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The Asia Pacific region holds a significant share of the market growth owing to rapid industrialisation in countries like India and China. The robust growth of the packaging industry due to evolving consumer preferences and extensive production activities in the area is increasing the use of styrene, which is propelling the market growth. The rising demand for cosmetics and healthcare products in China, Japan, Indonesia, and South Korea, among others, is increasing the use of styrene, hence invigorating the industry growth. Moreover, the region is one of the leading markets of the automotive industry, which uses styrene extensively. The increasing disposable income is surging the usage and demand for consumer electronics, which is also fuelling the growth of the styrene industry.
BASF SE (OTCMKTS: BASFY), one of the leading companies in the market, and Trinseo announced the intention to extend their businesses with the production of styrene based on the circular feedstock in March 2021. Trinseo would use styrene in its Solution Styrene Butadiene Rubber (S-SBR) and polystyrene products to manufacture tires for packaging and other applications. The collaboration is a crucial milestone to aid consumers in reaching their sustainability goals while developing a circular economy. This also is a step with the company’s sustainability goals. The company replaces fossil resources such as naphtha or natural gas with renewable feedstocks derived from organic waste or vegetable oil. This would improve the environmental profile of products. Such initiatives are anticipated to propel the growth of the styrene industry in the forecast period.
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The major players in the global market for styrene are Chevron Phillips Chemical Company, Kumho Petrochemicals Ltd., Royal Dutch Shell plc, INEOS Group, LyondellBasell Industries Holdings B.V., and BASF SE, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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