Syndiotactic Polystyrene Market Size, Share, Growth, And Industry Analysis By Type (PA66/SPS Grade, Glass Fiber Reinforced Grade) By Application (Automotive Electronic Parts, Electronic Components, Home Appliance, Food and Medical Container, Others) and Regional Forecast to 2028

Updated On: 15 May 2023

Report Overview

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The global syndiotactic polystyrene market size was USD 94 million in 2022. As per our research, the market is expected to reach USD 127.6 million by 2028, exhibiting a CAGR of 5.2% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre- pandemic levels once the pandemic is over. 

Syndiotactic Polystyrene (SPS) is a highly crystalline polymer that belongs to the family of thermoplastics. It is made up of styrene monomer units that are arranged in a syndiotactic configuration, meaning that the side groups are arranged in an alternating pattern on the polymer chain. SPS is known for its excellent heat resistance, chemical resistance, and dimensional stability, making it a popular material for use in various applications such as automotive, electronics, and medical industries. It has a unique combination of mechanical and thermal properties, including high rigidity, high melting point, and low density, which makes it an attractive material for a wide range of industrial applications.

The properties of SPS make it suitable for use in a wide range of applications such as automotive, electronics, healthcare, and consumer goods. The growth of the SPS market is driven by the increasing demand from various end-use industries such as automotive, electronics, and healthcare. Additionally, the increasing adoption of SPS in the production of lightweight and high-performance materials is also contributing to the growth of the market.

COVID-19 Impact: Lockdown Created a Shortage of Raw Materials Impeding the Market Growth

The Covid-19 pandemic has had a significant impact on the global syndiotactic polystyrene market. The pandemic has disrupted the global supply chain, leading to a shortage of raw materials and affecting the production and distribution of SPS. The lockdowns and restrictions imposed by various governments have also affected the demand for SPS in various end-use industries. However, the increasing demand for medical supplies and personal protective equipment (PPE) has led to an increase in the demand for SPS in the healthcare industry.

Latest Trends

"Increasing Adoption of SPS to Boost the Market Development."

The global syndiotactic polystyrene market is witnessing several trends that are expected to shape the market in the coming years. One of the key trends is the increasing adoption of SPS in the automotive industry. The lightweight and high-performance properties of SPS make it an ideal material for use in the production of automotive parts and components such as bumpers, dashboards, and interior trims.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into PA66/SPS Grade, Glass Fiber Reinforced Grade. PA66/SPS Grade being the leading segment of the market by type analysis.

• By Application Analysis

Based on application, the market can be divided into Automotive Electronic Parts, Electronic Components, Home Appliance, Food and Medical Container, Others. Automotive Electronic Parts being the leading segment of the market by application analysis.

Driving Factors

"Increasing Demand from The Automotive Industry to Drive the Market Growth"

The increasing demand for lightweight and high-performance materials in the automotive industry is driving the growth of the syndiotactic polystyrene market. The automotive industry is one of the largest consumers of SPS due to its unique properties, including high stiffness, heat resistance, and chemical stability. SPS is widely used in the production of various automotive parts and components, including engine parts, interior trims, exterior trims, and lighting. In addition, the increasing adoption of electric vehicles is expected to boost the demand for SPS in the automotive industry. Electric vehicles require lightweight materials to improve their performance and increase their driving range. SPS is an ideal material for this purpose due to its lightweight nature and high strength-to-weight ratio. As the demand for electric vehicles continues to grow, the demand for SPS in the automotive industry is expected to increase significantly.

"Growing Demand from The Electronics Industry to Drive the Market Development"

The electronics industry is another major end-user of syndiotactic polystyrene. SPS is widely used in the production of electronic components due to its excellent mechanical, thermal, and electrical properties. SPS is used to produce connectors, sockets, and housing, which are critical components in various electronic devices, including smartphones, computers, and televisions. The increasing adoption of renewable energy sources and electric vehicles is expected to drive the demand for SPS in the electronics industry. SPS is used in the production of various components in renewable energy systems, such as solar panels and wind turbines. As the adoption of renewable energy sources continues to grow, the demand for SPS in the electronics industry is expected to increase.

Restraining Factors

"The Increasing Competition from Alternative Materials to Hamper the Market Growth"

One of the main challenges facing the syndiotactic polystyrene market is the increasing competition from alternative materials such as polyamide, polypropylene, and polyethylene. These materials offer advantages such as lower cost and easier availability, which are driving their adoption in various end-use industries. Polyamide, polypropylene, and polyethylene are widely used in the production of various components in the automotive and electronics industries. These materials offer properties that are similar to SPS, including high strength, stiffness, and chemical resistance. Moreover, these materials are less expensive and easier to manufacture compared to SPS, which is driving their adoption in various end-use industries.

Regional Insights

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"The Presence of a Large Automotive and Electronics Industry to Bolster the Market Development in North America"

North America is a significant market for syndiotactic polystyrene due to the presence of a large automotive and electronics industry. The region is home to some of the leading automotive manufacturers such as General Motors, Ford, and Tesla, which are major consumers of SPS. The increasing demand for lightweight and high-performance materials in the automotive industry is driving the growth of the SPS market in the region. In addition, the electronics industry in North America is also a significant consumer of SPS. The region is home to some of the leading electronics manufacturers such as Apple, Dell, and Microsoft, which are major consumers of SPS. The increasing adoption of renewable energy sources and electric vehicles is also driving the demand for SPS in the electronics industry.

Asia Asia Pacific is expected to be the fastest-growing market for syndiotactic polystyrene, driven by the increasing demand from the automotive and electronics industries in countries such as China, Japan, and South Korea. China is one of the largest consumers of SPS in the world, due to the presence of a large automotive and electronics industry. The Chinese government's initiatives to promote electric vehicles and renewable energy sources are also driving the demand for SPS in the region. In addition, Japan and South Korea are also major consumers of SPS, due to the presence of a large electronics industry. The increasing demand for lightweight and high-performance materials in the automotive and electronics industries is expected to drive the growth of the SPS market in the region

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Idemitsu Kosan (Japan)
• LG Chem (South Korea)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.