According to a new report published by Allied Market Research, titled, "Styrenics Market by Polymer Type and Application: Global Opportunity Analysis and Industry Forecast, 2020-2030," the global styrenics market was valued at $76.6 billion in 2020, and is projected to reach $134.9 billion by 2030 with expected styrenics market forecast at a CAGR of 5.9% from 2021 to 2030.
Rapidly increasing per capita income across the globe, especially in the developing countries such as India, Brazil, Indonesia, and others, has led to increase in the purchasing power of the people. This led to increase in demand for various consumer goods such as refrigerator, air conditioners, televisions, computers, and instrumental panels. In addition, increasing sales of disposable utensils such as foamed cups, plates, and bowls and other food packaging material has positively impacted the demand for styrenics market throughout the forecast period. In addition, packaging and automotive sector are two major prominent sectors that have witnessed growth in demand for styrenics in recent years and are also anticipated to further support the growth of global styrenics market during the forecast period.
The rapid development in electrical and electronic technology is expected to create increased opportunities for the styrenics market. The increase in demand of electrical goods is one of the prime reasons for the growth of styrenics market. China, being the manufacturing hub for electronics industry is also one of the major producers of styrene. The infrastructural development in developing countries has boosted demand for various electrical and electronic devices providing huge opportunity for the growth of styrenics market during the recent times. European countries have strict regulations toward limiting the use of products possessing high environment carbon emissions. Many countries in this region have also heavily invested in the green energy sector especially in wind energy and solar energy where styrene-based products are used for manufacturing of wind blades, and as binder & shock absorber in panels. In addition, Europe is also a hub for the automobile sector, which has the highest demand for styrenics, expected to possess high growth opportunities for the styrenics market throughout the forecast period.
However, several government initiatives toward limiting the use of plastic-based products and increase in health concerns coupled with low acceptance of resins such as unsaturated polyester resin, are some of the factors expected to hamper the sales of styrenics market during the forecast period.
On the basis of polymer type, the global styrenics market is segmented into polystyrene, styrene butadiene rubber, acrylonitrile butadiene styrene, unsaturated polyester resin and other types. The applications covered in the study include automotive, electrical and electronics, building and construction, packaging, consumer products and others. The polystyrene segment held the largest styrenics market revenue share in 2020, and is depicted to grow at a CAGR of 6.5%.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. As per global styrenics market analysis, Asia-Pacific accounted for the largest share of the market in 2020 and Asia-Pacific is also depicted to be the fastest growing region.
The major companies profiled in this report include BASF SE, Bayer Material Science, ENI S.P.A, Ineos Group AG, Royal DSM, Sabic, The Dow Chemical Company, Total SA, Repsol SA and Asahi Kasei Corporation.
Due to rapidly increasing demand of styrenics, key players are expanding their production capacities in order to meet relative market share across the globe. Additional growth strategies such as new product developments, partnership and acquisition strategies, are also adopted to attain key developments in the styrenics market trends.
Impact Of Covid-19 On The Global Styrenics Market
- Emergence of COVID-19 had a negative impact on the growth of the global styrenics market for a short period.
- The shutdown of various industry production facilities led to decline in demand for styrenics compounds in construction, household, and automotive sector.
- The outbreak of pandemic resulted in increase in demand for styrenics compounds in medical sector for production of medical equipment.
- Thus, the abovementioned factors are expected to limit the global styrenics market growth in current times.
Key findings of the study
- By region, the Asia-Pacific styrenics market is projected to grow at the highest CAGR of nearly 6.7%, in terms of revenue, during the forecast period.
- By polymer type, the polystyrene segment accounted for the largest market share in 2020.
- On the basis of application, the automotive segment accounted for the largest market share in 2020.