Styrenic polymers are formed by the polymerization of styrene monomers and compounds such as butadiene and acrylonitrile. Styrenic polymers are used to describe the plastics family that use styrene as their main building block. Styrenic polymers are widely used across various end-user industries such as electrical & electronics, building &construction, packaging, automotive, and medical among many others. Companies use styrene-based resins to make a variety of everyday goods such as automobile parts, consumer electronics, sports and recreational equipment, boats, hospital and school supplies, bathroom and kitchen appliances, furniture, utensils, and durable lightweight packaging of all kinds. These polymers are rapidly replacing the metal parts across various end-user industries.
The growing demand for styrenic polymers (instead of PVC) from the healthcare industry is predominantly driving the market growth. There are restrictions on the use of PVC materials due to various potential health hazards associated with PVC. This is creating demand for plastics such as styrenic polymers as they exhibit excellent mechanical performance. These polymers are employed in various applications in the medical industry. Styrenic polymers are used to manufacture bags, connector tubes, liquid containers, portable medical devices, and surgical instruments. The increasing use of styrenic polymers to develop miniaturized and high-performance medical devices is expected to generate significant growth opportunities for the styrenic polymers market.
The healthcare industry has expanded in recent times, due to the rise in the geriatric population and advancements in medical technology. The geriatric population has grown significantly worldwide. According to the World Health Organization, the world's population aged 60 years and older is expected to total 2 billion by 2050, up from 900 million in 2015. Moreover, growing investment in research and development by key players is expected to create enormous opportunities for the styrenic polymers market. Furthermore, the novel coronavirus (COVID-19) has increased the demand for pharmaceutical products and has therefore increased the demand for the styrenic polymers market.
In terms of geography, the styrenic polymers market is divided into six regions, such as North America, Asia Pacific, Europe, South America, the Middle East, and Africa. Key players active in the market are adopting various strategies such as product launch, expansion of production capacity, business expansion, etc. to strengthen their market presence. For instance, in June 2019, Versalis launched a new type of expandable polystyrene, under the trademark Extir FL 3000 to prevent plastic leakage. Moreover, in 2017, Ineos Styrolution announced the expansion of its production capacity for acrylonitrile styrene acrylate (ASA) and acrylonitrile butadiene styrene (ABS) plastics at its Moxi plant located in Gujarat, India.
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