IMARC Group, a leading market research company, has recently releases report titled “Styrene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global styrene market trends, share, size and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the styrene market?

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What is styrene?

Styrene is an organic compound, which is also known as vinyl benzene. It is a colorless, oily liquid that belongs to the hydrocarbon family. Styrene is derived from petroleum and is commonly used in the production of various materials and products. Styrene is characterized by its sweet, pleasant odor and low boiling point, which makes it volatile at room temperature. It is highly flammable and poses certain health risks if not handled properly. Key features of styrene include its versatility and ease of polymerization. It can readily undergo polymerization to form polystyrene, a widely used plastic known for its rigid and lightweight properties. Styrene is also used as a precursor for the production of other important polymers, such as acrylonitrile-butadiene-styrene (ABS), styrene-butadiene rubber (SBR), and styrene-acrylic copolymers. Styrene finds its application in the plastic, automotive, and construction industries.

What are the growth prospects and trends in the styrene industry?

The growing demand for polystyrene in various industries, including packaging, construction, and consumer goods, represents one of the key factors influencing the market growth. Moreover, the significant expansion of the plastics industry, in which styrene is a key component, is acting as a major growth-inducing factor. The increasing construction activities and infrastructural development, particularly in emerging economies, is facilitating the demand for styrene-based materials for insulation and pipes is fueling the market growth. Styrene-based plastics offer lightweight properties, which is facilitating their demand in industries, such as automotive, aerospace, and packaging. This is contributing to the market growth significantly. In line with this, the automotive industry utilizes styrene for lightweighting, interior components, and exterior parts, which is leading the market toward growth.

Coupled with this, the rising demand for luxury vehicles and the significant expansion of the automotive industry, especially in the emerging economies, is contributing to the market growth. Styrene-based materials, such as polystyrene, can be recycled, which is propelling its utilization as a preferred environmentally friendly solution across industries, which, in turn, is driving the market growth. Besides this, several initiatives undertaken by governments of various countries promoting the use of eco-friendly construction materials, along with the enhanced focus on reducing carbon footprints are favoring the market growth. Technological advancements in polymerization technologies have improved the efficiency and cost-effectiveness of styrene production, which, in turn, is driving the market growth.

Moreover, styrene is extensively used in the packaging of milk, fruits, meat, and other packaged food items to prevent damage, extend shelf life, reduce product weight, and preserve product color, taste, and texture, and offer resistance to moisture. This is acting as another major growth-inducing factor. In addition to this, the increasing sales of ready to eat (RTE) food products is contributing to the market growth. This can primarily be attributed to the steadily expanding working population base and their hectic schedules. Other factors, such as extensive research and development (R&D) activities and rapid urbanization, are creating a positive outlook for the market across the globe.

Who are the key players operating in the industry?

The report covers the major market players including: 

• Alpek S.A.B. de C.V. (Alfa S.A.B. de C.V.)
• Ashland Global
• BASF SE
• Chevron Phillips Chemical Company LLC
• China Petrochemical Corporation
• Covestro AG
• Dow Inc.
• INEOS Group Limited
• Koninklijke DSM N.V.
• Kumho Petrochemical Co. Ltd.
• Mitsubishi Chemical Holdings Corporation
• Saudi Basic Industries Corporation (Saudi Arabian Oil Co.)
• Synthos
• TotalEnergies SE
• Trinseo

What is included in market segmentation?

The report has segmented the market into the following categories:

Product Type Insights:

• Polystyrene
• Acrylonitrile Butadiene Styrene
• Styrene Acrylonitrile
• Styrene-Butadiene Rubber
• Others

End User Insights:

• Packaging
• Construction
• Consumer Goods
• Automotive
• Others

Breakup by Region:

• North America 
• Europe 
• Asia Pacific 
• Latin America
• Middle East and Africa

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Key Highlights of the Report:                                                           

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• The Impact of COVID-19 on the Global Market
• Value Chain Analysis
• Structure of the Global Market
• Comprehensive mapping of the competitive landscape

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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