The global styrene market size reached US$ 57.1 Billion in 2023. Looking forward, the market is projected to reach US$ 90.6 Billion by 2032, exhibiting a growth rate (CAGR) of 5.26% during 2023-2032. The increasing number of construction activities, favorable initiatives undertaken by numerous governing agencies, and the rising sales of ready-to-eat (RTE) food products represent some of the key factors driving the market.
Styrene, also known as vinylbenzene, ethenylbenzene, cinnamene, and phenylethylene, is a highly volatile, flammable, and colorless organic compound that easily evaporates. It is less dense than water and consequently insoluble in water. It is made by the alkylation of benzene with ethylene and employed as an intermediate in the synthesis of materials, which are utilized for ion exchange resins and producing other copolymers.
It is used in manufacturing synthetic rubbers, latex, and polystyrene resins and derivatives, such as polystyrene (PS), acrylonitrile-butadiene styrene (ABS), styrene-acrylonitrile (SAN), styrene-butadiene elastomers, styrene-butadiene rubber (SBR), and unsaturated polyester resin (UPS). As styrene-based materials offer unique characteristics like toughness, high performance, and versatile design, the demand for styrene is rising worldwide.
This, along with the growing demand for lightweight and luxury vehicles and significant growth in the automotive industry, is influencing the market positively. Apart from this, styrene is 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.
Furthermore, increasing sales of ready-to-eat (RTE) food products on account of hectic lifestyles and the expanding purchasing power of individuals are creating a positive outlook for the market. Besides this, as styrene is utilized in producing PS, which is further employed in the production of air conditioners, refrigerators, vacuum cleaners, microwaves, and ovens, its demand is escalating across the globe.
Styrene, also known as vinylbenzene, ethenylbenzene, cinnamene, and phenylethylene, is a highly volatile, flammable, and colorless organic compound that easily evaporates. It is less dense than water and consequently insoluble in water. It is made by the alkylation of benzene with ethylene and employed as an intermediate in the synthesis of materials, which are utilized for ion exchange resins and producing other copolymers.
It is used in manufacturing synthetic rubbers, latex, and polystyrene resins and derivatives, such as polystyrene (PS), acrylonitrile-butadiene styrene (ABS), styrene-acrylonitrile (SAN), styrene-butadiene elastomers, styrene-butadiene rubber (SBR), and unsaturated polyester resin (UPS). As styrene-based materials offer unique characteristics like toughness, high performance, and versatile design, the demand for styrene is rising worldwide.
Styrene Market Trends
There is an increase in the utilization of energy efficient insulation materials in the construction industry on account of the unique physical properties and the ability to conserve the energy of styrene. This, coupled with rapid urbanization and rising construction activities in residential and commercial areas, represent one of the major factors driving the demand for styrene around the world. Moreover, initiatives undertaken by governing agencies of numerous countries to promote the use of eco-friendly construction materials and reduce carbon footprints are favoring the market growth. In addition, styrene is employed in the manufacturing different components of a vehicle, such as tires, doors, window profiles, belts, and gaskets.This, along with the growing demand for lightweight and luxury vehicles and significant growth in the automotive industry, is influencing the market positively. Apart from this, styrene is 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.
Furthermore, increasing sales of ready-to-eat (RTE) food products on account of hectic lifestyles and the expanding purchasing power of individuals are creating a positive outlook for the market. Besides this, as styrene is utilized in producing PS, which is further employed in the production of air conditioners, refrigerators, vacuum cleaners, microwaves, and ovens, its demand is escalating across the globe.
Key Market Segmentation
This report provides an analysis of the key trends in each segment of the global styrene market, along with forecasts at the global, regional, and country level from 2024-2032. The report has categorized the market based on product type and end user.Product Type Insights:
- Polystyrene
- Acrylonitrile Butadiene Styrene
- Styrene Acrylonitrile
- Styrene-Butadiene Rubber
- Others
End User Insights:
- Packaging
- Construction
- Consumer Goods
- Automotive
- Others
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape
The report has also provided a comprehensive analysis of the competitive landscape in the global styrene market. Detailed profiles of all major companies have also been provided. Some of the companies covered include 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, and Trinseo. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.Key Questions Answered in This Report
- How has the global styrene market performed so far and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global styrene market?
- What are the key regional markets?
- Which countries represent the most attractive styrene markets?
- What is the breakup of the market based on the product type?
- What is the breakup of the market based on the end user?
- What is the competitive structure of the global styrene market?
- Who are the key players/companies in the global styrene market?
Table of Contents
1 Preface3 Executive Summary10 Value Chain Analysis12 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Styrene Market
6 Market Breakup by Product Type
7 Market Breakup by End User
8 Market Breakup by Region
9 Drivers, Restraints, and Opportunities
11 Porters Five Forces Analysis
13 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- 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.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 137 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 57.1 Billion |
| Forecasted Market Value ( USD | $ 90.6 Billion |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
