Global Styrenics Market to Grow at a CAGR of 4% During 2024-2032, Aided by the Rising Demand from the Medical Sector

North America was a leading market for styrenics, particularly with respect to its application in the medical sector. The Asia Pacific and Europe were also major markets for styrenics use in the medical sector in the historical period. Due to the rapid advancements in the medical sector and the increasing population, the industry is expected to be dominated by the Asia Pacific over the next few years. The growing infrastructure development is also expected to make the region of Asia Pacific a leading consumer on styrenic polymers.

Some of the major players within the industry are BASF SE (OTCMKTS: BASFY) and INEOS. In 2020, INEOS Styrolution announced the groundbreaking of its new 100 kt acrylonitrile styrene acrylate plant in Bayport, Texas. The plant is a part of the company’s planned expansion into the Americas, which also included the increase in capacity of acrylonitrile butadiene styrene in the company’s Altamira site in Mexico. Such capacity expansions by the leading players involved in the industry is expected to create a positive outlook for the market.

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Market Analysis by Type, End Use, and Region:

• By types, the market can be segmented into polystyrene, acrylonitrile butadiene, expanded polystyrene, styrene butadiene rubber, and unsaturated polyester resin, among others.

• The end uses for the product include automotive, specialty chemical, packaging, construction, wind energy, consumer goods, and marine accessories, among others.

• The regional markets include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The robust demand for styrenics from the medical industry is likely to boost the industry in the coming years.

• The rising infrastructural developments in developing economies are also expected to catalyse the industry growth in the forecast period.

• Increased demand from the end use sectors is propelling the market growth further.

• The rising adoption of wind energy is expected to influence the market growth positively.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for styrenics for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types, end-uses, and major regions of styrenics.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global styrenics market are Chevron Phillips Chemical Company LP, Trinseo S.A., Hanwha Group, Ineos Group, BASF SE, and NOVA Chemicals, Inc., 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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