TMR - Styrene Acrylonitrile (SAN) Resins Market : Global Snapshot by 2024
Till 2024, the overall competition for a greater market share is expected to remain high, states Transparency Market Research (TMR) in a new report.
Packaging is expected to remain the one of the most attractive industries for the demand of styrene acrylonitrile resins since 2015. A massive range of end-user industries include packaging as a major aspect of their products, thereby allowing a greater number of SAN resins producers to gain market share.
Other fields that will demand a higher proportion of styrene acrylonitrile resins include electrical and electronics, automotive, and construction industries. According to TMR, the auto industry is expected to show the slowest growth rate out of all end users, and market players are advised to look for future signs of market saturation.
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Global SAN Resins Producers Seek Major Opportunities in China
“China is the world’s largest market for styrene acrylonitrile resins and a top converter as well as producer of plastics,” states a TMR analyst. “In 2013, this nation alone held nearly 25% of the global share of plastic production by volume. This is why producers of SAN resins are all hoping to get in on the action in China,” the analyst adds.
The China plastic industry has consistently worked on high investments and low operating costs, making it an extremely lucrative location for most plastic raw material providers. This region has shown a staggering growth rate over the past decade, which implies keeping a high rate of plastics production rates though the economic meltdown that hit the world in 2009.
Rigid Packaging for Personal Care Products Possess Major Opportunity for SAN Resins Demand
Another industry out to make a wide scale use of styrene acrylonitrile resins is the packaging industry, more specifically, the packaging industry for personal care products. Rigid packaging is gaining preference and momentum in the personal care products industry, owing to the addition of a better caliber of shape and aesthetic value to it.
Additionally, the personal care industry is one of the fastest-growing FMCG industries in the world today. Similar opportunities for SAN resins demand growth lie in the pharmaceutical packaging industry.
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Consumer Goods Industry Remains Top End User for SAN Resins
The segment of consumer goods is expanding at a CAGR of 3.5% from 2016 to 2024. It is set to be the fastest-growing end user segment for SAN resins throughout the above forecast period, owing to the very high priorities set by the retail industry on packaging aesthetics and product integrity.
This demand is a key contributor to the 4.0% CAGR expressed by the global styrene acrylonitrile resins market between 2016 and 2024, in terms of revenue. By 2024, the global SAN resins market is expected to reach US$2.8 bn and was pegged at US$2 bn in 2015. Asia Pacific is expected to increase its market share of volume in this market, which was rated at 54.1% in 2015, owing to the high demand for SAN resins in China.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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