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Allied Market Research

Styrene Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

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Feb 2021 | 36 Views
 
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Styrene Market Analysis 2020-2027:

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.

Market scope and structure analysis

Report Metric

Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value (USD)

  Segments covered

  Product Type, End User, and Region

  Regions covered

North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and the Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and the Rest of LAMEA)

  Companies covered

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

 

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 segments covered

Segment

Subsegment

  Product Type

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

  End-user Industry

  • Packaging
  • Construction
  • Consumer Goods
  • Automotive
  • Electrical & Electronics
  • Others

 

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 from 2019 to 2027 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?
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

  • Consistent, valuable, robust and actionable data & analysis that can easily be referenced for strategic business planning
  • Technologically sophisticated and reliable insights through well audited and veracious research methodology
  • Sovereign research proceeds that present a tangible depiction of marketplace


With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

Secondary research
We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic new articles, web-casts and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators and relevant press releases for market estimates and forecast


Primary research
Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develops analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth and forecasts


Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

  • Chief executives and VPs of leading corporations specific to industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investments and valuation experts Key opinion leaders (KOLs)


Analyst tools and models
AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
 
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