Styrene Acrylonitrile Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1381
Styrene Acrylonitrile Market size is projected to witness a high growth owning to development of end use industries including cosmetics, automotive, printing, drawing equipment, air conditioner, plastics and business cases. In cosmetics sector, Styrene Acrylonitrile (SAN) is used in packaging of compact and lipstick cases.
Consumer goods is the fastest growing end use segment for product. There is a significant demand for SAN resins in manufacturing of tooth brush handle, hangers, food container, personal computers, televisions and handheld devices which is projected to boost product market size. Furthermore, high demand for electrical & electronic appliances is expected to fuel styrene acrylonitrile market.
Growing use of SAN in medical applications which include dental equipment, autoclavable devices and medical light diffusers is a major driver for styrene acrylonitrile market size. Further, plastics used in industry and offices use the product for manufacturing due to its high strength, dimensional stability and resistance to acids and alkali.
Increasing use of advanced materials and technologies and reduction in product price through healthy competition are assisting market growth.
Rising applications in electronic lenses, house wares, radio, tractor components, meter covers, marine instruments, cups, dust covers, dial switches and CD players will drive styrene acrylonitrile market.
Rapid urbanization, increased income levels and infrastructure development are likely to boost styrene acrylonitrile market growth. Additionally, product is widely used in personal care industry for wrapping bottle caps and nozzles due to good packaging property. Rigid packaging is gaining preference in personal care products industry, due to improved shape and aesthetic value.
The product is a transparent, yellow color and rigid plastic manufactured by copolymerization of acrylonitrile and styrene. SAN has many features including, high clarity, processability, rigidity, stability, chemical & heat resistant, offers superior safety and hygiene. The product is non-biodegradable and prolong exposure should be avoided as it causes cancer. SAN offers versatility of design, high performance and simplicity of economy and production. The product is flammable, has higher water absorption capacity than polystyrene, processing temperature and minimal impact strength.
The major restraint for styrene acrylonitrile market is acceptance of other substitutes owning to increasing health and environmental concern related to styrene which used as a raw material in manufacturing product. The industry is expected to face certain challenges such as product commoditization, fluctuation of crude oil prices and shift in customer preferences for organic chemicals.
Styrene acrylonitrile market is divided into five types named, polystyrene, expanded polystyrene, acrylonitrile butadiene styrene, styrene butadiene rubber and unsaturated polyester resin. The product has widespread applications in packaging, building & construction, electrical & electronic appliances and automotive. The packaging segment is expected to be the fastest growing segment due to rising demand for several types of packaging.
Asia pacific region, led by China for styrene acrylonitrile market holds the largest market share owning to increasing urbanization rate and GDP growth. Other factors which include, improving economic condition, growing disposable income and demand for electronic and consumer goods will fuel the product market size.
North American market for the product is projected to experience moderate growth due to market saturation. Styrene acrylonitrile market in the region is driven by end users including, transportation and appliance industry.
Europe, dominated by France and Germany is expected to witness significant growth in styrene acrylonitrile market with rise in appliance industry in the region.
The styrene acrylonitrile market is consolidated with presence of many manufacturing companies worldwide. Some of the major companies are Samsung Cheil Industries, Chi Mei, INEOS, Ningbo LG Yongxing Chemical, Styrolution, China National Petroleum, Sabic Innovative plastics, Toray Industries, Formosa Plastics, Tianjin Dagu Chemicals, Styron, Techno Polymer and Petro China.
Companies have adopted several strategies to capture naphthalene market which include expansion, investments, merger and acquisitions. Manufacturing companies and end-product manufacturers infuse high investments for future technology modifications to match newer demand coming from several end-user industries. In May 2014, Stryrolution inaugurated a new SAN plant in India with an annual production of 100,000 metric tons, to meet the rising demand for styrene acrylonitrile resins across major end use industries in the region.
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