The alpha-methylstyrene market is projected to grow from USD 473 million in 2019 to USD 543 million by 2024, at a CAGR of 2.8% from 2019 to 2024. Increased demand for Acrylonitrile Butadiene Styrene (ABS), which uses alpha-methylstyrene, from various end-use industries such as automotive and electronic appliances is one of the key factors driving the growth of the alpha-methylstyrene market across the globe.
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INEOS Group Holding S.A. (Switzerland), AdvanSix (US), Rosneft (Russia), Altivia Corp. (US), SI Group Inc. (US), DOMO Chemicals (Belgium), Kumho P&B Chemicals (South Korea), Taiwan Prosperity Chemical Corp. (Taiwan), Yangzhou Lida Chemicals (China), Mitsubishi Chemical Corporation (Japan), Solvay SA (Belgium), and Mitsui Chemicals, Inc. (Japan) are some of the leading players operating in the alpha-methylstyrene market. These players have adopted the strategies of expansions, new product developments, acquisitions, and joint ventures to enhance their position in the market.
In January 2019, Mitsui Chemicals, Inc. (Japan) announced its intention to begin the production of alpha-methylstyrene by 2020 at its Singapore-based subsidiary, Mitsui Phenols Singapore Pte. Ltd. This expansion aims at catering to the increased demand for alpha-methylstyrene across the globe due to rise in the consumption of ABS resins and petroleum resins in various end-use industries. The expansion is expected to enhance the 3-base network of the company comprising Japan, Singapore, and China. This expansion also aims at strengthening the position of the company in the Asia Pacific alpha-methylstyrene market.
In October 2015, INEOS Americas LLC (Switzerland), a subsidiary of INEOS Group Holdings S.A., acquired the aromatics business of Axiall Corporation, a leading North America-based manufacturer of chlorovinyl and aromatics. An amount of USD 52.4 million was paid at the closing of the deal, and an additional USD 10.5 million was paid after fulfilling certain conditions. This development involved the acquisition of Texas-based cumene plant of Axiall Corporation producing 900,000 tons of cumene. In addition, it also involved the transferring of the phenol, acetone, and alpha-methylstyrene business to the INEOS Phenol facility at Mobile, Alabama (US).