Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Styrene Market Outlook

The global styrene market is expected to grow in the forecast period of 2024-2032 at a CAGR of 5%.

Global Styrene Market

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Surging Use of Acrylonitrile Butadiene Styrene Boosting the Market Growth of Styrene

Acrylonitrile butadiene styrene is increasingly used as a displacement of polypropylene owing to its diverse properties and applications. It is extensively used in consumer electronics owing to its rigid, abrasive, and strain resistant properties. Moreover, it offers excellent surface quality as well as electrical insulating properties. This is also surging its use as an additive in the production of thermoplastics, which are used diversely, therefore augmenting the market growth. In addition, the market growth of styrene can be attributed to the growing use of acrylonitrile butadiene styrene plastic sheeting in various applications. It is used in the thriving automotive industry to reduce the overall weight of the vehicle while enhancing fuel efficiency.

Moreover, it also improves the durability of wheel covers, dashboards, and other body parts, owing to its low temperature resistance and high mechanical strength, hence bolstering the market growth of styrene. Styrene is also used as a raw material in plastic sheeting used for 3D printing as it offers low temperature melting point as well as durability. This, along with its cost-effectiveness, is increasing its use in prototyping in various industries ranging from cosmetics to machines. The heat and chemical resistant properties of styrene are increasing its application in various modern moulding techniques such as the plastic injection moulding process, consequently augmenting the market growth of styrene.

Styrene: Market Segmentation

Styrene is a derivative of benzene that is a colourless liquid with a sweet smell. It is used in the production of polystyrene, which is one of the crucial plastics used in diverse applications. Moreover, it is a lightweight, cost-effective, and easily transportable material that is used extensively in the construction industry and automotive industry.

Global Styrene Market by Segment

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The major product types of styrene are:

  • Polystyrene
  • Acrylonitrile Butadiene Styrene
  • Styrene Acrylonitrile
  • Styrene-Butadiene Rubber
  • Others

The market can be broadly categorised on the basis of its end uses into:

  • Packaging
  • Construction
  • Consumer Goods
  • Automotive
  • Others

The EMR report looks into the regional markets of styrene like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Global Styrene Market by Region

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Rising Demand for Bio-Styrene to Bolster the Growth of the Styrene Industry

The rising demand for biodegradable and sustainable products is leading to various research and development (R&D) to develop eco-friendly styrene products. This is increasing the use of starch and cellulose that can aid the degradation of styrene products, which is propelling the growth of the styrene industry. Moreover, increasing research to control the degradation rates of styrene is anticipated to augment the market growth. The leading companies are developing styrene, which can increase the shelf life of products used in packaging and consumer goods. For instance, Plastilite Corp. introduced Refoam, which is an environmentally friendly, oxo-biodegradable, and recyclable expanded polystyrene that can be used in diverse applications. In addition, several measures adopted by major companies to enhance the circular economy in the production of styrene by using recycled materials are projected to accelerate the market growth.

The surging use of polystyrene in various industries is further augmenting the market growth. It is extensively used in packaging food and beverages products to increase their shelf life, prevent damage, reducing the weight of the product, and preserving the texture, taste, and colour of products. Moreover, the affordable cost of polystyrene is increasing its demand among cost-conscious consumers, which is aiding the growth of the styrene industry. Styrene is also used in the construction industry to insulate walls, floors, and roofs, in buildings to improve their overall efficiency.  It is widely used in various consumer electronics, such as refrigerators, televisions, and coffee machines, among others, to enhance durability and functionality while providing an aesthetic appeal to the products, consequently providing further impetus to the industry growth.

Key Industry Players in the Global Styrene Market

The report presents a detailed analysis of the following key players in the global styrene market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • Chevron Phillips Chemical Company
  • Kumho Petrochemicals Ltd.
  • Royal Dutch Shell plc
  • INEOS Group
  • LyondellBasell Industries Holdings B.V.
  • BASF SE
  • Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product Type
  • End Use
  • Region
Breakup by Product Type
  • Polystyrene
  • Acrylonitrile Butadiene Styrene
  • Styrene Acrylonitrile
  • Styrene-Butadiene Rubber
  • Others
Breakup by End Use
  • Packaging
  • Construction
  • Consumer Goods
  • Automotive
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Chevron Phillips Chemical Company
  • Kumho Petrochemicals Ltd.
  • Royal Dutch Shell plc
  • INEOS Group
  • LyondellBasell Industries Holdings B.V.
  • BASF SE
  • Others
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Styrene Market Report Snapshots

Styrene Market Size

Styrene Market Growth

Styrene Companies

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

The global styrene market is projected to grow at a CAGR of 5% between 2024 and 2032.

The market is being driven by the growing use of acrylonitrile butadiene styrene owing to its favourable properties and the surging use of polystyrene in the construction and packaging industries.

The key trends of the market include the increasing research and development activities, and the rising demand for bio-based and sustainable styrene. 

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The leading product types of styrene in the market are polystyrene, acrylonitrile butadiene styrene, styrene acrylonitrile, and styrene-butadiene rubber, among others.

The significant end uses in the market are packaging, construction, consumer goods, and automotive, among others.

The key players in the global styrene market are Chevron Phillips Chemical Company, Kumho Petrochemicals Ltd., Royal Dutch Shell plc, INEOS Group, LyondellBasell Industries Holdings B.V., and BASF SE, among others.

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