The new report by Expert Market Research titled, ‘Global Styrene Market Size, Share, Analysis, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the styrene market, assessing the market based on its segments like Product type, End use, and Regional markets among others.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Styrene Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 5%
Due to various properties and uses, acrylonitrile butadiene styrene is rapidly being utilised to replace polypropylene. With it’s stiff, abrasive, and strain-resistant qualities, it is widely utilised in consumer electronics. Additionally, it has outstanding surface quality and electrical insulating qualities. This is also boosting its use as an additive in the manufacture of thermoplastics, which are employed in a variety of applications, boosting market growth.
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Furthermore, the increased usage of acrylonitrile butadiene styrene plastic sheeting in numerous applications might be contributed to styrene market growth. It’s employed in the booming automobile sector to lower total vehicle weight while improving fuel economy. Due to its low temperature resistance and great mechanical strength, it also increases the endurance of wheel covers, dashboards, and other body pieces, boosting styrene’s market growth.
Because of its low temperature melting point and durability, styrene is also employed as a raw material in 3D printing plastic sheets. This, along with its low cost, is expanding its usage in prototyping across a wide range of sectors, from cosmetics to machinery. Styrene’s heat and chemical resistance are expanding its use in current moulding processes such as the plastic injection moulding process, resulting in increased market growth for the material.
Styrene Industry Definition and Major Segments
Styrene is a naturally occurring benzene derivative that is a sweet-smelling, water-soluble, colourless oily liquid, but aged samples may seem brownish. Latex, synthetic rubber, and polystyrene resins are all made from styrene. Polystyrene, a solid plastic with a variety of characteristics, may be made by chemically linking styrene. Polystyrene is used to make a wide range of consumer products, including foodservice containers, cushioning for packaging or transporting fragile electrical gadgets and objects, and insulation.
Plastic packaging, disposable cups, solvent and crosslinking agent in polyester resins with fibreglass, automobile interior and exterior components, tyres, Extruded Polystyrene (XPS) tubes and pipes, and building applications such as lighting and plumbing fixtures, insulation foam, bath and shower units, and panels, among others, are all made with styrene resins. Styrene is also often used as a binder in interior and exterior paints and coatings.
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On the basis of Product type, the styrene market is segmented into:
- Acrylonitrile Butadiene Styrene
- Styrene Acrylonitrile
- Styrene-Butadiene Rubber
Based on end uses, the styrene market is categorised into:
- Consumer Goods
The major regional markets of the styrene market are:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa regions
Styrene Market Trends
Polystyrene’s increasing application in a variety of sectors is fueling market expansion. It’s widely used in food and beverage packaging to extend shelf life, prevent breakage, reduce product weight, and maintain product texture, flavour, and colour.
Furthermore, polystyrene’s low cost is growing demand among budget-conscious customers, which is helping the styrene sector thrive. In the construction sector, styrene is used to insulate walls, floors, and roofs of buildings in order to increase their overall efficiency. It is widely utilised in consumer goods such as refrigerators, televisions, and coffee machines, among other things, to improve the durability and performance of the products while also adding aesthetic appeal, boosting the industry’s growth.
The increase in demand for biodegradable and sustainable goods has prompted several R&D projects to manufacture environmentally friendly styrene products. This is driving the styrene sector forward by expanding the usage of starch and cellulose, which can help in the decomposition of styrene products. Top corporations are developing styrene and its derivatives to extend the shelf life of other items used in packaging and consumer goods.
One such company, Plastilite Corp., has created Refoam, which is an eco- friendly, oxo-biodegradable, and recyclable expanded polystyrene that has a wide range of uses. Numerous large firms’ initiatives to improve the circular economy in the manufacture of styrene by employing recycled resources are also expected to boost the market growth.
Key Market Players
The major players in the market are Chevron Phillips Chemical Company, Kumho Petrochemicals Ltd., Royal Dutch Shell plc, INEOS Group, LyondellBasell Industries Holdings B.V., BASF SE, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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