Allied Market Research

2024

Styrene Market

Styrene Market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type and by End-user Industry : Global Opportunity Analysis and Industry Forecast, 2023-2032

MC : Renewable, Speciality and fine chemicals

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Author's: | Eswara Prasad
Publish Date:

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Styrene Market Analysis:

Styrene, also known as phenylethene, vinyl benzene, or ethenylbenzene, is an organic, colorless, oily compound and a benzene derivative. Styrene readily evaporates and acts as a precursor to polystyrene and several other copolymers. It occurs naturally in cinnamon, coffee beans, balsamic trees, and peanuts in small amounts, and is also found in coal tar. Numerous types of styrene products such as acrylonitrile butadiene styrene (ABS), expanded polystyrene (EPS), and polystyrene (PS) are used for a broad array of applications, including automobile, infrastructure, packaging, and consumer goods industries. The styrene industry is extremely diversified and includes various types of derivatives, each with a wide range of applications in different market sectors. Owing to this, a significant number of producers in the styrene market are engaged in the manufacturing of numerous styrene-based products for specific applications. The global styrene industry is expected to experience moderate growth over the next seven years.

Key drivers of styrene market

The global demand for styrene has been witnessing strong growth due to development of the packaging and construction industries, which has led to increase in demand for infrastructure facilities and consumer products, especially in developing countries. Owing to the accelerated industrialization and liberalization of developing economies, demand for consumer goods is growing. This leads to increased commercial activity. Furthermore, the overall global styrene manufacturing has shifted to developing markets, while developed industrialized areas such as Western Europe and the U.S. have dramatically decreased their production potential over the past few years. Surge in use of styrene in automotive sector and construction industry is expected to drive the growth of the global market.

Market Scenario: Opportunities and Challenges

Styrene is widely applicable across various industries such as packaging, electronics, housewares, toys, and disposables, which significantly contributes toward the growth of the market. In addition, rise in applications for packaging across the world accompanied by robust demand for electrical & electronics is boosting the market for styrene.  Increase in packaging applications coupled with surge in demand for electrical and electronics is expected to fuel the styrene market growth. However, increase in safety and environmental issues related to the usage of styrene and the adoption of other resins as a substitute for unsaturated polyester resin are likely to hamper the market growth. This is attributed to the fact that on prolonged exposure, styrene can be life-threatening, causing irritation to skin, lungs, breathing system, and nervous system. On the contrary, with the expansion of manufacturing facilities and an improvement in efficiency, various producers intend to create styrenic polymers in the immediate future, which is anticipated create remunerative opportunities for business growth.

COVID-19 scenario analysis

The global styrene market is expecting a slowdown, owing to the outbreak of COVID-19 pandemic. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, leading to predictions of a sharp slowdown in the output from automotive sector to construction sector. This pandemic situation is likely to slow down the world’s economic development. With the slowdown in the economic growth, the styrene market industry is anticipated to witness negative impacts.

Key benefits of the report

  • This study presents the analytical depiction of the global styrene industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global styrene market share.
  • The current market is quantitatively analyzed to highlight the market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed analysis depending on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the global styrene market research report

  • Which are the leading market players active in the global styrene market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the market?
  • What are the projections for the future that would help in taking further strategic steps?

Styrene Market Report Highlights

Aspects Details
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By Product Type
  • Polystyrene
  • Acrylonitrile Butadiene Styrene
  • Styrene Butadiene Rubber
  • Others
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By End-user Industry
  • Packaging
  • Construction
  • Consumer Goods
  • Automotive
  • Electrical & Electronics
  • Others
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By Region
  • North America  (US, Canada, Mexico)
  • Europe  (Germany, UK, France, Spain, Italy, rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, rest of LAMEA)
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Key Market Players

Styron LIC, Alpek SAB DE CV, Nova Chemicals Corporation, Bayer Materialscience, The Dow Chemical Company, Styrolution Group GmbH, Royal DSM, Ineos Group AG, Ashland Inc., Chevron Phillips Chemical Company

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Styrene Market

Global Opportunity Analysis and Industry Forecast, 2023-2032