Styrene-Acrylonitrile (SAN) Market to Experience Steady Growth at a CAGR of 4.3%, Fueled by Increasing Demand from Automotive and Electronics Sectors
NEW YORK, March 21, 2023 (GLOBE NEWSWIRE) — IndexBox, a leading market research firm, has released a new report on the global styrene-acrylonitrile (SAN) market, available for trial access on their platform at https://www.indexbox.io/. The report provides a comprehensive analysis of the market, including size, trends, and insights for the period of 2023-2030.
According to the report, the global styrene-acrylonitrile (SAN) market is expected to grow at a CAGR of 4.3% during the forecast period. The key factors driving this growth include the increasing demand for lightweight materials in various industries, particularly in the automotive and packaging sectors.
However, the market is not without its challenges. The volatility in the prices of raw materials and the increasing environmental regulations are hindering the growth of the market. Moreover, the high cost associated with the production of SAN copolymers is also a significant factor restraining the market growth.
The report also provides an overview of the major consuming industries of SAN, such as automotive, packaging, construction, and electronics. These industries have a significant impact on the growth of the SAN market, with the automotive industry being the largest consumer of SAN copolymers.
Market Segmentation:
Automotive
The automotive segment holds a significant share in the SAN market. The demand for SAN in this sector is primarily driven by its lightweight properties, which contribute to enhanced fuel efficiency and reduced CO2 emissions. SAN is used in various automotive components, such as lighting systems, instrument panels, and exterior parts. The growing demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs) is expected to further boost the consumption of SAN in the automotive industry.
Consumer Goods
The consumer goods segment is another major contributor to the global SAN market. The material’s superior clarity, chemical resistance, and high-impact strength make it suitable for use in a wide range of household products, such as kitchen appliances, storage containers, and personal care items. The increasing demand for consumer goods in emerging economies and growing consumer awareness of sustainable materials are likely to propel the growth of the SAN market in this segment.
Electrical and Electronics
SAN is used in the production of various electrical and electronic components, such as computer casings, electrical switches, and TV components, due to its high dimensional stability and resistance to heat and chemicals. The rapidly growing electronics market, coupled with the increasing demand for consumer electronics and smart devices, is anticipated to fuel the growth of the SAN market in this segment.
Packaging
The packaging industry is another key end-user of SAN. The material’s excellent transparency and impact resistance make it ideal for use in cosmetic packaging, food containers, and pharmaceutical packaging. The expanding e-commerce industry, coupled with the rising demand for sustainable and lightweight packaging solutions, is expected to drive the growth of the SAN market in this segment.
Regional Analysis:
North America
North America is one of the largest markets for SAN, driven by the region’s strong automotive and consumer goods industries. The ongoing shift towards sustainable materials and the growing demand for electric vehicles in the United States and Canada are expected to further propel the SAN market in the region.
Europe
Europe is another significant market for SAN, with key demand drivers including the automotive, consumer goods, and electrical and electronics sectors. The European Union’s stringent regulations on vehicle emissions and the increasing adoption of electric vehicles are likely to boost the demand for SAN in the region.
Asia-Pacific
The Asia-Pacific region is expected to experience the fastest growth in the SAN market, driven by rapid industrialization and urbanization in countries such as China, India, and Southeast Asian nations. The expanding consumer goods, electronics, and automotive industries in these countries are anticipated to fuel the demand for SAN during the forecast period.
Middle East and Africa (MEA) & Latin America
The SAN markets in the Middle East, Africa, and Latin America are anticipated to witness steady growth during the forecast period, driven by the growing demand for consumer goods and the expansion of the automotive and electronics industries in these regions.
Key statistics provided in the report include the market size in terms of volume and value, market share, and growth rate. The report also includes profiles of the largest manufacturers in the industry, such as INEOS Styrolution, LG Chem, and Trinseo.
For more information on the report, visit https://www.indexbox.io/store/world-styrene-acrylonitrile-san-copolymers-in-primary-forms-market-analysis-forecast-size-trends-and-insights/
Keywords: SAN, styrene-acrylonitrile, market analysis, forecast, trends.
CONTACT: Contact Information: Mekhrona Dzhuraeva, Editor [email protected]
