Styrene Acrylonitrile (SAN) Resins Market SWOT Analysis Of Top Key Player Forecasts To 2024

Global Styrene Acrylonitrile (SAN) Resins Market: Snapshot

The growth of the consumer electronics industry is the primary factor driving the demand for styrene acrylonitrile resins. SAN resins are widely used in consumer electronics, including PCs, TVs, most handheld devices, and personal care products. Consequently, the current growth in smartphone sales is providing SAN resins manufacturers a good chance for generating optimum revenues. Additionally, the future demand for styrene acrylonitrile resins could come from its growing use in packaging for personal care products.

The global styrene acrylonitrile (SAN) resins market is thus expected to be valued around US$2.8 bn by the end of 2024. This market was recorded at US$2 bn in 2015 and is projected to expand at a CAGR of 4.0% within a forecast period from 2016 to 2024, in terms of revenue. By volume, this global market is progressing at a CAGR of 3.0% within the same forecast frame..

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Asia Pacific Holds Better Part of Demand for SAN Resins

In 2015, the Asia Pacific region accounted for nearly 54% of the global styrene acrylonitrile resins volume. This market share is expected to rise even further by 2024, owing to the massive demand for SAN resins shown by China. China has been the largest consumer of SAN resins in the past ten years and is expected to remain the dominant consumer till 2024. The nations holds major opportunities for SAN resins producers due to its low cost of operations in the plastics industry, coupled with the heavy investments in it. Most players regard China as the most attractive market in the world for styrene acrylonitrile resins.

North America and Europe are showing similar trends in SAN resins demand. Both regions are ramping up their SAN resins consumption in the industries of consumer goods and packaging. Consumer goods will remain the fastest growing end user across all regions.

The U.S. is the largest country in North America, in terms of SAN resins consumption, and was the second-largest consumer of SAN resins in the world in 2015, after China. The U.S. is expected to maintain a high growth rate of SAN resins production over the coming years in terms of volume. On the other hand, Japan as a consumer of SAN resins has already matured and will show a sluggish rate till 2024.

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SAN Resins Manufacturers to Profit from High Consumer Goods Demand

Consumer goods was the top consumer of SAN resins in 2015. The fact that the rate of sales of consumer goods have improved across the world have opened new avenues for manufacturers to invest in SAN resins demand. The consumer electronics industry has an especially large hand to play in the development of SAN resins demand. This can be seen through the extremely high demand for styrene acrylonitrile resins in the manufacture of handheld devices, personal computers, and televisions. The consumer goods industry is expecting a positive future owing to 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. Some of the top manufacturers of SAN resins globally, are LG Chem, Techno Polymer Co., Ltd., SABIC, and INOES Styrolution Group GmbH.

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