Styrene Market: Global Industry Analysis and Forecast (2024-2030)

Styrene Market size was valued at US$ 56.72 Bn. in 2023 and the total Styrene revenue is expected to grow at 5 % from 2024 to 2030, reaching nearly US$ 79.81 Bn.
Styrene Market Overview:
A crystalline, colorless organic molecule generated from benzene is called styrene. Styrene is sold together with related services that are used to create synthetic rubber, resins, and plastics as well as to enhance drying oils. Polystyrene and a number of other copolymers can be made from styrene, which is also easily evaporated. An aromatic liquid called styrene is used to create synthetic rubber, resins, and plastics as well as to make drying oils better.To know about the Research Methodology :- Request Free Sample Report

The most common varieties of styrene are expanded polystyrene, acrylonitrile butadiene styrene, and others. Thermoplastic expanded polystyrene (EPS) is a hard, durable, and lightweight material. Owing to its strength, low weight, and superior thermal insulation capabilities, EPS is ideal for usage in the building and packaging industries. The market is expected to grow at a faster rate during the forecast period owing to rising demand for environmentally friendly, lightweight products that offer superior durability and thermal insulation. It is expected that the demand for high-quality polymers rises as a result of the increasing need for thermal and acoustic insulation in the building and construction sector in developing nations like China and India. Additionally, the growing construction of sturdy homes and businesses that can readily survive extreme external weather variables is expected to fuel market growth throughout the forecast period.

Report scope:

The research seeks to provide market participants with a full understanding of the Styrene market. The research looks at market developments from the past, the present, and what is expected for the future. Additionally, it offers a clear interpretation of complicated data. New entrants, market leaders, and followers are a few of the important actors who actively and completely conduct research. The analysis also presents the findings of the PORTER and PESTEL analyses in addition to potential outcomes of the microeconomic components of the market. Having taken into account both internal and external elements that could benefit or harm the organisation, decision-makers will have a clear futuristic vision of the market.

Investors can learn more about the dynamics and structure of the Styrene market by using the market segmentation analysis and market size projection from the report. The research acts as a buyer's guide by briefly laying out the comparative analysis of the top Styrene enterprises by price, financial status, product, product portfolio, growth plan, and regional presence.

Research Methodology:

MMR first gathered data on the revenues of the top suppliers before estimating and projecting the Styrene market. In an effort to segment the market, vendors' products are taken into account according to by Type (Acrylonitrile Butadiene Styrene (ABS), Expanded Polystyrene (EPS), Others), and Application (Automotive, Construction, Packaging Consumer Goods, Others). Later, to corroborate these divisions through primary research, extensive interviews with prominent individuals, including chief executive officers (CEOs), vice presidents (VPs), directors, and executives, were done.

It is determined how big the market is via bottom-up techniques. Through primary and secondary research, the leading market participants in the styrene market are identified, and their market revenues are computed. Instead of using secondary research, the annual and financial reports of the major manufacturers were analysed, and important opinion and business leaders in the industry, including CEOs and marketing executives, were questioned. Chevron Phillips Chemical Company, Bayer Material science, Royal Dutch Shell plc., Ashland Inc, Nova Chemicals Corporation, SABIC Co.are the leading rivals in the global styrene market. They will continue to plan mergers and acquisitions to boost their market shares and growth potential throughout the course of the forecast year.
Styrene Market Dynamics:
Market Drivers:

The market is currently growing owing to the diverse uses of styrene in plastic packaging, insulation, disposable cups and containers, etc. Owing to its performance qualities, acrylonitrile butadiene styrene (ABS) is a crucial component in the production of numerous pieces of medical equipment. OEMs frequently employ ABS in 3D printing applications. The finest metal substitute for ABS in many structural sections is its rigidity and heat resistance. Additionally, it is employed in the automobile sector to decrease overall vehicle weight and improve fuel economy.

Through suspension polymerization, styrene is used to make polystyrene. A flexible plastic, polystyrene is used to make vacuum cleaners, stoves, microwaves, refrigerators, and air conditioners. Since it keeps food fresher for longer, polystyrene is extensively used in the packaging sector. In the automotive sector, where it is used to make energy-absorbing door panels, trim, car knobs, instrument panels, and sound-dampening foam, polystyrene is in high demand. Thus, the need for polystyrene has increased owing to rising demand. For instance, it is expected that India and Iran will take the lead in increasing capacity during the forecast period in order to meet demand. Supreme Petrochem and LG Polymers India are expected to increase production in India by 0.16 and 0.04 million tonnes per year, respectively. As a result, the market for styrene is positively impacted by the growing demand for polystyrene and its derivatives.

Market Restraints:

The styrene market is hampered by the increased health and environmental issues raised by its use. In the manufacture of plastics and other resins, styrene is frequently utilised. Styrene is known to have long-term consequences on the central nervous system (CNS) in humans, including hearing loss, weakness, depression, headache, and peripheral neuropathy.

Humans are known to experience gastrointestinal issues, ocular irritation, and mucous membrane irritation after short-term styrene exposure. Styrene has an impact on the liver, blood, kidney, and stomach of animals who consume it. The market's growth is thus constrained by styrene's detrimental impacts on both human health and the environment.

Market Opportunities:

Styrene recycling methods are being developed by the businesses in the market. Companies are investing in creating ways to recycle styrene in order to boost the effectiveness and appeal of the material. In order to promote the recycling of polystyrene, a product made from styrene and utilised in the production of tyres, back into new styrene monomer in the industry's future, Trinseo, a producer of synthetic rubber, joined Styrenic Circular Solutions in 2019.

A German styrenics provider named Ineos Styrolution purchased Total's Chinese PS business, which included two polystyrene (PS) production facilities, in February 2019. Ineos' Triple Shift growth strategy is aided by this acquisition, which increases the company's production footprint in Asia and grants access to the Chinese domestic market. Total's Chinese PS division is involved in the country's polystyrene manufacturing.

Materials that are recycled are used to make expanded polystyrene. As a result, it is frequently utilised in items with sustainable packaging. In the e-commerce, fast-moving consumer goods (FMCG), household electrical appliance, and personal care industries, expanded styrene is frequently used for packaging. This pattern, which is expected to last in the forecast period, has given styrene producers many chances.
Styrene Market Segment Analysis:
Based on Type, The Acrylonitrile Butadiene Styrene (ABS) segment is expected to grow at the highest CAGR of 7.2 % during the forecast period. Numerous vehicle parts, such as the bumper, seats, dashboard, interior trim, headliners, centre consoles, and lighting, are made using ABS. In a passenger car, ABS makes up about 12.7% of all the automotive polymers used.

It is expected that the adoption of ABS in automobiles will grow as more people become aware of the fundamental connection between mass and fuel efficiency. Owing to its great mechanical strength and light weight, acrylonitrile butadiene styrene is utilised for vacuum construction as well as pipes and fittings. ABS is utilised to make waste collection products because it has higher durability and corrosion resistance than PVC. The construction industry's demand for acrylonitrile butadiene styrene is expected to increase as a result of these beneficial qualities.

On the other side the Expanded Polystyrene (EPS) is expected to grow at a CAGR of 5 % during the forecast period. Owinf to construction sector uses expanded polystyrene (EPS) to cut down on energy use and greenhouse gas emissions. Green structures have been more and more preferred over traditional ones in recent years. In comparison to conventional structures, green buildings offer benefits including enhanced air quality, lower operating costs, less total strain on metal frames, and efficient use of energy & water.

The superior insulation that EPS provides is greatly increasing its demand in green structures. Thus, the market for EPS is expected to experience significant increase over the forecast period along with the increasing demand for green buildings. Expanded polystyrene is a healthy, lightweight, and recyclable material. Owing to the growing product application potential across numerous end-use industries, the market is expected to grow. The demand for lightweight, recyclable materials that are chemically stable is expected to increase for furniture, packaging, and automotive parts.

Based on Application, The automotive sector has been growing quickly on a global scale. In 2023, the industry sold 110.0 million automobiles globally, a 7 % increase from the previous year. During the forecast period , demand is expected to increase owing to factors such global income inequality, growing urbanisation, rising interest in electric vehicles, and steady technological developments.

Owing to rising use in the automotive industry, the automotive category had a revenue share of 22 % in 2023 and is expected to experience the quickest CAGR throughout the forecast period. Growing vehicle production, mostly in China, Indonesia, Mexico, the United States, Germany, South Korea, Japan, Malaysia, and Taiwan, is a key factor in the market's growth.

In 2019, the acrylonitrile butadiene styrene (ABS) market's revenue share from the construction sector was 17 %. In comparison to all other plastics, ABS is a better option for construction, and it is frequently utilised in vacuum parts, fittings, and pipes. It is portable and simple to install. According to Timetric's Construction Intelligence Center, the worldwide construction industry is expected to increase at a 7 % annual rate over the forecast period.
Regional Insights:
In terms of revenue, the Asia Pacific region controlled more than 58 .0% of the global market for styrene in 2021. Owing to increasing product demand in the key application categories, such as building & construction, packaging, and automotive in growing economies, such as China and India, the region is expected to grow further at the quickest CAGR during the forecast period. Asia Pacific is the region with the fastest growth in the building and construction sector among all other regions. The construction industry is expanding in the APAC region as a result of factors like increasing urban populations, increased disposable income, and government initiatives like India's "Housing for All" programme.

One of the economies in the world with the quickest growth rates is China. In 2021, the nation supplied a large portion of the world's Styrene demand. Over the course of the forecast period, the market growth is expected to be boosted by the rising number of infrastructure development projects and the growing packaging industry. China's styrene market is booming thanks to government initiatives including the State Council Green Building Action Plan and the 13th Five-Year Plan for Building Energy Efficiency and Green Building Development, which promote the construction of green buildings.

The increased use of Styrene in packaging is what fuels the North American styrene market. Owing to its superior insulating qualities and lack of bacterial sustenance, styrene is considered as a suitable material for packaging applications in medical use and critical food, such as organ transplants, fish boxes, and processed food packaging. These characteristics make EPS acceptable for the packing and delivery of COVID-19 samples and medications to laboratories for examination. The demand for expanded polystyrene in medical packaging has increased significantly recently and is expected to continue on this trajectory in the forecast time period. This is because the government has intensified COVID-19 testing to contain the coronavirus pandemic.

Owing to the region's economic growth, the building and construction industry in South America is expected to develop significantly throughout the forecast period. The need for expanded polystyrene in the construction industry is expected to increase as the residential, commercial building, and infrastructure sectors of the region experience growth. The government of CSA is expected to make sizeable new expenditures in public works and housing, supported by initiatives to promote the construction of green buildings. This is expected to further fuel infrastructure growth in CSA, which in turn boost product demand over the forecast period.

Brazil dominated the market for styrene in Central and South America in 2021, and this trend is expected to hold throughout the forecast period. The rise of the construction sector is projected to be fueled by the economy's recovery and the rising need for green building construction, which is therefore forecast to increase demand for styrene in the nation.
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Styrene Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 56.72 Bn.


Forecast Period 2024 to 2030 CAGR:
5 %
Market Size in 2030:
US $ 79.81 Bn.


 Segments Covered:
by Type
Acrylonitrile Butadiene Styrene (ABS)
Expanded Polystyrene (EPS)
Others


by Application
Automotive
Construction
Packaging Consumer Goods
Others


by End Use
Plastics
Paints & Coatings
Packaging
Rubber
Automotive
Others



Styrene Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players
1. Chevron Phillips Chemical Company
2. Bayer Material science
3. Royal Dutch Shell plc.
4. Ashland Inc
5. Nova Chemicals Corporation
6. SABIC Co.
7. Ineos Group AG
8. Alpek S.A.B. de C.V.
9. Hanwha Group
10. Eni S.p.A.
11. TotalEnergies S.A.
12. BASF SE
13. Kaneka Corp.
14. Ravago
15. Saudi Basic Industries Corp. (SABIC)
16. LyondellBasell Industries Holdings B.V.
17. Covestro AG
18. Sibur
19. Repsol
20. LG Chem

Frequently Asked Questions:

1. Which is the potential market for the Styrene in terms of the region?
Ans. In Asia Pacific region, the growing business and educational sectors are expected to help drive the use of collaborative screens.

2. What are the opportunities for new market entrants?
Ans. The key opportunity in the market is new initiatives from governments that provide funding for Styrenes in educational institutes

3. What is expected to drive the growth of the Styrene Market in the forecast period?
Ans. A major driver in the Styrene Market is the prevalence of work from home and remote collaboration created by the COVID-19 pandemic

4. What is the projected market size & growth rate of the Styrene Market?
Ans. Styrene Market size was valued at US$ 56.72 Billion in 2023 and the total Styrene revenue is expected to grow at 5 % through 2024 to 2030, reaching nearly US$ 79.81 Billion.

5. What segments are covered in the Styrene Market report?
Ans. The segments covered are by Type, Application and, Region.