The India Styrene market has reached approximately 890 thousand tonnes in FY2023 and is expected to further grow at a steady CAGR of 5.37% by FY2032. Styrene is a colorless liquid with a pleasant scent that is highly volatile in nature. Styrene is employed as a precursor to many polymers such as Polystyrene, Expanded Polystyrene (EPS), Acrylonitrile Butadiene Styrene (ABS), Styrene Butadiene Rubber (SBR), and Unsaturated Polystyrene Rubber (UPR). Although, manufacturing of polystyrene is the largest application of styrene.
The market for styrene is primarily being driven by an increase in demand of polystyrene from the packaging industry across the nation. Due to its water-resistance, light weight, and flexibility, polystyrene is widely used to package consumer goods like dairy, vegetables, poultry, and other processed food items. The need for ready-to-eat meals and the rise of the cold storage industry is driving up demand for packaging materials, which is driving up demand for styrene. Expanded Polystyrene possess excellent thermal resistance and high compressive strength due to which it is used in beam and brick construction, underfloor heaters, and under concrete floor slabs, walls, roofs, and floors. Also, Acrylonitrile Butadiene Styrene, Styrene Butadiene Rubber, and Unsaturated Polystyrene Rubber finds applications in various industries like polymer processing, foam, automobile, footwear, plastic, building & construction, and others. Owing to rapid industrialization and increased funding by government towards development of public infrastructure like flyovers, bridges, metros, highways, the demand of polymers, plastics, paints & coatings is anticipated to rise which will most likely expand the styrene market. The Styrene market volume is estimated to reach approximately 1420 thousand tonnes by FY2032.
Based on the region, in the historic period of FY2015-FY2023, West India has been dominating the market accounts about 65% of the Styrene market in FY2023. Western states like Gujarat and Maharashtra have been the key consumer of styrene due to presence of leading industries of paints & coatings, packaging and automotives located in these regions. By FY2023, imports meet all of India's styrene requirement. Although India Oil Corporation Limited (IOCL), one of the biggest refineries for refining, transportation and marketing of petroleum products is aiming for a greenfield expansion at Panipat, Haryana, which is estimated to be operational by FY2027.
Based on end-use, the India Styrene market is segregated into Polystyrene, Expanded Polystyrene (EPS), Paints and Coatings, Acrylonitrile Butadiene Styrene (ABS), Styrene Butadiene Rubber (SBR), Unsaturated Polystyrene Rubber (UPR), and Others. Among these industries, the Polystyrene industry is dominating the Styrene market. In FY2023, this industry has captured roughly 38% of the global Styrene market. Polystyrene is classified into two kinds: General-Purpose Polystyrene (GPPS) and High-Impact Polystyrene (HIPS). GPPS finds application in the food & beverage sector for packaging materials, cutlery, spoons, cups, etc. HIPS is prominently employed in the electronic industry, shelves, kiosks, and more. Both the kinds are easy to thermoform, manufacture and are lightweight in nature.
Major exporting players fulfilling the Styrene demand in India are Shell Eastern Petroleum, Tricon Energy Inc., The Kuwait Styrene Company, Samsung C&T Corporation, and Others.
Years considered for this report:
Historical Period: FY2015-FY2022
Base Year: FY2022
Estimated Year: FY2023
Forecast Period: FY2024- FY2032
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Objective of the Study:
• To assess the demand-supply scenario of Styrene which covers production, demand and supply of Styrene market in India.
• To analyse and forecast the market size of Styrene in India.
• To classify and forecast India Styrene market based on end-use and regional distribution.
• To examine competitive developments such as expansions, green field projects/ brown field expansions. mergers & acquisitions, etc., of Styrene market in India.
To extract data for India Styrene market, primary research surveys were conducted with Styrene manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for India Styrene market over the coming years.
ChemAnalyst calculated Styrene demand in India by analyzing the historical data and demand forecast which was carried out considering the imports and domestic production coupled with demand from end user industry. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data / import data of Styrene to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Styrene manufacturers and other stakeholders
• Organizations, forums and alliances related to Styrene distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Styrene manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, India Styrene market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in FY2023
890 thousand tonnes
Market size Volume by FY2032
1420 thousand tonnes
Growth Rate
CAGR of 5.37% from FY2024 to FY2032
Base year for estimation
FY2024
Historic Data
FY2015 – FY2023
Forecast period
FY2025 – FY2032
Quantitative units
Demand in thousand tonnes and CAGR from FY2024 to FY2032
Report coverage
Industry Market Size, Capacity By Company, Capacity by Location, Operating Efficiency, Production by Company, Capacity by Technology, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade, Manufacturing Process, Policy and Regulatory Landscape,
Segments covered
By End-Use: [Polystyrene, Expanded Polystyrene (EPS), Paints and Coatings, Acrylonitrile Butadiene Styrene (ABS), Styrene Butadiene Rubber (SBR), Unsaturated Polystyrene Rubber (UPR), and Others]
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Market Data & Insights
Table of Content
1. Industry Market Size
It is an essential metric for market analysis, as it provides insights into the overall size and growth potential of Styrene market in terms of value and volume.
2. Capacity By Company
On our online platform, you can stay up to date with essential manufacturers and their current and future operation capacity on a practically real-time basis for Styrene.
3. Capacity By Location
To better understand the regional supply of Styrene by analyzing its manufacturers' location-based capacity.
4. Capacity By Technology
To better assess the manufacturing capacities with different technologies as well as understand which technology is more in demand.
5. Plant Operating Efficiency
To determine what percentage manufacturers are operating their plants or how much capacity is being currently used.
6. Production By Company [Quarterly Update]
Study the historical annual production of Styrene by the leading players and forecast how it will grow in the coming years.
7. Demand by End- Use [Quarterly Update]
Discover which end-user industry [Polystyrene, Expanded Polystyrene (EPS), Paints and Coatings, Acrylonitrile Butadiene Styrene (ABS), Styrene Butadiene Rubber (SBR), Unsaturated Polystyrene Rubber (UPR), and Others] are creating a market and the forecast for the growth of the Styrene market.
8. Demand by Region
Analyzing the change in demand of Styrene in different regions across India, i.e., Northern India, Southern India, Eastern India, Western India, that can direct you in mapping the regional demand.
9. Demand by Sales Channel (Direct and Indirect)
Multiple channels are used to sell Styrene. Our sales channel will help in analyzing whether distributors and dealers or direct sales make up most of the industry's sales.
10. Demand-Supply Gap
Determine the supply-demand gap to gain information about the trade surplus or deficiency of Styrene.
11. Company Share
Figure out what proportion of the market share of Styrene is currently held by leading players across India.
12. Country-wise Export
Get details about quantity of Styrene exported by major countries.
13. Country-wise Import
Get details about quantity of Styrene imported by major countries.
14. Manufacturing Process
Discover insights into the intricate manufacturing process of Styrene.
15. Policy and Regulatory Landscape
Gain a comprehensive understanding of the policy and regulatory landscape within the Styrene market.
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What is the India market size of Styrene in terms of volume in FY2023?
Ans:
The India market size of Styrene in terms of volume stands at approximately 890 thousand tonnes in FY2023.
Q2.
Which end-use industry is dominating the India Styrene market?
Ans:
The Polystyrene industry is dominating the styrene market in India with an estimated share of roughly 38% in FY2023.
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