What is the future of Alpha-Methylstyrene Market? Know Covid Impact on Size, Share & Forecasts
It was estimated prior to this unanticipated outbreak that the Alpha-Methylstyrene Market was expected to grow at a CAGR of 3.1% during the forecast period.
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Alpha-Methylstyrene Market.
It was estimated prior to this unanticipated outbreak that the Alpha-Methylstyrene Market was expected to grow at a CAGR of 3.1% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Alpha-Methylstyrene is a chemical intermediate used in manufacturing of polymers & resins and plasticizers. It is a colorless liquid which is formed as a co-product in the phenol production process of cumene oxidation.
Alpha-Methylstyrene is used to improve the properties of polymers, rubber and protective coatings. Major applications served by Alpha-Methylstyrene include ABS resin, Para-Cumylphenol, adhesives & coatings, waxes, and others. Alpha-Methylstyrene is available in different purity grades of which the above 99.5% grade is the most widely used one.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the application type, the market is segmented as ABS resin, Para-Cumyphenol, adhesives & coatings, waxes, and others. The ABS resin application segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The wide use of ABS resin in automotive components and electronic appliances is driving the growth of this segment.
Based on the purity type, the alpha-methylstyrene market is segmented as above 99.5% and between 95% and 99.5%. The above 99.5% segment holds the larger share of the market and is also expected to witness a higher growth during the forecast period. Alpha-Methylstyrene with purity above 99.5% is majorly used in applications, such as ABS resin, plastic industry, adhesives & coatings, and others.
In terms of regions, Asia-Pacific is estimated to be large as well as fast growing market for alpha-methylstyrene during the forecast period, with China, Japan, India, and South Korea being the major countries with lucrative growth opportunities. The growth of the market is majorly driven by significant economic development in the regions, growing disposable income of customers, and huge consumer base. All these factors are contributing towards the increasing demand for automotive and electronic appliances, which in-turn, is driving the demand for alpha-methylstyrene in the region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Some of the major suppliers of alpha-methylstyrene are-
Mitsubishi Chemical Corporation
INEOS Group Holding S.A.
Kumho P&B Chemicals
SI Group Inc.
Taiwan Prosperity Chemical Corp.
Yangzhou Lida Chemicals
Mitsui Chemicals, Inc.