The surge in adoption of structural parts across various
end-use industries is significantly propelling the styrene maleic
anhydride (SMA) market size.
WILMINGTON, Del., July 26,
2024 /PRNewswire/ -- The global styrene maleic
anhydride market stood at US$
3.5 billion in 2023, and the global market is projected
to reach US$ 5 billion in
2034. The international styrene maleic anhydride market is
anticipated to expand at a CAGR of 3.5% between 2024 and
2034.
The global styrene maleic anhydride (SMA) market is witnessing
robust growth, driven by its extensive applications across various
industries and the rising demand for advanced materials. SMA, a
versatile copolymer, is prized for its excellent adhesion
properties, thermal stability, and chemical resistance, making it a
preferred choice in numerous applications.
One of the primary drivers of the SMA market is its increasing
adoption in the automotive and construction industries. In
automotive applications, SMA is used in the production of
structural parts, coatings, and adhesives due to its durability and
performance under stress.
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The construction sector similarly benefits from SMA's
properties, employing it in sealants, coatings, and composite
materials that enhance the longevity and strength of buildings and
infrastructure.
Another significant factor propelling the SMA market is the
burgeoning battery manufacturing sector. SMA is used in the
production of advanced battery components, which are critical for
the performance and lifespan of modern batteries. The rise in
electric vehicle (EV) adoption and the expansion of renewable
energy storage solutions are fueling investment in battery
technology, consequently driving the demand for SMA.
Moreover, the packaging industry contributes to the market's
growth. SMA is utilized in various packaging materials due to its
excellent barrier properties and compatibility with different
substrates. As the demand for sustainable and high-performance
packaging solutions increases, so does the use of SMA.
Geographically, the Asia-Pacific region dominates the global SMA
market. Countries such as China,
India, and Japan are experiencing rapid industrialization
and urbanization, leading to increased demand for SMA in
construction, automotive, and electronics applications.
Additionally, these countries are major hubs for battery
manufacturing, further boosting the market.
Key Takeaways of Market Report
- Global styrene maleic anhydride market to generate absolute
dollar opportunity worth US$ 5
billion until 2034.
- Global styrene maleic anhydride market is valued at
US$ 3.5 billion in 2023.
- Asia Pacific is forecasted to
hold the largest share in 2023.
Styrene Maleic Anhydride Market: Growth Drivers
- SMA copolymers, known for their enhanced material performance,
high mechanical strength, and excellent thermal stability, are
increasingly used as additives in manufacturing structural parts
across various industries. This has propelled their adoption in the
automotive and construction sectors, driving the styrene maleic
anhydride (SMA) market development.
- SMA copolymers serve as effective compatibilizers and
electrolyte modifiers in lithium-ion battery manufacturing. With
lithium-ion batteries powering a wide range of electronic devices,
major battery manufacturers are investing heavily in battery cell
production to meet the demands of electronics, electric vehicles,
defense, and aerospace industries. This investment surge is
expected to augment the demand for SMA polymers, further fueling
the dynamics of the SMA market.
Styrene Maleic Anhydride Market Report
Scope:
Report
Coverage
|
Details
|
Forecast
Period
|
2024-2034
|
Base
Year
|
2020-2022
|
Size in 2023
|
US$ 3.5 Bn
|
Forecast (Value) in
2034
|
US$ 5.0 Bn
|
Growth Rate
(CAGR)
|
3.5 %
|
No. of
Pages
|
308
Pages
|
Segments
covered
|
By Type, By
Application, By End-use Industry, By Region
|
Styrene Maleic Anhydride Market: Regional Landscape
- Asia Pacific emerged as the
leading region in 2023, fueled by a significant expansion in the
construction sector. The region's progress is further bolstered by
initiatives such as India's
National Infrastructure Pipeline (NIP), launched in 2020 to
accelerate infrastructure development and investments.
- The rising demand for electronic products and electric vehicles
is expected to positively impact the SMA market share in
Asia Pacific during the forecast
period. As countries in the region continue to invest in
infrastructure and sustainable technologies, the demand for SMA, a
key component in various applications including construction
materials and electronic devices, is projected to experience
substantial growth, consolidating Asia
Pacific's position as a dominant player in the global SMA
market.
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Styrene Maleic Anhydride Market: Key Players
- In 2023, INEOS introduced a novel range of SMA copolymers with
enhanced thermal stability and mechanical properties. This
advancement addressed the growing demand for high-performance SMA
materials in industries such as automotive, construction, and
electronics, further consolidating INEOS's position as a leading
provider of specialty chemicals.
- In 2023, Aurorium contributed to the SMA market with the
development of an innovative SMA-based compatibilizer specifically
designed for lithium-ion battery manufacturing.
- This new compatibilizer improved the performance and durability
of battery materials, meeting the increasing demand for reliable
energy storage solutions in applications ranging from portable
electronics to electric vehicles. Aurorium's breakthrough
technology positioned them as a key player in the evolving
landscape of sustainable battery technologies.
Styrene Maleic Anhydride Market: Segmentation
By Type
By Application
- Polymer Modification
- Resin Modification
- Chemical Intermediates
- Surface Sizing Agents
- Compatibilizers
- Others
By End-use Industry
- Automotive
- Chemicals
- Building & Construction
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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