The acrylonitrile styrene acrylate market will register a CAGR of over 2% by 2023
Jun 11, 2019, 19:36 ET
NEW YORK, June 11, 2019 /PRNewswire/ -- About this market
The increasing use of acrylonitrile styrene acrylate in the production of various automotive components, including interior parts, instrument panel, lighting components, hoods, and electrical parts, is expected to foster the growth of the market during the forecast period. Properties such as surface finish, high tensile strength, stability, and resistance to chemicals make acrylonitrile styrene acrylate suitable for the abovementioned applications. Acrylic styrene acrylonitrile is used in the production of automotive exterior components such as radiator grills and mirror housing. Thermoformed plastics such as acrylonitrile styrene acrylate, help reduce vehicle weight and improve the fuel efficiency of vehicles. Regulations on fuel efficiency compel automobile manufacturers to reduce the overall weight of the vehicles by using acrylic styrene acrylonitrile. Our analysts have predicted that the acrylonitrile styrene acrylate market will register a CAGR of over 2% by 2023.
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Market Overview
Superior properties of acrylonitrile styrene acrylate
Acrylonitrile styrene acrylate exhibits better performance and efficiency than other styrene copolymers and is thus used in various end-user industries such as automobile, construction, and home appliances. It is more cost-effective, chemically resistant, and durable than other styrene copolymers such as acrylonitrile butadiene styrene. High surface quality, better impact strength, and UV resistance make it suitable for various exterior applications such as window profiling and siding.
Increase in raw material prices
Acrylonitrile, styrene, and acrylate are some of the primary raw materials required to produce acrylonitrile styrene acrylate. An increase in acrylonitrile prices will raise the production cost of acrylonitrile styrene acrylate. The increased turnaround time and production bottlenecks of acrylonitrile plants have contributed to the tight supply. The increased prices of acrylonitrile push acrylonitrile styrene acrylate vendors to cut production rates, which will hinder the market growth.
For the detailed list of factors that will drive and challenge the growth of the acrylonitrile styrene acrylate market during 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented. The presence of several companies, including Chi Mei Corp. and INEOS AG, the competitive environment is quite intense. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies. LANXESS AG, LG Chem Ltd., and SABIC are some of the major companies covered in this report.
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