Albany, NY -- (SBWIRE) -- 04/07/2017 -- The global styrene scrylonitrile (SAN) resins market is moderately consolidated with the domination of large-scale manufacturers. INEOS Styrolution Group GmbH, Asahi Kasei, and Trinseo S.A. were the top three manufacturers of SAN resins in 2015, with a collective share of 35.7% in terms of revenue, of which INEOS Styrolution Group GmbH accounted for the leading share of 16.4% in the SAN resins market.

Transparency Market Research (TMR), in a new report, states that till 2024, the overall competition for a greater market share is expected to remain high. Packaging is projected to remain one of the most lucrative industries for styrene acrylonitrile resins. Electrical and electronics, automotive, and construction industries are also expected to boost the demand for SAN resins.

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Due to collaborations between companies, automotive industry is offering abled technologies to its consumers with the help of SAN resins. In February 2016, two multinational automotive equipment suppliers partnered with INEOS Styrolution and identified Novodur HH-112 (acrylonitrile-butadiene-styrene polymer) and Luran (styrene acrylonitrile copolymer) as the materials of choice for the Renault Traffic rear light.

According to the TMR report, the global styrene acrylonitrile (SAN) resins market is anticipated to be valued around US$2.8 bn by the end of 2024 from its initial value of US$2.08 bn in 2016, and is projected to grow at a CAGR of 4.0% within the forecast period of 2016 to 2024. By volume, this global market is progressing at a CAGR of 3.0% within the same forecast frame.

Consumer Goods Industry Proves Profitable for SAN Resins

Consumer goods is a fast-growing end-use segment for SAN resins. Consumer goods, especially the consumer electronics industry, has largely contributed to the growth of the market. There is a significant demand for SAN resins in the manufacturing of handheld devices, personal computers, and televisions. The demand for consumer goods is constantly high and this has opened new avenues for manufacturers to invest in SAN resins. Improving economic conditions and disposable incomes in emerging economies, the growing use of advanced technologies and materials, and the reduction in product prices through healthy competition are assisting the growth of the market.

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China is a key market for styrene acrylonitrile resins, accounting for a large share in terms of volume. The high demand for SAN resins in China will enable the Asia Pacific region to dominate the market through 2024. The nation holds major opportunities for SAN resins producers due to its low cost of operations in the plastics industry, coupled with heavy investments. Most players regard China as the most attractive market in the world for styrene acrylonitrile resins.

Low-Cost and Readily Available Thermoplastics to Hinder Growth

SAN resins enjoy widespread demand due to their several desirable properties such as good chemical resistance, high heat resistance, high flow, good clarity, easy process ability, and dimensional stability. The consumer goods industry is booming, thereby increasing the demand for SAN resins. Low operating costs in China have resulted in high investments in the plastic industry. Asia Pacific, specifically China, is the chief contributor to the significant growth of the market for plastics and resins.

However, there are various factors that limit the use of SAN resins. They are costly as compared to many commodity thermoplastics such as polypropylene and ABS. Furthermore, commodity thermoplastics are easily available owing to the growing presence of manufacturers. Acrylonitrile butadiene styrene (ABS), which is also a styrenic polymer, is more popular than SAN resin and can be obtained in a variety of grades suitable for different applications.

Styrene Acrylonitrile Resins Market, by End User

-Consumer goods
-Electrical & electronic appliances
-Packaging
-Automotive
-Building & construction
-Others (Including medical, graft polyols, etc.)

This review is based on the findings of a TMR report titled 'Styrene Acrylonitrile (SAN) Resins Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.'