India’s Styrene Acrylonitrile (SAN) Demand to Record Impressive Growth with a CAGR of 6.85% by 2030
by Chem Analyst Chemical Database PriceAccording to ChemAnalyst report,” India Styrene
Acrylonitrile (SAN) Market: Plant Capacity, Production, Operating Efficiency,
Demand & Supply, End Use, Type, Distribution Channel, Region, Competition,
Trade, Customer & Price Intelligence Market Analysis, 2015-2030”. The demand for SAN is expected to achieve a healthy CAGR of around 6.85
in the forecast period owing to the persistent hike in demand for SAN in
manufacturing of electrical and electronic devices in the rapidly expanding
Asian electronic sector. SAN is a copolymer produced by mass polymerization, emulsion,
or suspension by utilizing 20-30% of Acrylonitrile resin and rest of Styrene.
Impressive properties of SAN like tremendous heat and chemical resistance along
with high rigidity makes it a highly profound material in several industries. Hence,
increasing demand for SAN in the manufacturing of medical devices on potential
advances being made in healthcare sector after the outbreak of Pandemic is
likely to propel the demand for SAN in the coming years. The product also
offers superior hygiene properties along with safety benefits. Moreover, SAN is
also highly demanded for packaging applications in food and beverage industry. This
demand is anticipated to propel at a prominent rate owing to the increasing
stress over single-use packaging to restrain any chances for Covid-19 infection
by contagion.
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: India
Styrene Acrylonitrile (SAN) Pricing
As India accounts for limited production of SAN in contrast to its
massive demand. In Dec 2019, All India Plastics Manufacturers Associations
urged the government to restructure anti-dumping duty of major imported polymers
and bring down anti-dumping duty on SAN by 5 per cent to efficiently nurture
the upliftment of associated industries.
Chemical-Pricing: https://www.chemanalyst.com/ChemicalPricing/ChecmPriceYearlyChart?Customer=False
Onset of Coronavirus in final quarter of FY 20 has led to a sudden drift
in demand for SAN from major-end user industries as they were compelled to
suspend the production of the products on plunging demand for products as an
outcome of the nationwide lockdown imposed by the government to constrain the
Coronavirus spread. The demand for SAN has been negatively affected by the
persistent slowdown in automotive sector initially due to the economic downturn,
that was further exacerbated by outbreak of the global pandemic .The downturn
in demand in automotive industry has substantially reduced the consumption of
SAN, which is utilized in the molding and manufacturing of various automotive
parts. However, this significant slump in demand for SAN from automotive
industry has been prominently stabilized by the astonishing increment in demand
for plastic packaging in food and beverages industry, making use of SAN to
produce hygienic and safe plastics. This sudden shift towards single-use
plastic packaging is expected to appreciably drive the demand for SAN and other
polymer materials in the coming years on dilemma over the complete abatement of
very till a proper vaccine in attained. The enhanced requirement for medical
devices on continuous advances being done in the healthcare sector after
Covid-19, has further pushed up the demand for SAN which is required for
producing medical light diffusers, autoclavable devices and various other
devices. Moreover, government initiative of self-reliant India with an aim of
making India the manufacturing hub is anticipated to propel the demand for SAN
in electrical and electronics industry as the country is keen to reduce the
imports of finished goods from major importer China, thus giving domestic
manufacturers a chance to fully cater to the domestic demand and consolidate heavy
revenues.
According to
ChemAnalyst report,” India Styrene Acrylonitrile (SAN) Market: Plant Capacity,
Production, Operating Efficiency, Demand & Supply, End Use, Type,
Distribution Channel, Region, Competition, Trade, Customer & Price
Intelligence Market Analysis, 2015-2030”. Major manufacturers engaged in the
production of SAN in India are Bhansali Engineering Polymers and INEOS
Styrolution Limited. As limited production capacity is unable to completely
cater to the domestic demand, imports also play a significant role to fulfill
the requirement of the India SAN Market. Other players of SAN operating in
India include LG Chem, Lotte Chemical Corporation, China National Petroleum,
Sabic Innovative Plastics, Toray Industries, Daicel Polymer Limited, Ningbo LG
Yongxing Chemical, Formosa Plastic Group, etc. The market portrays massive
opportunity for new players to emerge owing to the continuous increase in
demand for SAN in comparison to its installed capacity in the country.
“ The chemical and
petrochemical industry in India has faced tremendous downfall in the fourth
quarter of FY 20 on sudden decline in demand for various products due to halt
in production in several industries along with suspension of trade activities
from international market as a ripple effect of Coronavirus outbreak. Amidst
devastating fears of global recession on declining revenues from majority of
industries, Polymer and Resin, Pharmaceuticals and Specialty Chemicals are
among the few industries that witnessed an uptrend in their stock value as an
effect on shift in demand towards hygiene and cleanliness friendly products due
to lifestyle changes of people. The growing awareness over cleanliness and
hygiene among people has escalated the demand for plastic packaging, thus
pushing up the consumption of products like SAN, ABS, Polystyrene, and various
other polymers. Similarly, the demand for SAN has also been positively
influenced by the spur in demand for medical devices at the back of continuous
advances being done in the healthcare industry to combat to the virus. This
demand for SAN from healthcare sector is likely to grow at an incredible rate
in the coming years owing to the concern over improvisation of domestic healthcare
facilities to grapple present and post virus challenges in the country.
Moreover, the recent government initiative of making India a manufacturing hub
is anticipated to bolster the demand for SAN in its major segment electrical
and electronics ,as the Indian market will enhance its manufacturing, thus
cutting imports from its biggest importing country, China” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm promoting ChemAnalyst.
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