Global Styrene Acrylonitrile Copolymer Market To Be Driven By The Increasing Demand For Consumer Goods In The Forecast Period Of 2021-2026

Global Styrene Acrylonitrile Copolymer Market To Be Driven By The Increasing Demand For Consumer Goods In The Forecast Period Of 2021-2026

The new report by Expert Market Research titled, β€˜Global Styrene Acrylonitrile Copolymer Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026’, gives an in-depth analysis of the global styrene acrylonitrile copolymer market, assessing the market based on its segments like applications and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2016-2026)

β€’ Historical Market Size (2020): USD 2.1 billion
β€’ Forecast CAGR (2021-2026): 5.80%
β€’ Forecast Market Size (2026): USD 2.9 billion

The global styrene acrylonitrile copolymer industry is being driven by the growing applications of the product in various sectors, such as consumer goods and others. Containers, cups, covers, hangers, and other consumer goods have a constant appetite that is unaffected by supply dynamics. Consumers’ rising per capita income, especially in the Asia Pacific and Latin America, would drive the styrene acrylonitrile copolymer demand. Increased discretionary income translates to increased purchasing capacity, with customers opting to invest on consumer and lifestyle goods. Over the forecast period, the cosmetics market is expected to have a significant impact on commodity demand. Women are the primary drivers of the global cosmetics industry. Increasing female employment in every segment of the economy in every country has raised their disposable income, resulting in better lifestyle decisions and revamped beauty tastes, which has benefited cosmetic manufacturers greatly over the last few decades. Thus, these factors have significantly contributed to the growth of the global styrene acrylonitrile copolymer market.

Industry Definition and Major Segments

Styrene acrylonitrile resin is a copolymer plastic with the formula (C8H8)n-(C3H3N)m made up of styrene and acrylonitrile. It is often abbreviated as SAN. Because of its superior thermal tolerance, it is a good substitute for polystyrene. About 70 to 80 percent styrene and 20 to 30 percent acrylonitrile make up the strings.

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Based on application, the industry has been segmented into:

β€’ Medical Sector
β€’ Consumer Goods
β€’ Cosmetics
β€’ Others

The regional markets for the product include:

β€’ North America
β€’ Europe
β€’ Asia Pacific
β€’ Latin America
β€’ Middle East and Africa

Market Trends

In the global styrene acrylonitrile copolymer industry, the Asia Pacific is expected to grow at a substantial CAGR. Cosmetic firms depend heavily on Asian markets for sales. Cosmetic markets in countries like India, Japan, South Korea, Indonesia, Malaysia, and China are important. South Korea is a major market for cosmetics, with women using an average of 13 cosmetics per day. Face care creams and skin lightening lotions are common among men in this region, and they account for a significant portion of cosmetic spending. The presence of major brands in Asian countries, such as L’OrΓ©al and Procter & Gamble, would greatly drive the cosmetic industry growth in the region, which, in turn, is expected to positively influence commodity demand over the forecast period. This is expected to aid the growth of the global styrene acrylonitrile copolymer industry.

Key Market Players

The major players in the market are Ineos Group Ltd, LG Chem Ltd, RTP Company, Trinseo S.A., and Chi Mei Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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