AES Resin Market Size, Share, Growth, and Industry Growth, By Type (General Grade, Extrusion Grade, Heat Resistant Grade, High Flow Grade, and Others), By Application (Automobile Parts, Plastic Products, Household Appliances, and Others), Regional Forecast To 2031

Updated On: 08 July 2024

AES Resin Market REPORT OVERVIEW

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global aes resin market size was USD 1632.88 million in 2021 and market is projected to touch USD 2977.5 Million By 2031, exhibiting a CAGR of 6.19% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with AES resin experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

AES stands for acrylic ethylene styrene and is composed of ethylene, acrylonitrile, and styrene. It is an amorphous, opaque terpolymer. This compound is similar to ABS (acrylonitrile butane styrene). Still, the UV resistance of AES is better for outdoor applications such as automotive interior and exterior, electrical components, and outdoor and indoor household goods. The growing demand for AES resins from the construction and automotive industries is anticipated to propel the resin market's expansion. Demand for individual vehicles increased as consumer buying power increased, propelling the automotive sector and fostering market expansion. 

Additionally, the market will rise due to the rising demand for packaging solutions from the pharmaceutical, food & beverage, consumer products, and e-commerce industries. Increased packaged food consumption due to changing consumer lifestyles and demanding work schedules. This feature offers the market a chance for growth. The influence of crude oil price fluctuations on resin pricing will constrain market expansion.

COVID-19 Impact: Restrictions on Trading Affected the Supply Chain during the Pandemic

Due to the COVID-19 pandemic's lockdown, there was a substantial impact on the supply chain for producers because there was a limited supply of goods and resources. Trade restrictions, particularly in nations like China and India, led to a shortage of raw materials for businesses. The finished items were produced less frequently due to factors restricting the enterprises' manufacturing ability. Furthermore, the production costs were frequently affected by changes in crude oil prices, which presented a further challenge for petrochemical firms. Additionally, the number of resin producers reduced or shut down their manufacturing facilities due to supply chain disruptions, a lack of raw materials and personnel, and rigorous governmental controls.

LATEST TRENDS

"Expanding Chemical Consumption from the Packaging Industry to Augment Major Growth"

The plastics are majorly used in the manufacturing of rigid boxes, films, foil-sealed bags, corrugated boxes, and poly bags, which is estimated to propel AES resin market growth. The demand for food packaging from the food and beverages industry is rising. Moreover, the demand for chemicals is rising, backed by the increasing demand from consumer goods, e-commerce, and pharmaceutical industries. The growing globalization is expected to contribute to market expansion. Additionally, due to shifting consumer purchasing patterns and an increase in online shopping preferences, the e-commerce sectors explosive rise impacts the packaging sector. Industries such as electronics, electrical, and pharmaceuticals have created online stores to offer goods, driving the market forward. Additionally, flexible packaging is preferred by food and beverage producers, mostly as a result of consumer preference for convenience foods like frozen dinners and ready-to-eat meals. Due to these considerations, the market for sustainable packaging solutions is anticipated to increase and present new opportunities.

AES Resin Market Segmentation

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• By Type Analysis

By type, the market is segmented into general grade, extrusion grade, heat resistant grade, high flow grade, and others.

• By Application Analysis

Based on application, the market is classified into automobile parts, plastic products, household appliances, and others.

DRIVING FACTORS

"Rising Demand for the Product from Various Industries to Offer Lucrative Growth Opportunities"

The market is expanding due to rising demand for the product from the construction, household appliances, automotive, and medical sectors. Due to its lightweight, chemical resilience, and affordable qualities, polypropylene is mostly employed in automotive parts. The inclination for private vehicles has increased due to population growth and the development of societies, and this trend is advancing the market. Additionally, polypropylene is used in the medical sector for various medical devices because of its exceptional qualities, including its resistance to moisture, capacity for withstanding extremely high or low temperatures, and high flexural strength. 

"Steady Adoption of the Chemical to Aid Product Demand"

Over the forecast period, acrylic styrene acrylonitrile resin will be used in various industries, such as plastic products, household appliances, automobile parts, and others. The expanding use of acrylic styrene acrylonitrile resin in the building sector is another factor boosting market expansion. This is primarily because of rising infrastructure expenditure, particularly in the housing and commercial sectors, which is anticipated to fuel the expansion of the AES resin market. The use of AES resin will also be influenced by increased technical development and efforts to develop sustainable polymers. These elements will probably encourage market expansion.

RESTRAINING FACTORS

"Fluctuations in Crude Oil Prices Affect the Market's Growth"

Since the main feedstock for most plastics is crude oil and natural gas byproducts, variations in the price of crude oil have a considerable effect on resin pricing as a whole. Feedstock prices are influenced by oil prices, which are influenced by supply and demand, natural disasters, and changes in production costs. The chemicals needed to create plastics are also derived from fossil fuels like coal, oil, and natural gas, which adds to pollution. Strict environmental regulations put in place by national governments to reduce plastic pollution will therefore affect the market. These elements are predicted to curb the AES resin market growth.

AES Resin Market REGIONAL INSIGHTS

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"Asia Pacific to Lead the Global Market Due to the Higher Consumption of the Product"

Asia Pacific is expected to hold a leading part of the AES resin market share due to the presence of countries with major consumption of resins. Additionally, the area provides reasonable access to labor and raw materials, encouraging various manufacturers to set up manufacturing facilities there. China is a significant producer of televisions, cell phones, and laptops. The quick movement in customer preferences toward electronics for daily tasks also drives the industry in this area.

Europe is expected to show significant growth in the global market due to the rising consumption of AES resin from the automotive industry. The product is used in automobiles due to its properties, such as inhibition, corrosion, electrical insulation, and other physical properties. 

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in the Market"

To achieve consistent market growth, businesses are implementing various organic and inorganic strategies. To acquire a significant competitive advantage in the global market, corporations are implementing ways to improve their portfolios. The major players fund the product's development and research. The businesses also indulge in retaining a competitive edge in the marketplace. The leading players also strongly emphasize implementing various tactics to support market expansion. Businesses also use cutting-edge methods and procedures to develop new technology. To boost sales, players are concentrating on acquisitions and investments. Because there are so many large companies in the market, it is competitive.

List of Market Players Profiled

• Nagase America LLC (U.S.)
• Zanyu Technology Group Co., Ltd. (China)
• UMG ABS, LTD. (Japan)
• Kumho Petrochemical Co., Ltd (South Korea)
• JSR Corporation (Japan)
• Techno Polymer Co., Ltd. (India)
• NIPPON A&L INC. (India)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for stem cells to show potential investment areas. From 2021 through 2027, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.