The alpha-methylstyrene market is projected to grow from USD 473 million in 2019 to USD 543 million by 2024, at a CAGR of 2.8% from 2019 to 2024
NEW YORK, May 14, 2019 /PRNewswire/ -- The alpha-methylstyrene market is projected to grow at a CAGR of 2.8% from 2019 to 2024, in terms of value.
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The alpha-methylstyrene market is projected to grow from USD 473 million in 2019 to USD 543 million by 2024, at a CAGR of 2.8% from 2019 to 2024. Increased demand for Acrylonitrile Butadiene Styrene (ABS), which uses alpha-methylstyrene, from various end-use industries such as automotive and electronic appliances is one of the key factors driving the growth of the alpha-methylstyrene market across the globe. The generation of hazardous wastes during the production of alpha-methylstyrene acts as a major restraint for the growth of alpha-methylstyrene market during the forecast period.
The ABS segment is projected to be lead the alpha-methylstyrene market in terms of both, value and volume during the forecast period.
Based on application, the ABS segment led the alpha-methylstyrene market in 2018 in terms of both, value and volume.The growth of this segment can be attributed to the excellent properties such as heat stability and impact resistance offered by ABS that are further improved by using alpha-methylstyrene in its production.
These properties make ABS a preferred material in various end-use industries such as automotive and electronic appliances.
The assay above 99.5% segment is projected to lead the alpha-methylstyrene market in terms of both, value and volume from 2019 to 2024.
Based on purity, the assay above 99.5% segment accounted for the largest share of the alpha-methylstyrene market in 2018. Purity above 99.5% indicates that the chemical mixture contains over 99.5% of pure alpha-methylstyrene. Higher the purity level of alpha-methylstyrene, higher is the number of applications, wherein it can be used. Alpha-methylstyrene with purity above 99.5% is used as a heat stabilizer for ABS, as a solvent in the plastics industry, and as a pigment and paint adhesive agent in adhesives & coatings, waxes, and tackifiers. It is also used in the food and cosmetics industries. Alpha-methylstyrene is used as an antioxidant, a modified polyester, and an alkyd resin.
Asia Pacific is projected to lead the alpha-methylstyrene market during the forecast period, in terms of both, value and volume.
The Asia Pacific region is projected to lead the alpha-methylstyrene market from 2019 to 2024, in terms of both, value and volume.The rising disposable income of the middle class population and growing demand for automobile and consumer durables in the region contribute to the growth of the alpha-methylstyrene market in Asia Pacific.
The market in this region is also projected to grow at the highest CAGR from 2019 to 2024, in terms of value, owing to the increased demand for alpha-methylstyrene from countries such as China, Japan, India, and South Korea.
Profile break-up of primary participants for the report:
• By Company Type: Tier 1 – 40%, Tier 2 – 35%, and Tier 3 – 25%
• By Designation: C-level Executives – 25%, Directors – 25%, and Others – 50%
• By Region: Asia Pacific – 40%, Europe – 25%, North America – 25%, the Middle East & Africa- 5%, and South America – 5%
Furthermore, as a part of the qualitative analysis of the alpha-methylstyrene market, the research provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing the growth of the market across the globe. It also discusses competitive strategies adopted by the leading market players such as INEOS Group Holding S.A. (Switzerland), AdvanSix (US), Rosneft (Russia), Altivia Corp. (US), SI Group Inc. (US), DOMO Chemicals (Belgium), Kumho P&B Chemicals (South Korea), Taiwan Prosperity Chemical Corp. (Taiwan), Yangzhou Lida Chemicals (China), Mitsubishi Chemical Corporation (Japan), Solvay SA (Belgium), and Mitsui Chemicals, Inc. (Japan).
Research Coverage:
The report defines, segments, and projects the size of the alpha-methylstyrene market based on application, purity, and region.It strategically profiles the key players and comprehensively analyzes their market share and core competencies.
It also tracks and analyzes competitive developments such as expansions, new product developments, acquisitions, and joint ventures undertaken by them in the market.
Reasons to Buy the Report:
The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the alpha-methylstyrene market and its segments.This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses and make suitable go-to-market strategies.
It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
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