Styrene Acrylonitrile Market

Styrene Acrylonitrile Market Analysis

The Styrene Acrylonitrile Market is expected to register a CAGR of greater than 4% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.

• The growing demand for electrical and electronic goods and the increasing adoption of lightweight materials in industries such as packaging, automotive, etc. are anticipated to drive the styrene-acrylonitrile market.
• On the other hand, adopting alternate substitutes due to growing health and environmental concerns over using styrene as a raw material in product manufacturing is restraining the styrene acrylonitrile market.
• Furthermore, the growing use of styrene acrylonitrile in 3D printing is expected to provide an opportunity for the styrene acrylonitrile market.
• The Asia-Pacific region dominated the market around the world, with countries like China, India, and Japan being the biggest consumers.

Styrene Acrylonitrile Market Trends

Automotive Industry Accounts for Significant Share

• The automotive sector accounts for a significant share of the styrene-acrylonitrile market owing to its lightweight characteristics that boost fuel efficiency and lower CO2 emissions.
• Styrene-acrylonitrile is utilized in a variety of vehicle elements, including exterior pieces, instrument panels, and lighting systems.
• In India, during FY 2021-22 (April 2021-March 2022), according to the Society of Indian Automobile Manufacturers (SIAM), the country's automotive industry produced a total of 22,933,230 vehicles, compared to 22,655,609 units from April 2020-March 2021.
• The use of styrene-acrylonitrile in the automotive industry is anticipated to increase further due to the rising demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs).
• According to the China Association of Automobile Manufacturing, the production of new energy vehicles in the country witnessed a year-on-year increase of 96.9 percent in December 2022. Thus, the expanding electric vehicle market is expected to increase the demand for styrene and acrylonitrile in the country.

Thus, with the growing automotive sector, the styrene-acrylonitrile market is expected to grow significantly during the forecast period.

Asia-Pacific to Dominate the Market

• During the forecast period, Asia-Pacific is expected to dominate the styrene-acrylonitrile market due to an increase in demand from countries like China and India.
• The region is expected to witness significant growth due to the increasing demand from automotive, electronics, packaging, and other end-user industries.
• The Chinese automotive manufacturing industry is the largest in the world. According to the China Association of Automobile Manufacturing, in 2022, China's automobile exports grew 12.3 percent from September to 337,000 units in October, a 46 percent increase over the previous year.
• Furthermore, according to the latest data published by the Society of Indian Automobile Manufacturers, the country witnessed a significant increase in the production of passenger vehicles. For instance, the production of passenger vehicles reached 3,650,698 for the FY 2021-2022, representing an increase of 19% compared to the FY 2020-21.
• Moreover, in Asia-Pacific, the demand for packaged food is growing, owing to lifestyle changes, the growing disposable income of people, the increasing number of working professionals, and the growing preference for fast food. Consumers prefer ready-to-consume foods because they require considerably less time for cooking, are fresh, and have attractive and sturdy packaging, supporting the demand for the market studied.
• The Chinese packaging industry has grown at a rapid and consistent rate in recent years. According to Interpak, in China, in the foodstuff packaging category, total packaging is expected to reach 447 billion units in 2023, thereby indicating an increase in the demand for styrene acrylonitrile from the packaging industry.

The aforementioned factors, coupled with government support, are contributing to the increasing demand for the styrene-acrylonitrile market in Asia-Pacific during the forecast period.

Styrene Acrylonitrile Industry Overview

The styrene acrylonitrile market is consolidated in nature. Some of the major players in the market include SABIC, INEOS, China Petrochemical Corporation, TORAY INDUSTRIES, INC., and LG Chem, among others (in no particular order).

Styrene Acrylonitrile Market Leaders

Styrene Acrylonitrile Market News

• December 2022: LG Chem announced the launch of an acrylonitrile butadiene styrene product manufactured from plant-based raw ingredients.
• November 2022: SK picglobal and INEOS Styrolution signed a memorandum of understanding (MOU) to provide INEOS Styrolution with renewable styrene monomer manufactured at SK picglobal's SM plant in Ulsan, South Korea. This collaboration expands INEOS Styrolution's operations in Asia to create a circular economy for polystyrene (PS) and acrylonitrile butadiene styrene (ABS).