The new report by Expert Market Research titled, ‘Global Styrene Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global styrene market, assessing the market based on its segments like product types, end uses, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Forecast CAGR (2021-2026): 5%
The market for styrene is being aided by the extensive use of acrylonitrile butadiene styrene owing to its favourable properties. The use of acrylonitrile butadiene styrene in consumer electronics owing to its rigid, abrasive, and strain resistant properties is propelling the market growth. Moreover, the use of styrene as a raw material in thermoplastics with diverse uses is invigorating the growth of the styrene industry. Styrene is extensively used in various automobile parts to improve fuel efficiency and reduce the weight of the vehicle, consequently propelling the market growth. The increasing use of 3D printing in various industries for prototyping is further impetus to the market growth for styrene.
Industry Definition and Major Segments
Styrene is a synthetic chemical that is used as a raw material in rubbers and polymers. It is derived from petroleum and gas products and occurs naturally in several fruits and vegetables. Styrene has excellent properties such as high tensile strength, durability, low heating temperature, and electric resistivity, among others.
Based on product types, the market is divided into:
- Polystyrene
- Acrylonitrile Butadiene Styrene
- Styrene Acrylonitrile
- Styrene-Butadiene Rubber
- Others
The major end uses of styrene are:
- Packaging
- Construction
- Consumer Goods
- Automotive
- Others
The major regional markets of styrene are:
- Europe
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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Market Trends
The growth of the styrene industry is being driven by the wide use of polystyrene in various food packaging to enhance shelf life, reduce weight, and prevent damage. The cost-effectiveness of styrene is increasing its usage in various industries such as construction, automotive, and consumer goods which is expected to aid the market growth. Moreover, the rising demand for biodegradable and sustainable products is surging the use of bio-styrene which is projected to propel the market growth. Increasing research and development (R&D) activities by the leading companies to aid the circular economy is anticipated to augment the market growth of styrene in the forecast period.
Key Market Players
The major players in the market are Chevron Phillips Chemical Company, Kumho Petrochemicals Ltd., Royal Dutch Shell plc, INEOS Group, LyondellBasell Industries Holdings B.V., and BASF SE, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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