Styrenics Market

Styrenics Market Size-(2023-2028)

Styrenics Market is projected to reach USD 171.74 billion by 2028, growing at a CAGR of 4.90% during the forecast period 2023-2028

Styrene polymers are manufactured by the catalysis of styrene monomers and other chemical compounds like acrylonitrile, and butadiene, The production of styrene-based derivatives is the growing trend in the market due to increasing applications in construction, packaging, home appliance, and automotive. Styrene is very volatile and when exposed it can be dangerous causing irritation to the eyes, and skin, respiratory system problems, dizziness, nervous system depression, etc. In the event of incomplete combustion, it produces carbon monoxide and emits dangerous fumes as it decomposes.

Styrenics Market Trends:

The major advantages of styrenes are cost-effective and high-performance levels, which is attributed to promoting the growth rate of the market. The increasing demand for styrenics may also be associated with increased growth in wind applications of unsaturated polyester resins. Styrenics are also widely used in the manufacture of plastic products. There has been an increase in the use of plastics in recent years around the world, which paved the way for styrene to enter the market.

Recent Developments in the Styrenics Market:

In January 2018, Mitsubishi Chemical Corporation began production of thermoplastic elastomer, a product that can be widely used in building materials, electronics, health-related products, food packaging, and automobiles.

Styrenics Market Drivers:

The rapid growth and expansion of several projects, such as metro projects, smart cities, and electrification on the railway line, have increased the consumption of styrene used in plastic products for these projects. These types of projects require a high-strength, quality chemical that acrylonitrile butadiene styrene (ABS) can provide. The increase in the manufacture and use of automotive applications has led to the demand for styrene products with which applications are designed and engineered. Styrene is used as one of the main and preferred alternative materials for metals and steels in order to reduce the weight of the vehicle which in turn increases the efficiency and performance of the vehicle. The total number of vehicles sold in 2020 was around 91 million units, compared to 88 million units in 2019. The automotive industry is expected to post good growth after recovering from the pandemic situation, in particular, due to the growing demand for electric vehicles. This will drive the market demand for styrenics during the forecast period. Higher demand for styrenics may also be associated with higher growth in wind applications for unsaturated polyester resins. Styrenics are also widely used in the manufacture of plastic products. There has been an increase in the use of plastics in recent years around the world, which paved the way for styrene to reach the market. Styrenics are also widely used in the manufacture of plastic products. There has been an increase in the use of plastics in recent years around the world, which paved the way for styrene to enter the market.

Styrenics Market Restraints:

Growing health and environmental concerns due to the use of styrene and the acceptance of other resins as a substitute for unsaturated polyester resin (UPR) have been identified as major constraints. Styrene-based polymers are not biodegradable and must be burned, which can increase the risk of explosion. These environmental and health concerns are the main restraints of the market.

Opportunities in the Styrenics Market:

At present, its impact on the market is relatively high. Emerging economies and product innovations are setting up growth opportunities for the market. The opportunities for key industry players lie in expanding their respective styrene production capacity and introducing new facilities in order to capture growing market demand. The development of new products and innovation in the application of styrenics should offer vast opportunities to market players.

Challenges in the Styrenics Market:

The production of styrene will cause significant chemical reactions that are hazardous to health and air quality, posing a threat to the environment as well as to workers working in such facilities. Therefore, it could represent a big challenge for the industry and the market players. Appropriate precautions and regulations must be followed, which is a long and enormous process.

STYRENICS MARKET REPORT COVERAGE:

Market Segmentation:

Styrenics Market By Type:

• Polystyrene
• Expanded Polystyrene
• Acrylonitrile Butadiene Styrene
• Styrene-Butadiene Rubber
• Unsaturated Polyester Resin

Polystyrene (PS) held the largest share in past few years. This can be attributed to the heavy use of polystyrene in key use industries such as construction, packaging, and consumer goods, etc. Polystyrene is also the most preferred type of resin due to its unique properties such as stiffness, brittleness, clarity, and strength.. Polystyrene also has excellent radiation resistance and good electrical properties, making it the most preferred resin in the market.

Styrenics Market By Application:

• Building & construction

• Packaging, Automotive

• Appliances

• Marine accessories

• Wind energy 

The building and construction segment held the largest market share of over 30% in 2020 due to the increased demand for styrene, especially polystyrene (PS). Polystyrene is mainly used in construction because it offers excellent insulating properties. The construction segment is on the rise today and has led to a strong demand for styrenics market.

Styrenics Market Regional Analysis:

The Styrenics Market Report includes the segmentation of Regions:

• North America 

• Europe 

• Asia Pacific

• Latin America 

• Middle East & Africa 

Asia-Pacific held the largest share of over 45% of the styrene market in 2020. The increase in the use of styrene in the APAC region may be associated with increased demand from national fronts and income levels in countries like China, India, and South Korea. Increase the industrial base of various end-use industries, such as automotive and building and construction. It is estimated that the demand for styrene polymers will increase in countries like Thailand, Japan and Malaysia due to the continued expansion of the automotive, wind and marine industries. Rising investments and product launches are majorly propelling the demand of the styrenics market in Asia Pacific.

North America is next to Asia pacific in leading the highest shares of the market. Following North America, Europe is expected to hold the dominant shares of the market. The rise of styrene products in Europe is due to the growing purchasing power of European consumers. North America and Europe are expected to show modest growth due to market saturation. Most of the market growth is expected to come from emerging regions owing to the growth of manufacturing, packaging and consumer goods industries, which present huge growth opportunities for industry players. Broad incentives are expected for market players to invest in the growth of new products and technological innovations.

Latin America and Middle East & Africa are expected to grow at higher rate during the forecast period.

Impact of COVID-19 on the Styrenics Market:

COVID-19 is a deadly disease that distracted the economy around the world. All the companies were completely shut down during the lockdown period. This resulted in slow growth rate of the styrenics market. However, the companies started to resume their activities by taking necessary precautions. This is likely to level up the growth rate of the styrenics market.

Styrenics Market Key Players:

•  Dow

• LANXESS

• The Goodyear Tire & Rubber Company

• NOVA Chemicals

• Versalis S.p.A.

• KUMHO PETROCHEMICAL

• Ashland.

• Trinseo S.A.

• Automatic Control Office

• FIBERPRO PTY LTD

• BASF SE

• SABIC

• SIBUR

• HIRSCH Servo AG

• ACH Foam Technologies, Inc.