Analysts at Ameco Research forecasts the global Styrene Market industry to increase at a CAGR of more than 4% throughout the forecast period, reaching a market size of more than USD 71,100 Million by 2028.
Styrene is frequently employed because it enables a diversity of goods to give several cost-effective benefits that are highly valued by consumers. Bicycle helmets, wind turbines, and military armor all use styrene-based products. Styrene is used to make latex, synthetic rubber, and polystyrene resins. Plastic packaging, disposable cups and containers, insulation, and other products are made with these resins. Some plants also make styrene naturally. The ethylbenzene (EB)-based technique is used to make around 90% of the styrene produced. Multiple vital products that are used every day contain styrene and styrene-based compounds.
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The growing need for polystyrene propels the growth of styrene market
Styrene is a versatile synthetic chemical that is utilized in the production of materials that are subsequently used to make a wide range of products in a variety of industries. Polystyrene is the most well-known of the styrene-based compounds, accounting for about 65 percent of all styrene utilized. Polystyrene can be found in a wide variety of common products, including packaging, toys, recreational equipment, consumer electronics, and safety helmets, to mention a few. The rise in the consumer electronics sector is likely to promote the growth of the styrene market over the forecast period. Additionally, the increased demand for general-purpose and high-impact polystyrene is expected to drive the styrene industry forward. The increased need for organizational services and consumer goods has fueled styrene demand.
The rising packaging and building industries have resulted in the growing demand for organization services and consumer goods, resulting in the increased need for styrene. Because of its qualities such as lightweight, toughness, flexibility, thermal efficacy, and moisture resistance, styrene is widely used in the packaging industry. Styrene is utilized in a variety of applications, including packaging, durables, electronics, and fragile medicinal items. However, prolonged exposure to styrene may cause certain harmful effects on the human body. Acute styrene inhalation can result in nose and throat discomfort, increased nasal discharge, wheezing, coughing, pulmonary edema, cardiac arrhythmias, and coma. Inhaling styrene can also cause CNS depression, which can manifest as headaches, nausea, vomiting, weakness, exhaustion, disorientation, and ataxia. As a result, governments are intending to take the appropriate steps to limit the use of styrene or promote the use of alternative products, which could slow the growth of the styrene market in the near future.
Global Styrene Market Segmentation
The global styrene market is segmented based on product type, end-users, and regions. The product type segment is further segmented into polystyrene, styrene butadiene rubber, acrylonitrile butadiene styrene (ABS), and others. The polystyrene segment conquered the majority of the share in 2020 and is likely to continue its trend during the forecast period 2021 – 2028. The most commonly used aromatic thermoplastic polymer is polystyrene (PS). Polystyrene is used in a variety of formats across sectors. It's a shapeless, translucent, and colorless thermoplastic that may be mixed with a variety of colorants, additives, and other plastics, making it extremely versatile. It's utilized in a wide range of consumer products that demand a hard, stiff material, as well as products that require clarity, like food packaging, household appliances, and laboratory gear.
The end-user segment is categorized into electrical and electronics, construction, consumer goods, packaging, automotive, and others. Based on end-user, the automotive segment is anticipated to grow with the fastest CAGR during the forecast period. The demand for styrene in the automotive industry is being driven by the increasing trend of adopting lightweight materials to improve overall vehicle fuel economy. Moreover, styrene butadiene is used in the manufacture of automobile tires.
The regional segmentation includes North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. The Asia-Pacific region generated the most revenue among them, owing to rapid industrialization, urbanization, and ongoing construction projects in the region. Furthermore, due to the presence of major key players, North America is expected to experience significant growth in the styrene market.
The styrene market is consolidated with a big number of players. The prominent players offered in the report include Alpek S.A.B. de C.V., Ashland Inc., Bayer Material Science, Chevron Philips Chemical Company, Ineos Styrolution Group GmbH, LG Chem, Mitsubishi Chemicals, Nova Chemicals Corporation, Royal DSM, and The Dow Chemical Company.
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