Styrene (also known as vinyl benzene, styrene monomer, phenylethylene, etc.) is an oily, transparent, and colorless to yellow liquid with a sweet odor. Styrene is a naturally occurring liquid material that is utilized to manufacture a variety of extremely strong, flexible, and lightweight items. The production of styrene and its different applications is an important part of the global economy, and it serves to improve people's lives by providing products that are more energy, cost, and performance efficient.Appliances and electronics, flooring, automotive components, insulation, packaging, medical devices, paper coatings, toys and consumer goods, and tires are all made with styrene-based polymers.

Market Dynamics

The use of polystyrene and expandable polystyrene drives the worldwide styrene market. The increasing use of polystyrene in countless industries is fueling market expansion. It's commonly used in food and beverage packaging to extend shelf life, prevent breakage, minimize product weight, and preserve texture, color, and flavor. Because of the rising packaging and building industries, as well as the growing need for organization services and consumer goods, styrene demand has been on the rise.

The abrupt outbreak of the COVID-19 pandemic in the first half of 2020 prompted major economies to impose nationwide lockdowns in order to contain the virus's spread. It resulted in a slowdown in industrial operations due to a lack of raw materials, labor shortages, and other factors, which hampered the growth of industries around the world. Styrene demand fell as the building and automobile industries were severely impacted.

Furthermore, polystyrene is increasingly used in vehicle sector, owing to its use in manufacturing of energy absorbing door panels, instrument panels, trim, sound dampening foam,and car knobsis expected to support the styrene market's expansion. During the study period, the styrene market is likely to be driven by growing end-use industries and increased expenditure on end-user application sectors such as automotive and construction.

Market Insights

Product type, end-users, and regions are the segmentation of the global styrene market. Polystyrene, styrene butadiene rubber, acrylonitrile butadiene styrene (ABS), and others are covered under the product type segment. Among them, the polystyrene segment accumulated the largest market share in 2020. Styrene is largely utilized in the manufacture of polystyrene, a well-known thermoplastic polymer with excellent formability. More than half of all styrene produced is used to generate polystyrene, according to estimates. About 20% of the rest is used to make elastomers, thermosetting resins, and polymer dispersions, 15% is used to make ABS and SAN copolymers, 10% is used to make expanded polystyrene (EPS), and the balance is used to make various copolymers and specialty designed materials.

Based on end-users the market is split into packaging, construction, consumer goods, automotive, electrical and electronics, and others. By end-users, the automotive segment generated the largest revenue in 2020. Acrylonitrile butadiene styrene is a thermoplastic resin used in the car and electronics industries. Polystyrene is used in many car elements, including knobs, instrument panels, trim, energy-absorbing door panels, and sound-dampening foam (solid and foam). In addition, foam polystyrene is widely found in child safety seats.

Styrene Market Regional Overview

The regional styrene market is segmented based on North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa (MEA). Among all the regions, the Asia-Pacific region dominated the global market due to the robust and growing food packaging industry and the growth of a disposable culture. India and China, as well as other developing countries in the region, are likely to be important contributors to the region's growth. The styrene market in North America is expected to rise significantly because of the presence of major important players. Furthermore, the rising adoption of styrene is expected to drive the styrene market in the region to new heights in the approaching years.

Global Styrene Market Segment Analysis

Market By Product Type

·         Acrylonitrile Butadiene Styrene (ABS)

·         Polystyrene

·         Styrene Butadiene Rubber

·         Others

Market By End-User

·         Construction

·         Packaging

·         Electrical and Electronics

·         Automotive

·         Consumer Goods

·         Others

Styrene Market Competitive Landscape

This section of the report identifies the market's major players. Alpek S.A.B. de C.V., Ashland Inc., Bayer Material Science, Chevron Philips Chemical Company, IneosStyrolution Group GmbH, LG Chem, Mitsubishi Chemicals, Nova Chemicals Corporation, Royal DSM, and The Dow Chemical Company are the key companies mentioned in the research.

Styrene Market Regional Overview