The world is keen on using lightweight and easy to recycle plastic materials. Styrene and several of its versions fulfill these demands, confirmed by its popularity. Styrenics or styrenic polymers use styrene as the major building block. Styrenic polymers are one of the major families of plastic products. These products have a diverse range of applications, which is cited to be a great driver for the global styrenics market. Cross-industrial usage and increased end-user applications are driving the market towards a bright future for the years to come. Growing expanse of construction and packaging industries also plays a vital role in the global demand and consumption trends of styrenics.
The styrenic polymer family comprises of several major types of styrene, which include polystyrene, expandable polystyrene, acrylonitrile butadiene styrene (ABS) copolymer, unsaturated polyester resins, styrene acrylonitrile copolymer and styrene butadiene rubber. All these types have diverse applications in building, construction, packaging, electronics and automotive component industries. This wide range of application calls for increased demand of styrenics from various regions of the world. It also affects the segmentation and styrenics market trends based on geographical regions.
Detailed study of the segmentation in the industry helps drawing accurate market trends and forecasting predictions. The industry is segmented based on the types and applications of styrenics. Geographical demand, supply and consumption also play a major role in overall predictions about the market. Based on the types, the industry is divided into six segments, namely, acrylonitrile butadiene styrene, expanded polystyrene (EPS), polystyrene, styrene butadiene rubber, unsaturated polyester resin and other polymers.
All these products have popular applications in diverse business verticals including marine accessories, business and construction, wind energy, packaging, appliances and automotive. Polystyrene is the most popular segment in the market with maximum demands. According to the research reports for the global styrenics market, the expanse of the industry is expected to grow at an anticipated CAGR of 4.81%. Global consumption of styrenic polymers is expected to increase from 35,007 kilotons in 2013 to 44,270 kilotons in 2018.
This steady growth in the market is a positive sign for numerous emerging businesses in different geographical regions. Based on the latest market trends, explosive growth in Asia Pacific region, especially in the countries like China, styrenic polymers market is aiming to attain greater success in the days to come. Asia Pacific region is driving more than 50% of the global demands, which is a fascinating story of success. Growing wind power market and labeling regulations are a few other drivers to the market, which is aiming to rise at a steady rate.
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