The Alpha-Methylstyrene Market in Asia Pacific is projected to grow at the highest CAGR in terms of both, value and volume during the forecast period.
The
alpha-methylstyrene market in Asia Pacific is projected to grow at the highest
CAGR in terms of both, value and volume from 2019 to 2024. China, India, Japan,
and South Korea are key countries contributing to the increased demand for
alpha-methylstyrene in this region.
Innovations in
production techniques of electronic appliances, rise in population, and
increase in the income of the middle class population of the region, have
resulted in increased demand for consumer durables and automobiles in Asia
Pacific, thereby contributing to the growth of the alpha-methylstyrene market
in this region.
The assay above 99.5% segment is projected to
lead the alpha-methylstyrene market in terms of both, value and volume from
2019 to 2024.
Based on purity, the assay above 99.5% segment of
the alpha-methylstyrene market is projected to grow at a higher CAGR than the
between 95% to 99.5% segment during the forecast period in terms of both, value
and volume. Purity above 99.5% indicates that the chemical mixture contains
over 99.5% of pure alpha-methylstyrene. Higher the purity level of
alpha-methylstyrene, higher is the number of applications, wherein it can be
used. Alpha-methylstyrene with purity above 99.5% is used as a heat stabilizer
for ABS, as a solvent in the plastics industry, and as a pigment and paint
adhesive agent in adhesives & coatings, waxes, and tackifiers. It is also
used in the food and cosmetics industries. Alpha-methylstyrene is used as an
antioxidant, a modified polyester, and an alkyd resin. The global industrial
standard for the purity of alpha-methylstyrene is 98.5%. Most of the
manufacturers of alpha-methylstyrene across the globe produce
alpha-methylstyrene having a purity level of 98.5% and above.
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The ABS segment is projected to lead the
alpha-methylstyrene market in terms of both, value and volume during the
forecast period.
Based on application, the ABS segment of the alpha-methylstyrene market is projected to grow at the highest CAGR from 2019 to 2024, in terms of both, value and volume. Alpha-methylstyrene is primarily used in the production of ABS as it improves the heat stability and impact resistance of ABS resins. Increased demand for ABS resins from various end-use industries such as automotive and electronic appliances is driving the growth of the ABS segment of the alpha-methylstyrene market, worldwide.
INEOS Group Holding S.A. (Switzerland), AdvanSix (US), Rosneft
(Russia), Altivia Corp. (US), SI Group Inc. (US), DOMO Chemicals (Belgium),
Kumho P&B Chemicals (South Korea), Taiwan Prosperity Chemical Corp.
(Taiwan), Yangzhou Lida Chemicals (China), Mitsubishi Chemical Corporation
(Japan), Solvay SA (Belgium), and Mitsui Chemicals, Inc. (Japan) are some of
the leading players operating in the alpha-methylstyrene market.
In January 2019, Mitsui Chemicals,
Inc. (Japan) announced its intention to begin the production of
alpha-methylstyrene by 2020 at its Singapore-based subsidiary, Mitsui Phenols
Singapore Pte. Ltd. This expansion aims at catering to the increased demand for
alpha-methylstyrene across the globe due to rise in the consumption of ABS
resins and petroleum resins in various end-use industries. The expansion is
expected to enhance the 3-base network of the company comprising Japan,
Singapore, and China. This expansion also aims at strengthening the position of
the company in the Asia Pacific alpha-methylstyrene market.
In October 2015, INEOS Americas LLC
(Switzerland), a subsidiary of INEOS Group Holdings S.A., acquired the
aromatics business of Axiall Corporation, a leading North America-based
manufacturer of chlorovinyl and aromatics. An amount of USD 52.4 million was
paid at the closing of the deal, and an additional USD 10.5 million was paid
after fulfilling certain conditions. This development involved the acquisition
of Texas-based cumene plant of Axiall Corporation producing 900,000 tons of
cumene. In addition, it also involved the transferring of the phenol, acetone,
and alpha-methylstyrene business to the INEOS Phenol facility at
Mobile, Alabama (US).
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