Styrene Market Size, Share, Top Key Players, Growth, Trend and Forecast Till 2027

 Styrene Market Projected to Accumulate USD 70.97 Billion by 2027

The widespread use of polystyrene across the packaging and consumer goods sectors is a significant factor stimulating global market growth.

Market Size – USD 48.92 billion in 2018, Market Growth - CAGR of 4.2%, Market Trends – The rapidly growing buildings & construction industry

The global styrene market is expected to be valued at USD 70.97 Billion in 2027 from USD 48.92 billion in 2018, registering a CAGR of 4.2% through the forecast period. Styrene is an organic compound derived from benzene. Naturally produced by some specific plants, styrene is a colorless oily liquid; however, aged samples of styrene sometimes appear yellow in color. This chemical compound has a sweet and pleasant odor and can get evaporated quickly at room temperatures. Styrene resins find extensive application in the production of latex, polystyrene resins, and synthetic rubber. Besides, these resins are used in plastic packaging, as well as in making disposable cups, containers, and several insulation products. 

The global styrene market has gained rapid traction over the last few years, owing to the widespread industrial uses of styrene. Styrene offers a wide array of advantages, such as high performance, robust toughness, flexible design, and cost-effectiveness. Thus, owing to such excellent properties, the substance has numerous applications, including cushioning for bicycle helmets, strengthening military armor, wind power turbines, mitigating coal plant emissions, and making vehicles fuel-efficient and lightweight. Styrene-butadiene (SB) rubber is one of the most widely used styrene products. This synthetic rubber material is characterized by enhanced processability, improved blend compatibility, and higher abrasion and heat resistance than natural rubber. Due to its extensive use in the manufacture of tires and other vehicular components, such as automotive upholstery, the product is used in the automotive sector. SB latex is also used as a coating additive for paper-based products, such as magazines, flyers, catalogs, and paperboard products. It enhances the binding power of pigments, making them smoother and shinier. Therefore, the growing demand for styrene and its products across the packaging, automotive, consumer goods, electrical & electronics, and construction industries is a significant factor propelling the growth of this market.

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Key highlights of the report:

·       Based on product type, the polystyrene sub-segment held the largest revenue share in 2018 and is projected to dominate the global market over the forecast timeframe, registering a 3.9% CAGR. Polystyrene is a highly viable thermoplastic resin widely used in electronic appliances and various household commodities like DVD cases, toys, containers, cutlery, and refrigerator liners.

·       The packaging end-use industry led the global styrene market in 2018 and is expected to register the fastest CAGR of 3.8% over the estimated period. The packaging industry employs polystyrene for applications such as foam packaging for shipping, food & beverage packaging, egg cartons, meat/poultry trays, etc.  Packaging made of polystyrene safeguards the products packed within from external damage or spoilage.

·       The Asia Pacific styrene market is foreseen as the largest regional market over the forecast period. The increasing demand for styrene across the packaging, automotive, and construction sectors and huge investments in R&D activities to produce advanced, environmentally sustainable styrene solutions are the key factors promoting the regional market growth.

·       Key market players include Ineos Styrolution Group GmbH, The Dow Chemical Company, Mitsubishi Chemicals, Ashland Inc., Nova Chemicals Corporation, Bayer MaterialScience, Chevron Philips Chemical Company, Royal DSM, Alpek SAB DE CV, and LG Chem.

·       In January 2021, LyondellBasell, the globally leading specialty chemicals company, and Sinopec, the leading China-based energy company, finalized their joint venture, named Ningbo ZRCC LyondellBasell New Material Company Limited, to produce styrene monomer and propylene oxide in China.

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For the purpose of this report, the global styrene market has been segmented on the basis of product type, end-use industry distribution channel, and region:

By Product Type (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)

• Polystyrene
• Styrene Co-Polymers
• SB (Styrene-Butadiene) Latex
• SB (Styrene-Butadiene) Rubber
• Composites
• Others

By End-use Industry (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)

• Packaging
• Construction
• Consumer Goods
• Automotive
• Electrical & Electronics
• Others

By Distribution Channel (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)

• Offline Channels
• Online Channels

By Region (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)

o   North America

•                  U.S.

•                  Canada

o   Europe

•                  Germany

•                  U.K.

•                  France

•                  BENELUX

•                  Rest of Europe

•                   

o   Asia Pacific

•                  China

•                  Japan

•                  South Korea

•                  Rest of Asia Pacific

o   Latin America

•                  Brazil

•                  Rest of Latin America

o   Middle East & Africa

•                  Saudi Arabia

•                  U.A.E.

•                  Rest of Middle East & Africa

Table Of Content

Chapter 1. Market Synopsis

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. Executive Summary

2.1. Summary Snapshot, 2018-2027

Chapter 3. Indicative Metrics

Chapter 4. Styrene Segmentation & Impact Analysis

4.1. Styrene Material Segmentation Analysis

4.2. Industrial Outlook

4.2.1. Market indicators analysis

4.2.2. Market drivers analysis

Continue …

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