Styrene Market

Styrene Market Size (2023-2028)

Styrene Market was worth US$ 2.93 billion in 2022 and is anticipated to increase with a CAGR of 6.48% during 2023-2028

Styrene demand has been increasing globally due to the rise of the packaging and construction sectors, which has resulted in rising demand for infrastructure and consumer goods, particularly in emerging nations. In addition, demand for consumer products increases as developing nations increase their industrialization and liberalization. As a result, commercial activity increases. Styrene is an organic, colorless, oily molecule that is a benzene derivative. Styrene evaporates quickly and serves as a precursor to polystyrene and a variety of other copolymers. It can be found in minor concentrations in cinnamon, coffee beans, balsamic trees, and peanuts, as well as coal tar. Styrene materials primarily include acrylonitrile butadiene styrene (ABS), expanded polystyrene (EPS), and polystyrene (PS) are utilized in several industries, including automotive, infrastructure, packaging, and consumer goods. The styrene business is exceedingly diverse, with various derivatives that have a wide range of applications in many market areas. As a result, a large number of styrene producers are involved in the production of a variety of styrene-based products for specific uses. Over the next seven years, the worldwide styrene sector is predicted to increase at a moderate rate.

Styrene Market Drivers:

The growing desire for biodegradable and sustainable products has prompted several R&D projects to manufacture environmentally friendly styrene products. This is driving the styrene sector forward by expanding the use of starch and cellulose, which can aid in the decomposition of styrene products. Furthermore, increased research to reduce styrene degradation rates is expected to boost global styrene market growth. Styrene is being developed by top corporations to extend the shelf life of items used in packaging and consumer goods. Polystyrene is used extensively in the food packaging business, from source packaging to unpacking and dissemination of food to the end-user. Over the next few years, the global food packaging sector is predicted to increase at a significant rate. As people turn to ready-to-eat foods worldwide, the styrene industry is expected to grow significantly.

Disposable polystyrene objects are used in the personal care business for logistical reasons or direct consumption by the consumer. Disposable razors, cotton pads, and containers for aesthetic improvement items are just a few examples, and demand is expected to increase. Plastilite Corp., for example, introduced Refoam, an environmentally friendly, oxo-biodegradable, and recyclable expanded polystyrene with a wide range of applications. Furthermore, numerous large firms' initiatives to improve the circular economy in the manufacture of styrene by employing recycled resources are expected to boost the global styrene market growth during 2022 - 2027.

On the other hand, the increasing use of polystyrene in many industries is fueling styrene market expansion across the globe. It is primarily utilized in packaging food and beverage items to extend their shelf life, prevent damage, reduce product weight, and preserve product texture, flavor, and color. Furthermore, the low cost of polystyrene is a growing demand among budget-conscious consumers, which is helping the styrene business grow in the upcoming years. In the construction business, styrene is used to insulate walls, floors, and roofs in buildings to increase their overall efficiency. In addition, it's frequently utilized in consumer electronics like refrigerators, televisions, and coffee machines, among other things, to improve durability and functionality while also adding aesthetic appeal to the devices, boosting the styrene industry's growth in the next six years.

Styrene Market Restraints:

Stringent global laws surrounding the use of styrene and the availability of replacements in the market are two main factors limiting styrene market revenue growth. In addition, as a result of adverse health effects from working near styrene and environmental concerns from improper disposal procedures and the accompanying global warming, more strict regulatory laws and standards are being implemented. Furthermore, prolonged exposure to styrene has the potential to cause styrene illness. Therefore, these factors may hamper the global styrene market growth during 2022-2027.

STYRENE MARKET REPORT COVERAGE:

Styrene Market Segmentation: 

By Product Type:

• Acrylonitrile Butadiene Styrene

• Styrene Butadiene Rubber

• Polystyrene

• Others

Based on product type, the polystyrene segment dominates the global styrene market in the next six years. Polystyrene is a thermoplastic resin that is simple to work with. Packaging, electronics, housewares, toys, and disposables are all examples of where it is employed. Polystyrene (PS) is a versatile polymer that can be used in various applications. Because of its lightweight, stiffness, and thermal and acoustic insulating qualities, EPS has found use in a wide range of sectors.

The growing popularity of recycled EPS products is boosting the polystyrene (PS) business, which has helped the market recover from the obstacles created by its disposal. Furthermore, compared to competing plastics, its cost-effectiveness and higher moisture resistance give the market advantage, resulting in increased demand.

By End User Industry:

• Construction

• Packaging

• Consumer Goods

• Automotive

• Electrical & Electronics

• Others

Based on the end-user industry, the automotive industry is anticipated to have the highest styrene market growth during the forecast period. The styrene in the plastic gives it a lustrous, impermeable finish. It performs admirably at high and low temperatures, has excellent insulating capabilities, and is simple to paint and glue. Dashboards, wheel covers, and vehicle body parts are just a few of the places where it's used. Therefore, owing to the characteristics of styrene, it is widely used in the automotive industry.

However, due to rising government investment in infrastructure development projects and a growing preference for styrene material primarily utilized in residential and commercial building construction, the construction segment is likely to have significant styrene market revenues during the projection period.

Styrene Market Regional Analysis: 

The Global Styrene Market Report includes the segmentation of Regions:

• North America 

• Europe 

• Asia Pacific 

• Latin America 

• Middle east and Africa 

With a share of the market, Asia-Pacific dominated the global styrene market and is expected to continue to do so over the forecast period. The styrene market is being boosted by rising packaging applications across the area, as well as strong demand for electrical and electronics.  To attract customers, industries such as food and beverage, cosmetics, and consumer goods are constantly inventing new items, boosting production, and using appealing packaging materials. China has the world's second-largest packaging industry. Due to the emergence of customized packaging and rising demand for packaged consumer goods, the country is predicted to grow steadily throughout the projection period, particularly in the food industry. This has resulted in a strong rise in packaging demand, which has resulted in a considerable increase in styrene consumption in the region.

Because of increased demand for Expanded Polystyrene Styrene (EPS) and Acrylonitrile Butadiene Styrene (ABS) in developed economies, the United States led the market revenues in North America

Impact of COVID-19 on the Styrene Market:

Because of the COVID-19 pandemic, the global styrene market is expected to slow. The lockdown has been imposed by governments in a number of countries, resulting in the closure of industries in a number of towns and provinces around the world, prompting predictions of a dramatic slowdown in output from the automotive to construction sectors. The world's economic progress is expected to be slowed as a result of this pandemic. The styrene market industry is expected to suffer unfavorable consequences if economic growth slows.

Styrene Market Key Players:

The companies covered in the report include:     

1. Chevron Phillips Chemical Company

2. Covestro AG

3. Hanwha Group

4. INEOS Capital Limited

5. LyondellBasell Industries Holdings B.V.

6. Repsol

7. Royal Dutch Shell plc

8. SABIC

9. LG Chem