The Acrylic Styrene Acrylonitrile Resin Market is set to thrive with a consistent 5% Compound Annual Growth Rate (CAGR), projecting a revenue share of approximately US$ 1,432.74 Million. However, there are certain factors that could potentially impede the growth of this global market segment. The presence of substitute polymers, coupled with the volatility in raw material prices, may pose challenges to the expansion of the Acrylic Styrene Acrylonitrile Resin Market during the forecast period. Additionally, the relatively high cost associated with acrylic styrene acrylonitrile resin could act as a deterrent, potentially stifling the overall market growth of this resin type.
Acrylic styrene acrylonitrile resin is an amorphous thermoplastic polymer. Acrylic styrene acrylonitrile resin has good weather resistance, high strength, high temperature, and high UV resistance owing to which it is prevalently used in automotive, construction, electronic & electrical, and packaging, among other industries.
Generally, Acrylic styrene acrylonitrile resin possess antistatic properties that make the surface dust repellent. The character properties of Acrylic styrene acrylonitrile resin in terms of cost-effectiveness, chemical resistance, stability and performance, among other offers a competitive edge over the styrenic polymer and acrylonitrile butadiene styrene, among others. Industrially, extrusion grade and injection grade acrylonitrile butadiene styrene resins are available.
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Market Dynamics
With the growth in automotive production across the globe, the demand for raw materials involved in the manufacturing of components is also increasing. As, Acrylic styrene acrylonitrile resins are prevalently consumed in the manufacturing of Automotive exterior such as mirror housing, radiator grills, etc. and interior, such as overhead compartments, etc.
Moreover, global automotive production is expected to register 3.9% CAGR Over the forecast period. Thus, increasing automotive production across the globe will in turn help to drive demand for Acrylic styrene acrylonitrile resin market over the forecast period. Along with this, increasing use of Acrylic styrene acrylonitrile resin in the construction industry is another factor driving the growth of the market.
This is mainly attributed to rising investment in infrastructure development especially in commercial and housing sector that in turn expected to provide impetus for the growth of Acrylic styrene acrylonitrile resin market.
However, availability of substitute polymers as well as fluctuating of raw materials prices may hamper the growth of the global Acrylic styrene acrylonitrile resin market during the forecast period. High cost of Acrylic styrene acrylonitrile resin may hinder the growth of Acrylic styrene acrylonitrile resin market.
Regional Outlook
The North America share in the Acrylic styrene acrylonitrile resin market is expected to dominate in the upcoming years. Growth in the building and construction market is fueling the Acrylic styrene acrylonitrile resin market in North America. This is due to increasing demand from automotive industry.
Similarly, the Western Europe, particularly the EU-5 countries, is also anticipated to grow at a steady pace owing to significant growth of automotive and manufacturing industry in these countries. Moreover, growing manufacturing and construction industry in Asia pacific region resulted into increasing demand for Acrylic styrene acrylonitrile resin. APAC Acrylic styrene acrylonitrile resin market is projected to register healthy CAGR over the forecast period.
Further, North America and Europe are the major market for Acrylic styrene acrylonitrile resin market. In Latin America and Middle East & Africa region, Acrylic styrene acrylonitrile resin market is anticipated to register slow growth over the forecast period
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Acrylic styrene acrylonitrile resin Market: Key Players
Acrylic styrene acrylonitrile resins manufacturer are focusing on an organic growth strategy. For the same, manufacturer are expanding their production capacity in order to enhance their footprint in regional as well as global market. Some of the key players identified across the value chain of Acrylic styrene acrylonitrile resins market are listed below;
- LG Chem Ltd.
- SABIC
- INEOS Styrolution America LLC
- Networks Polymers Pvt Ltd
- Chi Mei Corporation,
- FORMOSA CHEMICALS & FIBRE CORPORATION
- BASF SE
- Long Yue (Dongguan) Engineering Plastics Industry Co., Ltd. among others
Market Segmentation
Based on grade
- Extrusion
- Injection
Based on application
- Automotive
- Building & Construction
- Electronics & Electrical
- Others
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