Alpha Methyl Styrene Market
The global Alpha Methyl Styrene Market was valued at USD 591 million in 2023 and is poised to reach USD 815 million by 2032 growing at a CAGR 4.2% from 2024-2032. The Asia-Pacific region dominates global Alpha Methyl Styrene production and consumption on the back of presence of strong end use industries in the region.
Alpha methyl styrene (AMS) is a colourless organic compound produced through the dehydration of cumene or the cumene process. It serves as a precursor in plasticizers, resins, paints, coatings, and adhesives. The global Alpha Methyl Styrene Market is expected to expand in the coming years, primarily due to rising demands in plastics and polymers across industries such as construction, automotive, and electronics.
Global Alpha Methyl Styrene Market demand is largely influenced by its use in Acrylonitrile Butadiene Styrene (ABS). ABS, due to its versatile properties such as high tensile strength and abrasion resistance, finds extensive application where durability matters, notably in automotive and building & construction industries. AMS functions as a co-monomer and reactive diluent in adhesive and coating processes. In the automotive sector, ABS replaces metal in various components like dashboard elements, seat backs, handles, doors, pillars, and panels.
Global Alpha Methyl Styrene Demand, By Region, 2023 (Kiloton)
Source: Secondary & Primary Research and Prismane Consulting estimates
Alpha Methyl Styrene Market, By Region
Regarding regional Alpha Methyl Styrene demand, the Asia-Pacific region emerges as the largest market, primarily fuelled by escalating ABS demands from nations like China, India, Japan, and South Korea. Global alpha methyl styrene demand is projected to reach 16 million tons by 2032, estimated at around 11 million tons in 2023 by Prismane Consulting.
Asia-Pacific holds the lion s share, notably driven by China, which accounted for three-quarters of the regional demand alone. An estimated 8,000 Kiloton of new ABS capacity are slated to come online by 2032. ABS finds application across automotive, electronics, and building & construction sectors due to its high impact strength, rigidity, strain resistance, and elevated melting point. China s significant expansion in the ABS market is supported by robust industries in automotive, electronics, and consumer goods, spurred by the region s growing population and rising per capita income, leading to substantial demands for electronic and electrical equipment.
Currently, plastics represent a small portion of materials used in the automotive industry. According to the American Plastics Council, reinforced plastics constitute around 360 pounds of the total weight of an average U.S. light vehicle. With global automotive manufacturers investing in highly efficient vehicles, the imperative for further weight reduction without compromising user safety becomes pivotal. A 10% reduction in vehicle weight enhances efficiency, resulting in a 5% to 7% decrease in fuel consumption.
Global Alpha Methyl Styrene Demand, By Application Until 2032 (Kiloton)
Source: Secondary & Primary Research and Prismane Consulting estimates
The untapped potential for replacing metals in automobiles, coupled with global efforts to tighten environmental regulations for vehicles to enhance fuel efficiency, control emissions, and curb fuel permeation, is anticipated to propel the ABS market. Growth in automobile production and initiatives by original equipment manufacturers (OEMs) to enhance fuel efficiency, reduce emissions, eliminate fluid leaks, and enhance vehicle efficiency by reducing weight will further bolster ABS demand in the long run.
Key Players in Alpha Methyl Styrene Market
Key players in the Alpha Methyl Styrene market encompass Ineos Phenol, Domo Caproleuna, Novapex (SEQENS division), Cepsa Quimica, PKN Orlen, AdvanSix, Mitsubishi Chemical Holdings Corporation, Kumho Petrochemical Co., Ltd., and Altivia Corporation, Taiwan Prosperity Chemical Corp., PJSC Ufaorgsintez. Notably, INEOS Phenol s acquisition of Mitsui Phenols Singapore Ltd. in August 2022, boasting an Alpha Methyl Styrene capacity of 20 Kiloton, underscores the industry trend of increased manufacturer investments to meet the burgeoning Alpha Methyl Styrene demand, expected to drive market growth in the forecast period.
Coatings incorporating AMS exhibit improved water retention compared to commercial styrene–butadiene latex coating colours, indicating potential advantages in this aspect. The increasing demand for plasticizers, waxes, coatings, and adhesives within the automotive industry is expected to propel the demand for Alpha Methyl Styrene.
AMS serves as a chemical intermediate in the production of plasticizers and polymers like ABS and para-cumyl phenol. It plays a vital role in manufacturing ABS resins, widely used in automotive components, electronic appliances, and protective coatings. ABS enhances heat resistance in specific polymers, ensuring optimal performance in various applications such as electronic enclosures and computer keyboards. In appliances, ABS finds utility in control panels and refrigerator liners. Increase in the demand form various end-use industries is projected to drive the global Alpha Methyl Styrene Market.
Recent Development in Alpha Methyl Styrene Market
In April 2023, Ineos Phenol successfully purchased Mitsui Phenols Singapore's entire asset portfolio from Mitsui Chemicals, with a total transaction value of around USD 330 million. The acquired business, boasting a revenue of around USD 750 million, annually manufactures a diverse range of products exceeding 1,000 Kiloton. This includes cumene (410 Kiloton), phenol (310 Kiloton), acetone (185 Kiloton), alpha methylstyrene (20 Kiloton), and bisphenol A (150 Kiloton).
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