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The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Alpha Methyl Styrene (CAS No:98-83-9) is an organic compound with a molecular formula C6H5C(CH3)CH2. It is also referred to as Isopropenyl benzene. This clear colourless organic compound is characterized by a sharp odour. The chemical is obtained by partial oxidation of cumene, it is a by-product of cumene-phenol process wherein phenol and acetone are synthesized from benzene. The global capacity for production of alpha methyl styrene is closely ties to the overall global phenol manufacturing capacity. Alpha methyl styrene finds a variety of applications across a diverse set of industries including plastics, adhesives, and chemicals among others. In plastics industry, alpha methyl styrene is used in manufacture of resins such as ABS – Acrylonitrile Butadiene Styrene. Alpha methyl styrene, when used in manufacture of ABS resin, imparts a relatively higher heat stability so also relatively higher impact strength to the resin as compared to that obtained by use of styrene. Moreover, alpha methyl styrene also finds application as a plastic additive. Besides, alpha methyl styrene also finds application in lubricating oils, perfumes, plasticizers manufacture among the others
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Alpha Methyl Styrene Market: Drivers & Restraints
Global Alpha Methyl Styrene market is expected to witness a steady single digit growth during the forecast period. Growth in consumption of Alpha Methyl Styrene is expected to be driven, especially, by increasing demand from developing economies such as China, India. Alpha methyl styrene is predominantly used in manufacture of ABS resin, as such increasing demand for the same from end use industries is expected to in turn drive the growth of global alpha methyl styrene market during the forecast period. Also, the growing demand from chemicals industry, where alpha methyl styrene is used as an intermediate, is expected to drive the growth of global Alpha Methyl Styrene market during the forecast period. However, relatively weaker economic growth in major markets across the globe during forecast period is likely to impede the growth of global Alpha Methyl Styrene market in the same period.
Alpha Methyl Styrene Market: Segmentation
On the basis of applications of alpha methyl styrene, global Alpha Methyl Styrene market can be segmented into following key market segments:
Among the above indicated application based segments, ABS manufacture segment is expected to account for a prominent share in overall alpha methyl styrene market volume during the forecast period.
Alpha Methyl Styrene Market: Region-wise Outlook
On the basis of geographic regions, the global Alpha Methyl Styrene market is segmented into seven key market segments namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan, and Middle East & Africa. Among these, Asia Pacific region accounted for a major share in overall global Alpha Methyl Styrene consumption in 2014. APAC region is expected to witness a steady growth in its consumption during the forecast period.
Alpha Methyl Styrene Market: Key Players
Some of the key major players operating in the global Alpha Methyl Styrene market are as follows:
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