Global Pure Monomer Resins Market 2023-2030

Global Pure Monomer Resins Market 2023-2030

Global Pure Monomer Resins Market Size, Share & Trends Analysis Report by Type (Styrene Based, and Alpha-methyl Styrene Based), and by Application (Adhesives Production, Sealants Production, Polymer Modification, Rubber Compounding, Coatings Production, and Others), Forecast Period (2024-2031)

The global pure monomer resins market is anticipated to grow at a CAGR of 9.1% during the forecast period (2023-2030). Pure monomer resins are used in hot melts, pressure-sensitive tapes and labels, construction mastics, and many specialty applications. The growing adoption of pure monomer resins in various end-use industries such as plastics, adhesives, coatings, and textiles is the key factor supporting the growth of the market globally. The growth of these industries, driven by factors such as population growth, urbanization, and increasing consumer demand, contributes to the rising demand for pure monomer resins. Additionally, the manufacturers are moving towards acquisitions, collaborations, and partnerships to propel the pure monomer resin market growth. In November 2021, Synthomer acquired Eastman Chemical’s adhesives resins business for $1 billion in a move that positioned the UK chemicals company as the pioneer in adhesives technologies. The purchase included Eastman’s Impera tire resins, pure monomer resins, polyolefin polymers, rosins, dispersions, and oleochemical and fatty acid-based resin product lines.

Segmental Outlook

The global pure monomer resins market is segmented on the type and application. Based on the type, the market is sub-segmented into styrene-based, and alpha-methyl styrene-based. Further, based on application, the market is sub-segmented into adhesives production, sealants production, polymer modification, rubber compounding, coatings production, and others. Others include wax formulations. Among the applications, the coatings production sub-segment is anticipated to hold a considerable share of the market owing to the rise in the development of pure monomer resins that have found utility in coatings, investment wax casting compounds, thermoplastic/thermoplastic elastomers (TPE) modification, hydrophobic sealants, and coatings.

The Alpha-methyl Styrene Sub-Segment is Anticipated to Hold a Considerable Share of the Global Pure Monomer Resins Market

Among the types, the alpha-methyl styrene-based sub-segment is expected to hold a considerable share of the global pure monomer resins market. The segmental growth is attributed to improving the impact and heat-resistant properties of polymers, specialty grades of plastics, rubber, and protective coatings. Alpha-methylstyrene also moderates polymerization rates and improves product clarity in coatings and resins. Polymers of alpha-methylstyrene possess low molecular weights and are viscous liquids that are employed as plasticizers in plastics, paints, waxes, and adhesives. The growing investment in its Alpha Methyl Styrene (AMS) resin facilities, is also fueling the segmental growth. For instance, in April 2022, Kraton Corp., a sustainable producer of specialty polymers and high-value biobased products derived from pine wood pulping co-products, invested in its Alpha Methyl Styrene (AMS) Resins facility in Niort, France. Kraton expected the investment to result in a 15% production increase at the Niort manufacturing facility by 2023.

Regional Outlook

The global pure monomer resins market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to the development of pure monomer resins used for pressure-sensitive tapes and labels, construction mastics, and many specialty applications.

The North America Region is Expected to Grow at a Significant CAGR in the Global Pure Monomer Resins Market

Among all regions, the North American region is anticipated to grow at a considerable CAGR over the forecast period. The major factor attributed to regional market growth includes the booming construction industry in North America is experiencing growth, driven by infrastructure development, residential construction, and commercial projects. Pure monomer resins are used in applications such as coatings, adhesives, and sealants, contributing to the demand in the construction sector. According to the US Census Bureau, during November 2023, construction spending was estimated at a seasonally adjusted annual rate of $2,050.1 billion, 0.4% above the revised October estimate of $2,042.5 billion. Spending on private construction was at a seasonally adjusted annual rate of $1,595.0 billion, 0.7% (±0.5%) above the revised October estimate of $1,584.4 billion. In November, public construction estimated seasonally adjusted annual rate of public construction spending was $455.1 billion, 0.7% (±1.8%) below the revised October estimate of $458.1 billion.

Market Players Outlook

The major companies serving the pure monomer resins market include Cray Valley, Eastman (Synthomer), Kraton Corp., Lesco Chemical Ltd, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in November 2021, Synthomer acquired Eastman Chemical’s adhesives resins business for $1 billion in a move that positioned the UK chemicals company as the global leader in adhesives technologies.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global pure monomer resins market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.