The Global Styrene Market was valued at US$ 51.57 Billion in 2020 and is predictable to reach US$ 77.89 billion by 2030; growing at a CAGR of 4.2 % during the forecast period from 2021- 2030.
Styrene is referred as an organic compound that is a flammable liquid, colorless in appearance, has a sweet odor that is derived from benzene and is highly volatile in nature. Styrene is widely used for the manufacturing of plastics and rubber for a variety of products such as automobile parts, food containers, insulation piper, printing cartridges, and carpet backing.
The rising factor attributing to the demand for the styrene market is owing to the increase of consumer base in the electronics sector, automobile sector, and construction industry. Numerous disposable products can be derived from styrene owing to its advantages such as water resistance, thermal efficiency, and stability. Demand for high-impact polystyrene is also a major reason propelling the rise of the global styrene market during the forecast period. In addition, its usage in the manufacturing of car knobs, energy-absorbing door panels, instrument panels, and sound damping foam in the automobile industry is projected to bolster the revenue share for the styrene market.
Further, demand from the food packaging industry in huge quantities is also expected to grow at a notable rate during the forecast period owing to the readymade food items to be delivered across the world and consumer demands for packaged foods which makes the food fresh for a longer duration. In addition, personal care products also aim to furnish to the styrene market growth such as cotton pads, containers for beauty products, and disposable razors.
However, owing to environmental and health concerns from the continuous usage of styrene the demand for styrene is declining. Exposure to styrene resulted in eye irritation, headache, weakness, depression, fatigue, hearing loss, central nervous system dysfunction, and gastrointestinal effects. Such ill effectors factors on the health conditions of humans restrain the growth of the styrene market during the forecast period.
The Global Styrene Market is segmented by product type, end-user, and region. Based on product type, it is categorized into styrene-butadiene rubber, polystyrene, acrylonitrile butadiene styrene, expanded polystyrene, and others. By end-user, it bifurcates into construction, automotive, packaging, consumer goods, electricals & electronics, and others. Based on regional insights, the global styrene market is categorized into North America (US, Canada, Mexico, Rest of America), Asia Pacific (India, China, Rest of Asia Pacific), Europe (UK, Germany, Russia, Rest of Europe) and Rest of the world (Latin America and Middle East & Africa).
Asia Pacific region is dominating the market owing to the increasing packaging applications in the region among the electrical & electronics industry. Further food & beverage, consumer goods and cosmetics are also witnessing new products, rise in production and attractive packaging of the materials which are attracting the consumers thus augmenting the market growth of the styrene market.
Prominent players inducing the Global Styrene Market are SABIC, DSM, Bayer AG, Alpek S.A.B. de C.V., Synthos, BASF SE, Styrolution, China Petroleum & Chemical Corporation, Chevron Corporation, Total, Dow, NOVA Chemicals, Ashland, Trinseo, Covestro AG, Total Petrochemicals & Refining USA Inc., Versalis S.p.A., LG Chem, Mitsubishi Chemical Holdings Corporation, and Perlite Construction Co. among others.
Segmentation and Scope of the Global Styrene Market
Global Styrene Market is segmented by type, end-user, and region.
Rest of World
Middle East & Africa
Prominent players in the Global Styrene Market among other includes