Press release
Global Alpha-Methylstyrene Market Forecast 2024-2031: Key Growth Drivers and Trends
Global Alpha-Methylstyrene Market Projected to Reach $550.4 Million by 2031
The global alpha-methylstyrene (AMS) market was valued at $431.2 million in 2023 and is projected to reach $550.4 million by 2031, growing at a CAGR of 3.1% during the forecast period from 2024 to 2031. The surge in demand for AMS is primarily driven by its use in manufacturing car exterior frames, electronic appliance housings, and protective coatings. Significant growth in the global automobile sector, particularly in emerging markets like India and Brazil, further propels this demand.
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Market Dynamics
Growing Demand from Adhesives & Stringent Regulations
AMS is crucial in producing specialized adhesives and sealants used extensively in the construction, automotive, and manufacturing sectors. These sectors rely on adhesives for bonding, sealing, and assembly applications. Additionally, stringent environmental regulations promote the use of AMS-based products due to their benefits like reduced VOC emissions and recyclability.
Rising Production of Electric Vehicles
The electric vehicle (EV) market's expansion significantly boosts AMS demand. For instance, 10.5 million new BEVs and PHEVs were supplied in 2022, marking a 55% increase from 2021. Leading automotive manufacturers, including those in Germany, are ramping up EV production, further driving AMS demand.
Segment Analysis
Automotive Sector Dominance
The automotive sector, utilizing AMS in ABS resin production, is expected to dominate the market with over 30% share during the forecast period. ABS plastic, used as a metal alternative in automotive parts, is vital for reducing vehicle weight. In 2022, global automotive production reached 85.01 million, a 6% increase from 2021, indicating a growing demand for AMS in this sector.
Geographical Penetration
Asia-Pacific Leads Market Growth
Asia-Pacific is anticipated to dominate the global AMS market, covering over 30% share. China's rapidly expanding tire sector and increased demand for plastic products drive this growth. For example, China manufactures approximately 6 million metric tons of plastic items per month, reflecting rising demand. Furthermore, India's plastic exports between April and September 2022 totaled $6.38 billion, showcasing significant market potential in the region.
Impact Analyses
COVID-19 Pandemic Impact
The pandemic disrupted demand for AMS due to slowdowns in the automotive, construction, and manufacturing industries. Lockdowns and border closures affected global supply chains, impacting AMS production and distribution. However, the pandemic also accelerated trends like e-commerce expansion, boosting demand for AMS-derived products used in packaging.
Russia-Ukraine War Impact
The conflict has caused supply chain disruptions and price volatility for raw materials and energy sources essential for AMS production. Geopolitical tensions have led to cautious spending and investment decisions in the AMS sector, with companies postponing expansion plans amid uncertainty.
Key Developments
April 2023: INEOS Phenol completed its acquisition of Mitsui Phenols Singapore Ltd for $330 million, enhancing its capacity by over 1 million tons annually, including AMS.
April 2022: Kraton Corporation announced a 15% capacity expansion at its AMS production facility in Niort, France, by 2023.
Competitive Landscape
Leading players in the global AMS market include AdvanSix, Altivia, Cepsa, Domo Chemicals, INEOS Group, Kraton Corporation, KUMHO P&B CHEMICALS, Mitsubishi Chemical Corporation, Prasol Chemicals Limited, and Solvay.
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