MS Resin (SMMA) Market (Type - Food Grade, Ordinary Grade, and Optical Grade; Application - Electronics, Automobile, Construction, Medical Care, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

MS Resin (SMMA) Market (Type - Food Grade, Ordinary Grade, and Optical Grade; Application - Electronics, Automobile, Construction, Medical Care, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

Report Code: IGR01493 Category: Chemicals & Materials Published: May, 2024

A recent report published by Infinium Global Research on MS resin (SMMA) market provides in-depth analysis of segments and sub-segments in the global as well as regional MS resin (SMMA) market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional MS resin (SMMA) market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global MS resin (SMMA) market.

Market Insight:

The MS resin (SMMA) market is projected to grow at a CAGR of 4.20% between 2023 and 2030, expanding from USD 443.73 million in 2022 to USD 612.13 million in 2030. The MS resin market projection reflects the anticipated demand for MS resin from 2022 to 2030.

MS resin, also referred to as SMMA, is an obvious copolymer by and large composed of methyl methacrylate (MMA) and styrene monomer (SM). It has excellent transparency, optical properties, good weather-resistivity, ease of process, low hygroscopicity, and low residual stress for molded products, and therefore economical for many applications. It is a profitable alternative to higher-priced clear resins such as Acrylic PMMA. The key characteristics of excellent clarity and transparency, make it suitable for applications where optical clarity is crucial. MS resin is flagrantly applied in automotive, electronics, optic devices, sanitary accessories, toys, and household goods. It is utilized for panels, lampshades, and light guide panels in the automotive industry. The electronics sector utilizes MS resin for optical discs, LCD screens, and other components requiring transparency and durability. Moreover, it is also used in medical devices and building materials where clarity and strength are crucial. The rising demand for lightweight, durable materials in the automotive sector is creating demand for MS resin. It has a wide range of applications in the automotive industry including care and heavy vehicle windows, windshields, light accessories, sunroofs, and interior and exterior trims. It makes use of the greatest qualities of both materials, including low moisture absorption, good transparency, resistance to weathering and chemicals, and ease of manufacturing. The optical clarity is attributed to the high purity of the monomers used in their synthesis and the absence of impurities that could scatter light. Additionally, its high strength, good chemical resistance, and weatherability of MS resins make it suitable for outdoor applications and harsh environments.

Environmental concerns are driving a rise in demand for eco-friendly materials. MS resin, with its low VOC emissions and recyclability potential, is well-positioned to benefit from this trend. The automotive and aerospace industries are increasingly seeking lightweight materials for improved fuel efficiency and performance. MS resin's combination of lightweight properties and high durability makes it a suitable candidate. Manufacturers are constantly developing new MS resin formulations with improved properties. This includes formulations with enhanced fire resistance, chemical resistance, and adhesion properties to cater to specific applications. For instance, CHIMEI company launched Ecologue™ bio-ABS products with ISCC PLUS approval in 2023. For ABS, SAN, MS (SMMA), HBR, and SSBR products, CHIMEI Corporation's Tainan, Taiwan, facility has received the International Sustainability and Carbon Certification (ISCC) PLUS. Manufacturers are increasingly adopting sustainable practices in MS resin production. This includes using recycled materials and reducing energy consumption throughout the manufacturing process.

Research Methodology Brief:

This research has been performed by using excessive primary and secondary research methods. The primary research has been conducted by interviewing several executives and consultants operating in the MS resin industries. The information has also been collected using the most prominent primary method which is interviews. This involves the application of questioners to dig the insights from industry experts. Moreover, the secondary research has helped us validate the research findings through primary research. To understand trends in the global MS resin market, analysts have examined industry publications, company reports, and data from market research firms. This research focuses on identifying growth sectors, leading geographic markets, and revenue forecasts.

The global MS resin market size has been identified and triangulated using both bottom-up and top-down approaches. In the bottom-up approach, MS resin consumption is estimated based on the volume of MS resin used by various end-use industries (e.g., adhesives and sealants, construction, electronics). The average MS resin consumption per unit produced in each industry. This approach estimates the total market size by aggregating the MS resin consumption from all relevant industries. This helps accumulate the regional market size, which is then added up to get the global market size. While performing a top-down approach the global estimated market size was split among the regions and the key segments in the market. The revenues were distributed among the sub-segments in the MS resin market in the region's market such as North America, Europe, Asia Pacific, and the Rest of the world. The revenue distribution in the MS resin market can be estimated by analyzing the revenue generated by different MS resin market segments globally. This approach helped us to triangulate the market and estimate the global as well as regional market size of the MS resin market.

Growing demand for MS resins from end-use industries is driving the growth of the market. Styrene Methyl Methacrylate or MS resin is a transparent copolymer mainly composed of methyl methacrylate (MMA) and styrene monomer (SM). These copolymers exhibit exceptional properties such as high light transmittance, good moldability, and high weather resistance. SMMA finds its application in various end-use industries such as household appliances, automotive, and electronic equipment. The properties of SMMA help in designing and molding the display in any form. It is used for manufacturing smartphones and LED TV displays. These displays are lightweight, more transparent, and exhibit exceptional light-emitting qualities. In addition, SMMA is cost-effective to its alternative higher-priced resins such as PMMA – Acrylic and less likely to scratch which makes SMMA an ultimate choice for the display application. The display qualities offered by smartphones and LED TVs increase the product's aesthetics, which ultimately helps influence the buyer to buy the product.

Additionally, the growing consumption of packaged food products is expected to stimulate the growth of the MS resin (SMMA) market. One of the sectors that is expanding the fastest is the packaged food sector. In the food and beverage industry, packaging plays an important role in preserving and safekeeping food and beverage products. The high demand for tor packaging products, such as containers, from the food and beverage industry, has increased the adoption of MS resin. The manufacturers of food and beverage products choose packaging materials that can extend the shelf life of food. Rigid and flexible plastic containers are widely used in the packaging of food and beverage products. MS resin is an important substance used in the manufacturing of rigid containers. It is used in the manufacturing of food containers as it exhibits properties such as high resistance to heat, humidity, gas, and aroma barrier. The food containers made of MS resins resist puncture and exhibit high tensile strength, durability, and chemical resistance. As these food containers are lightweight, they significantly reduce the overall weight of the packaging. The high demand for packaging products, such as containers, from the food and beverage industry has increased the adoption of MS resin.

However, the availability of potential substitutes can hamper the growth of the market. The availability of other substitutes such as polycarbonate, glass, and polymethyl methacrylate for styrene methyl methacrylate hampers the growth of the MS resin market. Polycarbonate and Acrylic are both well-known as transparent plastics. Polycarbonate is well known and widely used for several prominent reasons such as extremely high impact strength for plastic material. This makes it an ideal choice in several industrial applications, where durability is essential. Its widespread use in industries such as automotive, electronics, and others presents a formidable alternative to MS resins. Additionally, PMMA has also been used in a wide range of applications such as rear lights and instrument clusters for vehicles, appliances, and lenses for glasses owing to its physical properties such as high tensile strength, flexural strength, transparency, polishability, and UV tolerance. It is often preferred because of its moderate properties, easy handling and processing. Further, glass remains a traditional choice for applications requiring transparency and optical clarity. This factor hampers the growth of the market.

Furthermore, the development of a BPA-free range of Styrene Methyl Methacrylate Copolymers can provide lucrative opportunities for the growth of the market. Styrene methyl methacrylate copolymer and polycarbonate plastics are often used in containers that store food and beverages, such as water bottles. However, Bisphenol A (BPA) is leached from polycarbonate plastics and Styrene Methyl Methacrylate Copolymers. It is a chemical that mimics the action of the human hormone estrogen. Bisphenol A stimulates prostate cancer cells and causes breast tissue changes that resemble the early stages of breast cancer in both mice and humans. A Centers for Disease Control study has also detected BPA in the urine of 95 percent of adults sampled. Therefore, due to the growing health concerns regarding the presence of BPA, companies are focusing on the manufacturing of a BPA-free range of styrene methyl methacrylate copolymer. For instance, Supreme Petrochem Ltd launched a BPA-Free and FDA-compliant food contact application as per 21 CFR 177.1830 RoHS compliant range of styrene methyl methacrylate copolymer (SMMA). In addition, the development of BPA-free SMMA will increase its application in food contact applications, especially for re-useable drinking glasses, food storage jars, and several others. Additionally, with the growing demand for MS resins the expansion of product capacity can provide opportunities for the market players.

Global MS RESIN (SMMA) MARKET Size, Industry Report 2030

Based on the region Asia Pacific accounted for the largest market share in terms of revenue of the global market for MS resin. The region constituted 46.01% of the market share in 2022 and is projected to increase up to 48.09% by the end of the forecast period 2023-2030. Asia Pacific generated USD 204.16 million in revenue in 2022. The market for MS resin is growing rapidly in the Asia Pacific region, driven by the increasing demand for the automotive and electronic sectors. Several countries in the region such as China, Japan, South Korea, Taiwan, and India have a significant presence of large-scale automotive and electronic product manufacturers. Due to this, there is a high demand for MS resin in the Asia-Pacific region. MS resin is significantly used in various industries such as electronics, optic devices, construction, toys, household goods, automotive, etc. For instance, it is used in light guide panels, lampshades, and panels in the automotive industry. The MS resin is also utilized in electronics sectors such as Optical discs, LCD Screens, and other components demanding transparency and durability. In the automobile sector, MS resin is utilized for manufacturing interior and exterior parts due to its excellent transparency, heat resistance, and impact strength. In the electronics industry, it is utilized for the fabrication of electronic components and housings. In construction, it is used for windows, wall panels, and lighting fixtures. The North America region is anticipated to grow at the fastest rate over the projection period. MS resin in North America is currently witnessing robust growth and development; the utilization of MS resin for device and equipment production by having biocompatible properties and disinfectant abilities among the medical & healthcare sectors has seen an upsurge. For instance, according to the U.S. Department of Commerce International Trade Administration, the subsectors of the Medical Devices industry, Surgical and Medical Instrument Manufacturing had the highest sales, value of shipments, or revenue (approximately USD 36.3 billion) in 2020.

Report Scope of the MS Resin (SMMA) Market:

Report Coverage Details
Market Size in 2022 USD 443.73 Million
Market Size by 2030 USD 612.13 Million
Growth Rate from 2023 to 2030 CAGR of 4.20%
Largest Market Asia Pacific
No. of Pages 180
Market Drivers
  • Growing demand for MS resins from end-use industries is driving the growth of the market.

  • Growing consumption of packaged food products is expected to stimulate the growth of the MS resin (SMMA) market.

Market Segmentation By Type, and By Application
Regional Scope North America, Europe, Asia Pacific, and RoW

Segment Covered

The report on global MS resin (SMMA) market covers segments such as type, and application. On the basis of type, the sub-markets include food grade, ordinary grade, and optical grade. On the basis of application, the sub-markets include electronics, automobile, construction, medical care, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as CHIMEI, Denka Company Limited, Supreme Petrochem Ltd, Deltech, INEOS Styrolution Group GmbH, LXMMA, Shandong INOV Polyurethane Co.,Ltd., RESIRENE (Grupo KUO), Kaneka Americas Holding, Inc., and Biesterfeld AG.

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the MS resin (SMMA) market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


Frequently Asked Questions (FAQ's)

The global MS resin (SMMA) market was valued at USD 443.73 Million in 2022.
It is likely to grow at a CAGR of 4.20% during the forecast period 2023-2030.
The global MS resin (SMMA) market is estimated to reach USD 612.13 Million by the end of 2030.
Asia Pacific is anticipated to exhibit high demand for MS resin (SMMA) market during the forecast period.
CHIMEI, Denka Company Limited, Supreme Petrochem Ltd, Deltech, INEOS Styrolution Group GmbH, LXMMA, Shandong INOV Polyurethane Co.,Ltd., RESIRENE (Grupo KUO), Kaneka Americas Holding, Inc., and Biesterfeld AG.

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