The Global Styrene Market was valued at US$ 48.8 Bn in 2019 and is expected to reach US$ 69.9 Bn by 2026, at a CAGR of 4.6% during the forecast period.
The report includes the analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
Styrene is a colorless oily organic compound and also known as ethenylbenzene, vinylbenzene, and phenylethene. Styrene occurs naturally in small quantities in plants, as well as, a variety of foods, such as vegetables, fruits, nuts, beverages, meat and is also found in coal tar.
It is easily polymerized to make plastics and resins. The major markets for styrene are polystyrene, expanded polystyrene, ABS (Acrylonitrile butadiene styrene, SAN (Styrene Acrylonitrile), SBL (Styrene Butadiene Latex), SBR (Styrene-butadiene rubber), unsaturated polyester (UP), resins, and others. The global styrene market is majorly driven by polystyrene and expandable polystyrene consumption.
The global demand for styrene has been witnessing high growth on account of the emerging packaging and construction industry which has led to increasing demand for infrastructure facilities and consumer goods.
Styrene is widely used in the packaging industry, owing to its properties, such as lightweight, durability, flexibility, thermal efficiency, and moisture resistivity. Styrene is used for packing food products, such as fish, meat, fruits, milk products, processed foods, consumer durables, electronics, horticulture, heavy products, and fragile pharmaceutical products, among others.
Growth in the end-user application industries such as automotive and construction is anticipated to be the key factors driving the global styrene market. The automotive industry has been the major end-user of styrene-butadiene rubber (SBR) particularly used in tire manufacturing applications.
Though, increasing health and environmental concerns due to usage of styrene and acceptance of other resins as substitutes to unsaturated polyester resin (UPR) are expected to hamper the growth of the market.
Styrene is hazardous when it is exposed to the atmosphere, it emits toxic vapors and produces carbon monoxide on decomposition, and it may cause irritation to the skin, eyes, respiratory system, and nervous system. Various manufacturers are planning to produce styrene polymers in the future with the expansion of their production facilities and increase in output. These factors are expected to offer new opportunities for the growth of the market.
The Asia Pacific was the largest consumer of styrene. In this region, EPS has the largest market share and healthy growth of polystyrene is expected to drive the market, during the forecast period. Europe and North America are the next two largest markets. There is a high demand for EPS and ABS but low for polystyrene in these mature markets. Middle East & Africa is expected to increase at a high rate, due to the growing demand from the construction and packaging sectors.
The key players operating in the global styrene market are Chevron Phillips Chemical Company LLC, ENI S.p.A., INEOS Styrolution Holding Ltd., Saudi Basic Industries Corp. (SABIC) and Total S.A.
The report covers the total market for styrene has been analyzed based on the Porter's five forces model. The impact of the different market factors, such as drivers, restraints, and opportunities, challenges key issues SWOT analysis, and technology forecasting is also illustrated in the report. This gives an idea about the key drivers, such as high growth and demand in emerging economies countries.
Scope of the Styrene Market:
Global Styrene Market, by Product Type
• Expanded polystyrene
• ABS (Acrylonitrile butadiene styrene)
• SAN (Styrene Acrylonitrile)
• SBL (Styrene Butadiene Latex)
• SBR (Styrene-butadiene rubber)
• Unsaturated polyester (UP)
Global Styrene Market, by Application
• Consumer Goods
• Electrical & Electronics
Global Styrene Market, by Region
• North America
• Middle East & Africa
• South America
Key Players Operating in the Styrene Market:
• Chevron Phillips Chemical Company LLC
• ENI S.p.A.
• INEOS Styrolution Holding Ltd.
• Saudi Basic Industries Corp. (SABIC)
• Total S.A.
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