Styrene Market Size Worth USD 88.53 Billion in 2032 | Emergen Research

Vancouver, Jan. 03, 2024 (GLOBE NEWSWIRE) -- The global styrene market size was USD 54.02 Billion in 2022 and is expected to register a rapid revenue CAGR of 5.1% during the forecast period The global styrene market is experiencing robust growth, primarily driven by the increasing demand for styrene in the packaging industry and a growing need for environmentally friendly and lightweight products.

Styrene, a crystalline and colorless organic molecule derived from benzene, plays a crucial role in designing and producing packaging solutions. Polymers like Expanded Polystyrene (EPS) and Expanded Polypropylene (EPP), produced from styrene, are widely utilized in packaging due to their exceptional mechanical resistance, lightweight properties, shock absorption capabilities, and thermal insulation.

EPS is an excellent option for food packaging, ensuring the integrity of food goods by preventing the growth of harmful germs. On the other hand, EPP is ideal for Returnable Transit Packaging (RTP) solutions, offering flexibility, easy cleaning, and protection for various products. The customization options provided by both EPS and EPP, being convertible into foam-based materials with unique patterns, contribute significantly to their applications in diverse industries.

The consumer electronics sector is another key driver of styrene market revenue, with Acrylonitrile Butadiene Styrene (ABS) replacing Polypropylene (PP) in various applications. ABS, known for crafting lightweight and flexible electronics, finds applications in computer keyboards, printer parts, and electronic enclosures. Despite ABS's low electrical conductivity, fillers can be added to modify its conductivity, making it suitable for electronic devices.

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However, the rising adoption of bio-based plastics in the packaging industry poses a challenge to the styrene market. Polystyrene (PS), a commonly used plastic, contains toxic compounds like benzene and styrene, known as human neurotoxins and potential carcinogens. This has led to a shift towards more environmentally friendly options, such as bioplastics.

A notable trend in the styrene industry is the increasing application of styrene in the rubber sector, particularly in Styrene-Butadiene Rubber (SBR). SBR, a widely used synthetic rubber, offers strength, resilience to wear, and abrasion resistance. The incorporation of styrene enhances bonding and mixing properties, contributing to its versatility in various applications.

Product Type Insights:

The Acrylonitrile Butadiene Styrene (ABS) segment dominates the global styrene market, driven by its diverse applications across industries. ABS's strength, resilience, and heat resistance make it a preferred choice in luggage, pipe fittings, appliance housings, and interior car parts. Meanwhile, the Polystyrene (PS) segment is expected to register steady growth due to the rising use of PS in various applications, particularly in packaging and consumer goods.

Application Insights:

The packaging segment holds a significant revenue share in the global styrene market, fueled by the rising use of styrene in the food packaging industry. Styrene's presence in packaging materials, such as foam coffee cups, takeaway containers, and cutlery, has been prevalent for over fifty years. However, the construction segment is also poised for moderate growth, driven by the insulation and soundproofing benefits offered by Polystyrene (PS).

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End-Use Industry Insights:

The automotive segment is expected to witness the fastest revenue growth rate in the global styrene market. The durability of ABS makes it a preferred choice for various automotive components, including dashboards, wheel covers, and body parts. Additionally, the packaging segment is anticipated to maintain the largest revenue share, driven by the rising demand for ABS in cosmetic packaging, highlighting its recyclability and structural strength.

Regional Insights:

In 2022, the Asia Pacific emerged as the leader in the global styrene market, attributed to a burgeoning population, rapid industrialization, and ongoing building projects. China and India are the primary consumers of styrene in the region. The Europe market is expected to experience the fastest growth, fueled by the use of styrene in various end-use industrial applications. Germany and France lead in styrene production and consumption in Europe. In North America, the market is driven by the demand for sustainable and biodegradable products, with initiatives like LyondellBasell's + Low Carbon (LC) solutions contributing to eco-friendly styrene products.

Scope of Research

Major Companies and Competitive Landscape

• The global styrene market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective styrene solutions in the market. Some major players included in the global styrene market report are:

• Ashland
• DSM
• Mitsubishi Chemical Corporation
• NOVA Chemicals Corporate
• Alpek S.A.B. de C.V.
• Dow
• Covestro AG
• LG Chem
• Chevron Phillips Chemical Company LLC
• INEOS Styrolution Group GmbH
• Versalis S.p.A.
• TSRC
• Sinopec Corp
• Hanwha Group
• Shell Global
• SIBUR
• Formosa Chemicals & Fibre Corp
• LUKOIL
• SADAFCO
• LyondellBasell Industries Holdings B.V.

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Strategic Development

• On 4 December 2022, LG Chem introduced a new ABS product made from raw materials derived from plants. The first batch of this product will be sold to the American toy manufacturer Mattel. In response to increased requests for environmental, social, and governance activities across industries, the company announced its plans to expand its footprint in the eco-friendly plastic industry. LG Chem described the launch of new ABS product as a part of its long-term sustainability strategy to attain net zero emissions by 2050.
• On 9 March 2022, Repsol and Ravago signed an agreement to construct Morocco's largest polypropylene compounding plant to provide high-value materials specifically suited for the automobile industry. This factory will be situated in the Tangier free zone and have an annual production capacity of 18,500 tons to meet local customer requirements. As per the agreement, Ravago is going to produce compounds for the automobile industry, specifically Polyamide (PA), PC-ABS, and Polybutene Terephthalate (PBT).

For the purpose of this report, Emergen Research has segmented the global styrene market on the basis of distribution channel, product type, application, end-use industry, and region:

• Distribution Channel Outlook (Revenue, USD; 2019-2032)
  • Offline Channel
  • Online Channel
• Product Type Outlook (Revenue, USD; 2019-2032)
  • Polystyrene (PS)
  • Acrylonitrile Butadiene Styrene (ABS)
  • Styrene Acrylonitrile (SAN)
  • Styrene Butadiene Rubber (SBR)
  • Others
• Application Outlook (Revenue, USD; 2019-2032)
  • Packaging
  • Construction
  • Consumer Goods
  • Automotive
  • Others
• End-Use Industry Outlook (Revenue, USD; 2019-2032)
  • Plastics
  • Paints & Coatings
  • Packaging
  • Rubber
  • Automotive
  • Others
• Regional Outlook (Revenue, USD; 2019-2032)
  • North America

• • • U.S.
    • Canada
    • Mexico

• • Europe

• • • Germany
    • France
    • UK
    • Italy
    • Spain
    • Benelux
    • Rest of Europe

• • Asia Pacific

• • • China
    • India
    • Japan
    • South Korea
    • Rest of APAC

• • Latin America

• • • Brazil
    • Rest of LATAM

• • Middle East & Africa

• • • Saudi Arabia
    • UAE
    • South Africa
    • Turkey
    • Rest of Middle East & Africa

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