is estimated to rise at a rapid pace during the forecast period. Furthermore, high demand for electrical & electronic appliances is projected to fuel the styrene acrylonitrile resins market during the forecast period.

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In terms of demand, Asia Pacific held the largest share of the global styrene acrylonitrile resins market in 2015, primarily due to high consumption of these resins in China and the ASEAN region. Other countries in Southeast Asia also constituted significant share of the styrene acrylonitrile resins market in 2015. Asia Pacific was followed by Europe and North America in 2015. Europe and North America accounted for the second and third largest shares, respectively, of the global styrene acrylonitrile resins market in 2015. The styrene acrylonitrile resins market in Asia Pacific is expected to expand significantly during the forecast period due to increasing usage of consumer goods and electrical & electronic appliances products in the region. Demand for styrene acrylonitrile resins in Latin America and Middle East & Africa (MEA) is anticipated to rise during the forecast period.

Companies such as LG Chem Ltd., INOES Styrolution Group GmbH, SABIC, TRINSEO S.A., Chi Mei Corporation, Techno Polymer Co., Ltd., INEOS ABS (USA) Corporation, and Formosa Chemicals & Fiber Corporation operate in the global styrene acrylonitrile resins market.

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