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The Alpha-Methylstyrene Market size is forecast to reach US$590.3 million by 2027 after growing at a CAGR of 2.6% during 2022-2027. Alpha-methylstyrene is a colorless liquid with an unpleasant odor obtained by the oxidation of cumene. This liquid is used primarily in the processing and production of acrylonitrile butadiene styrene plastics in the automobile and electronic industry. Alpha-methylstyrene adds impact and heat resistance to ABS plastics in several automotive parts such as interior trims, battery housings, and hubcaps. The automotive industry is exhibiting robust growth globally with increasing production and sales of vehicles and this is anticipated to drive the growth of the market during the forecast period. For instance, according to the October 2021 stats by the European Automobile Manufacturers Association, the battery electric vehicle segment accounted for 9.8% market share in the third quarter of 2021 compared to 4.9% in the same quarter of 2020. The electronics sector has been one of the important markets for alpha-methylstyrene where this substance is used in the housing of numerous electronic products such as coffee machines, irons, water heaters, computers, and multiple other household equipment. The electronic sector is on the rise with increasing demand for electronic products among consumers and this is projected to augment the market’s growth during the forecast period. For instance, as per the July 2021 report by China.org.cn, exports of consumer electronics witnessed a growth trajectory for 12 months in a row. Plasticizers and chemical intermediates application will drive the growth of the market significantly during the forecast period. The strict regulations regarding alpha-methylstyrene might affect the growth of the market during the forecast period.
Alpha-Methylstyrene Market Segment Analysis – By Application
Acrylonitrile butadiene styrene dominated the alpha-methylstyrene market in 2021. The colourless liquid alpha-methylstyrene finds its massive use in the processing and production of ABS plastic to impart impact and heat resistance. These acrylonitrile butadiene styrene plastics are later used in the production of several components in the automotive and electronic industry. Accordingly, market players and research organizations are indulging in the higher uses of alpha-methylstyrene in the processing of acrylonitrile butadiene styrene. For instance, as per the April 2020 journal by Multidisciplinary Digital Publishing Institute, the successful synthesis of acrylonitrile butadiene styrene resin was done with the help of alpha-methylstyrene. Such growing use of alpha-methylstyrene in the processing and production of acrylonitrile butadiene styrene is expected to increase the demand for alpha-methylstyrene, thereby contributing to the growth of the market during the forecast period.
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Alpha-Methylstyrene Market Segment Analysis – By End Use
The automotive industry dominated the alpha-methylstyrene market in 2021 and is growing at a CAGR of 3.3% during the forecast period. A large quantity of alpha-methylstyrene is used in the production of acrylonitrile butadiene styrene plastic in the automotive industry which is later utilized in several vehicle components and parts such as interior trims, exterior frames, and battery housings. The automotive industry globally is displaying tremendous growth with the rising vehicle production and sales and this is expected to further expand the market’s growth during the forecast period. For instance, according to the 2021 data by European Automobile Manufacturers Association, passenger car registrations in May 2021 grew by 53.4% in the European Union compared to the same period in the previous year. Similarly, according to the statistics by the China Association of Automobile Manufacturers, the annual sales volume of new energy vehicles in China is projected to reach 3 million units by 2025 which was at 1.2 million units in 2019. Such massive growth in the automotive sector globally is anticipated to stimulate the higher requirement of alpha-methylstyrene for the production of high heat resistant acrylonitrile butadiene styrene plastic for use in vehicle parts, driving the growth of the market during the forecast period.
Alpha-Methylstyrene Market Segment Analysis – By Geography
The Asia-Pacific region held the largest share in the alpha-methylstyrene market in 2021, up to 44%. The high demand for alpha-methylstyrene is attributed to the booming automotive industry in the region. Alpha-methylstyrene is used in the region’s automotive sector for the production of heat resistant acrylonitrile butadiene styrene plastics which are later used in manufacturing several automotive components such as interior trims, hubcaps, and exterior frames. The automotive industry in the region is exhibiting outstanding growth in the region and this is anticipated to bolster the demand for alpha-methylstyrene during the forecast period. For instance, as per the stats by the China Association of Automobile Manufacturers, production of Chinese commercial vehicles clocked 310000 units in September 2021, rising 35.5% month on month. Similarly, according to the stats by India Brand Equity Foundation, in 2021, small and midsized cars dominated the passenger cars sales and the passenger vehicle segment is anticipated to be on a progressive track in the coming years. This massive growth in the region’s automotive sector is anticipated to increase the demand for alpha-methylstyrene during the forecast period.
Alpha-Methylstyrene Market Drivers
Expanding electronic sector will drive the market’s growth
The colourless liquid alpha-methylstyrene find its high uses in the electronics sector globally. Alpha-methylstyrene is utilized in the production of high-temperature resistance acrylonitrile butadiene styrene plastics in the electronics sector which is later utilized in the casing of several electronic products ranging from coffee machines to water heaters, and computers. The electronic sector is exhibiting tremendous growth in the world, in turn, this is anticipated to drive the growth of the market during the forecast period. For instance, as per the Global Electric Market Outlook 2022 report by the German Electro and Digital Industry Association, South Korea’s electronic market stood at a volume of USD 218.01 billion in 2020, picking up by 4%. Similarly, according to the September 2020 stats by the American Customer Satisfaction Index, PC demand in the US increased in the second quarter of 2020. This massive expansion in the electronics sector globally is projected to stimulate the demand for alpha-methylstyrene and this will influence the growth of the market during the forecast period.
Booming automotive sector will drive the growth of the market
Alpha-methylstyrene is used extensively in the automotive sector for the production of impact and heat-resistant acrylonitrile butadiene styrene plastics. These ABS plastics later find their uses in the manufacturing of numerous automotive components such as interior trims, exterior frames, battery housings, and hubcaps. The automotive industry is booming globally with increasing vehicle production and sales and this is projected to drive the growth of the market during the forecast period. For instance, according to the stats by India Brand Equity Foundation, passenger cars dominated the auto market in India with a market share of 12.9% of over 20.1 million vehicles in the fiscal year 2020. Similarly, according to the July 2021 stats by the European Automobile Manufacturers Association, in June 2021, passenger cars registrations in the European Union grew, with Germany witnessing maximum demand in the passenger car segment with a 24.5% rise. Such a massive boost in the automotive sector globally is expected to increase the demand for alpha-methylstyrene, in turn influencing the growth of the market during the forecast period.
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Alpha-Methylstyrene Market Challenges
The strict regulations regarding alpha-methylstyrene might hamper the market’s growth
The alpha-methylstyrene is a colourless liquid whose use is strictly regulated by several governing bodies and this might affect the growth of the market during the forecast period. The production and use of alpha-methylstyrene are monitored closely as too much exposure to this substance can lead to several health issues such as skin and eye irritation, and drowsiness. Owing to such adverse effects, many governing bodies have implemented multiple rules and regulations for the proper uses of alpha-methylstyrene. For instance, as per the data by the Centers for Disease Control and Prevention (CDC), the Occupational Safety and Health Administration (OSHA) has set a permissible exposure limit of C 100 ppm (480 mg/m3). Such strict regulations regarding the use of alpha-methylstyrene might affect the market’s growth during the forecast period.
Global Alpha-Methylstyrene Industry Outlook
Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the alpha-methylstyrene market. Global Alpha-methylstyrene top 10 companies include:
Recent Developments
In March 2021, Honeywell announced that South-Korea based Lotte Chemical will use Honeywell UOP Q-Max, Evonik MSHP, and Phenol 3G technologies for the production of 565000 metric tonnes per annum of acetone and phenol. In this project, Honeywell will provide a phenol unit and a cumene unit with alpha-methylstyrene hydrogenation.
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Key Takeaways:
Relevant Reports
A. Phenolic Resins Market
https://www.industryarc.com/Report/17710/phenolic-resins-market.html
B. Cumene Market
https://www.industryarc.com/Report/15888/cumene-market.html
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