[Online Quarterly Update] Styrene market witnessed a demand of 16.46 million tons in 2020 and is anticipated to grow at a healthy CAGR of 3.84% through the forecast period, 2030. It is a colorless to pale yellowish (after aging) in color and is highly volatile, flammable oily liquid with a sweet smell. Commercially, the majority of the Styrene is produced by the alkylation of Benzene with Ethylene. Ethylbenzene is formed as an intermediate which is further dehydrogenated to form Styrene. Another method for its production is via Ethylbenzene Hyperoxide, in which Styrene is produced as a coproduct by reacting Propylene Oxide (PO) within POSM (Propylene Oxide/Styrene Monomer) units. It is primarily used in manufacturing synthetic rubbers, latex, polystyrene resins which are further employed in making disposable cutlery, insulations, pipes, plastic packaging, automobile and electronics part, printing cartridges, containers, etc.
Based on its derivatives, the market is segmented into Polystyrene (PS), Acrylonitrile-Butadiene-Styrene (ABS), Unsaturated Polyester Resins (UPR), Styrene-Butadiene Rubber (SBR) and Others. PS is one of the most commonly used thermoplastic resins, which is further classified into types such as High Impact Polystyrene (HIPS), General Purpose Polystyrene (GPPS), Expandable Polystyrene (EPS) and Extruded Polystyrene (XPS). Surging demand for PS from the packaging industry is likely to drive the demand in the forthcoming years. Styrene and its derivatives find applications in various end-use industries such as Automobile, Packaging, Construction, Consumer Goods, and Others. Thereby, growth in these end-user industries is anticipated to boost the market over the forecast period. However, the health and environmental hazards associated with the chemical compound may hamper its market growth in the forecast period.
In the first half of 2020, the sudden outbreak of the COVID-19 pandemic, led to the imposition of nationwide lockdowns by the major economies to control the spread of virus. It resulted into slowdown in industrial operations due to raw material scarcity, labor shortage, etc. that subsequently impacted the growth of industries worldwide. The demand for Styrene also dipped as the construction and automobile sectors were drastically hit. Though its demand to make Polystyrene was increased due to the rise in e-commerce amid the covid crisis and PS is largely used in the packaging industry which helps the Styrene market to sustain and recovered easily amid pandemics. However, in the latter half of 2020, an improvement in the demand for Styrene is witnessed due to the speedy recovery in the automobile, construction and other end-use industries, thereby, driving the growth of the market over the forecast years.
Region wise, Asia Pacific accounted for the maximum share of the Styrene market, followed by North America. Due to rapid industrialization, urbanization, ongoing construction projects in the region, market is expected to boost through 2030. Moreover, China is a manufacturing hub of Consumer Goods, Electronics, and Plastics which is also likely to drive the market for Styrene over the forecast period.
The leading players of market are Chevron Phillips Chemical Company, Bayer Material science, Royal Dutch Shell plc., Ashland Inc, Nova Chemicals Corporation, SABIC Co., Ineos Group AG, Alpek S.A.B. de C.V., Hanwha Group, Eni S.p.A., and TotalEnergies S.A. among others.
Years Considered for this Report:
Historical Years: 2015 – 2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022 – 2030
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Objective of the Study:
• The primary objective of the study was to evaluate and forecast the Styrene capacity, production, demand, inventory, and demand–supply gap globally.
• To categorize Styrene demand based on End Use, Type, Region, and Distribution channel
• To identify major customers of Styrene globally.
• To evaluate and forecast Styrene pricing globally.
• To identify and profile major companies operating globally Styrene market.
• To identify major news, deals and expansion plans globally Styrene market.
To extract data for Global Styrene market, primary research surveys were conducted with Styrene manufacturers, suppliers, distributors, wholesalers and end users. While interviewing, the respondents were also inquired about their competitors. Through this technique, Chemanol’s was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, chemicals analyzed various end user segments and projected a positive outlook for Global Styrene market over the coming years.
ChemAnalyst calculated Styrene demand globally by analyzing the historical data and demand forecast which was carried out considering the Application industries growth. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers 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, distributors and policymakers. The report also provides useful insights about which market segments should be targeted over the coming years to strategize investments and capitalize on growth opportunities.
Report Scope:
In this report, the Global Styrene market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
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Attribute
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Details
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Market size volume in 2020
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16.46 million Tons
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Growth Rate
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CAGR of 3.84% from 2021 to 2030
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Base year for estimation
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2020
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Historic Data
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2015 – 2019
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Forecast period
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2021 – 2030
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Quantitative units
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Revenue in USD million/billion and CAGR from 2021 to 2030
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Report coverage
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Revenue forecast, demand & supply, competitive analysis, competitive landscape, growth factors, and trends
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Segments covered
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1. End Use: (Automobile, Packaging, Construction, Consumer Goods and Others)
2. Type: (Polystyrene (PS), Acrylonitrile-Butadiene-Styrene (ABS), Unsaturated Polyester Resins (UPR), Styrene-Butadiene Rubber (SBR) and Others)
3. Distribution Channel (Direct/Institutional Sales, Other Channel Sales)
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Regional scope
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North America; Europe; Asia Pacific; South America; Middle East & Africa
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Country scope
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United States; Mexico; Canada; China; India; Japan; South Korea; Taiwan; Singapore; Germany; Belgium; France; United Kingdom; Spain; Italy; Sweden; Austria; Saudi Arabia; Iran; South Africa; Brazil; Argentina
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Key companies profiled
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Chevron Phillips Chemical Company, Bayer Material science, Royal Dutch Shell plc., Ashland Inc, Nova Chemicals Corporation, SABIC Co., Ineos Group AG, Alpek S.A.B. de C.V., Hanwha Group, Eni S.p.A., and TotalEnergies S.A. among others
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Customization scope
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Free report customization with purchase. Addition or alteration to country, regional & segment scope.
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Pricing and purchase options
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Available Customizations:
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.
In case you can’t find what, you are looking for then please get in touch with our custom research team at sales@chemanalyst.com
