Styrene Acrylonitrile Market Trends

• During the forecast period, Asia-Pacific is expected to dominate the styrene-acrylonitrile market due to an increase in demand from countries like China and India.
• The region is expected to witness significant growth due to the increasing demand from automotive, electronics, packaging, and other end-user industries.
• The Chinese automotive manufacturing industry is the largest in the world. According to the China Association of Automobile Manufacturing, in 2022, China's automobile exports grew 12.3 percent from September to 337,000 units in October, a 46 percent increase over the previous year.
• Furthermore, according to the latest data published by the Society of Indian Automobile Manufacturers, the country witnessed a significant increase in the production of passenger vehicles. For instance, the production of passenger vehicles reached 3,650,698 for the FY 2021-2022, representing an increase of 19% compared to the FY 2020-21.
• Moreover, in Asia-Pacific, the demand for packaged food is growing, owing to lifestyle changes, the growing disposable income of people, the increasing number of working professionals, and the growing preference for fast food. Consumers prefer ready-to-consume foods because they require considerably less time for cooking, are fresh, and have attractive and sturdy packaging, supporting the demand for the market studied.
• The Chinese packaging industry has grown at a rapid and consistent rate in recent years. According to Interpak, in China, in the foodstuff packaging category, total packaging is expected to reach 447 billion units in 2023, thereby indicating an increase in the demand for styrene acrylonitrile from the packaging industry.

The aforementioned factors, coupled with government support, are contributing to the increasing demand for the styrene-acrylonitrile market in Asia-Pacific during the forecast period.