Acrylonitrile Styrene Acrylate (ASA) Market Outline to 2030 | Potential Growth Rate (CAGR), COVID-19 Overview, Business Strategies, Industry Trend, Analysis, Opportunity Assessment
Market Research Future (MRFR) believes that the Acrylonitrile Styrene Acrylate (ASA) Market to touch USD 1,050.6 Million by 2030. Furthermore, the market size can also witness growth at a moderate rate of 6.1% between 2022 and 2030 (forecast period).
Market Boosters and Barriers
The fantastic expansion rate of the building & construction sector has resulted in significant growth of the acrylonitrile styrene acrylate market. Excellent weathering resistance property of acrylonitrile styrene acrylate enables the manufacturers to be more focused on its production. The amorphous plastic has use in fittings, drainpipes, and gutters in the building & construction sector. Another key end-user is the automotive industry, wherein acrylonitrile styrene acrylate is used extensively to develop other components like door, seat assemblies and safety subsystems. A noteworthy trend arising in the global market is 3D printing, which is helping generate newer applications of acrylonitrile styrene acrylate across the end-use industries.
LG Chem Ltd (South Korea), Lauren International (US), SABIC (Saudi Arabia), LANXESS (Germany), BASF SE (Germany), Chi Mei Corporation (Taiwan), A. Schulman (US), INEOS Styrolution Group GmbH (Germany), Entec Polymers (US) are the big names in the acrylonitrile styrene acrylate industry.
Vendors are increasingly emphasizing on technical integration throughout the value chain, which has raised the competition level in the global market. Rising use of modern technologies like drones, robotics, Internet of Things (IOT), artificial intelligence, cloud computing, and blockchain has transformed numerous aspects of the manufacturing process. These technologies have not only bolstered the safety level during manufacturing but also fostered efficiency and reliability, while facilitating accurate monitoring across the supply chain.
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The acrylonitrile styrene acrylate (ASA) industry has been divided in terms of manufacturing process as well as application.
The different manufacturing processes covered in the MRFR study of acrylonitrile styrene acrylate market include injection molding, coextrusion, extrusion, and others. It is presumed that the extrusion segment can clock in a decent CAGR from 2022 to 2030, primarily due to ASA’s surging application range within the automotive sector.
The major applications considered in the MRFR report of the worldwide market include furniture, construction, automotive, and others. ASA has several applications in the automotive industry, with major use in trim, metalized emblems, and front grills. On the other hand, acrylonitrile styrene acrylate also finds abundant uses in the electronics industry, on account of the mounting demand for high ruggedness as well as flame retardant attributes. Acrylonitrile styrene acrylate’s use in the building & construction sector has surged rapidly over the years, particularly in insulation, pipes & ducts, roofing & flooring, waterproofing along with door and window fittings.
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The acrylonitrile styrene acrylate industry can be regionally distributed into Europe, Latin America, Asia Pacific (APAC), the Middle East & Africa (MEA), as well as North America.
Asia Pacific is all set to capture the fastest CAGR between 2020 and 2027, thanks to the robust use of ASA thermoplastics in the automotive sector for better appearance of automobiles as well as their impressive weather resistance characteristics. Apart from this, large-scale investments in the upgradations of the infrastructure have meant a boost in the number of construction projects across developing countries like China, India, South Korea, Singapore, and Indonesia. This has been a favorable scenario for the acrylonitrile styrene acrylate market in the region.
The European market comes in a close second and benefits largely by the extensive applications of ASA within the automotive industry in line with the expansive pool of renowned automobile manufacturers. Rampant demand for lightweight polymers in automotive manufacturing also adds to the market value. France and Germany are identified as the strongest markets for acrylonitrile styrene acrylate in the region, but the eastern parts also show a lot of promise, particularly Serbia and Russia. Additionally, most of the firms in the region are pursuing competitive strategies to leverage the business opportunities, creating alliances, or acquiring other companies to widen their customer bases while further establishing their presence.
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These companies mostly focus on launching new products and enter deals that include mergers and acquisitions, make strategic investments and foster production capacity to capitalize on the industry opportunities. Contractual deals between ASA manufacturers and major end-users also helps elevate their market positions.
For instance, in January 2012, Ineos Styrolution confirmed that its Luran S 778T SPF30 grade was chosen by SAIC for its MG Linghang model that introduced in October 2020. Ineos Styrolution’s Luran S is an acrylonitrile styrene acrylate copolymer that has numerous exterior unpainted applications. This ASA has several impressive properties with a high-quality appearance. It also provides significant weathering stability for various outdoor use-cases even if not painted. It is also compatible with the hot stamping technology that helps induce aesthetic effects.
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