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Styrene Global Market Report 2023

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    Report

  • 175 Pages
  • February 2023
  • Region: Global
  • The Business Research Company
  • ID: 5733831

Quick Summary:

Within the vast realm of commercial manufacturing, the global styrene market plays an instrumental role. Known for its synthesizing capabilities in producing synthetic rubber, resins, plastics, and enhancing drying oils, styrene has powerfully cemented its place in multiple industries. This versatility enables styrene to underpin numerous verticals from automotive to packaging.

Growth in the styrene market is largely fuelled by rising demand for polystyrene, a popular plastic widely used in manufacturing household appliances, packaging, and automotive components. However, market expansion is countered by health and environmental considerations around styrene usage. Interestingly, this scenario has spurred companies to invest in advanced recycling techniques, generating new sustainable opportunities. This comprehensive market research report encapsulates the dynamic styrene market, providing essential industry insights, regional shares, competitor analysis, and examination of emerging trends, enabling you to navigate the industry and stay ahead of the curve.

The global styrene market is expected to grow from $49.3 billion in 2021 to $52.28 billion in 2022 at a compound annual growth rate (CAGR) of 6.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The styrene market is expected to grow to $62.81 billion in 2026 at a CAGR of 4.7%.

The styrene market consists of the sales of styrene used for making synthetic rubber, resins, and plastics and improving drying oils. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Styrene is a colorless, gritty organic compound derived from benzene. Styrene is readily evaporated and is also used as a precursor to polystyrene and several other copolymers.

The Asia Pacific was the largest region in the styrene market in 2022. North America was the second-largest region in the styrene market. The regions covered in the styrene market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main types of styrene are acrylonitrile butadiene styrene, expanded polystyrene, and other types. Expanded polystyrene (EPS) is a rigid, tough, and lightweight thermoplastic product. EPS is good for the packaging and construction industries because of its lightweight, strong, and excellent thermal insulation properties. It is also segmented by application into automotive, construction, packaging, consumer goods, and others that are available through offline and online distribution channels.

The high demand for polystyrene drives the growth of the styrene market. Styrene is used to produce polystyrene through suspension polymerization. Polystyrene is a versatile plastic used for the manufacturing of refrigerators, air conditioners, ovens, microwaves, and vacuum cleaners. Polystyrene is majorly used in the packaging industry as it keeps food fresher for a longer duration. The demand for polystyrene is high in the automobile industry, where it is used in manufacturing car knobs, instrument panels, trim, energy-absorbing door panels, and sound-dampening foam. Thus, strong demand for polystyrene has resulted in a rise in demand. For instance, India and Iran are expected to lead the capacity expansion in the forecast period in order to cater to the demand. In India, Supreme Petrochem and LG Polymers India are expected to add 0.15 mtpa and 0.03 mtpa (million tons per annum) respectively. Thus, the rising demand for polystyrene and its derivatives positively drives the growth of the styrene market.

The increasing health and environmental concerns due to the use of styrene limits the demand for styrene. Styrene is primarily used in the production of plastics and other resins. Short-term exposure to styrene in humans is known to result in mucous membrane and eye irritation and gastrointestinal effects, whereas long-term exposure to styrene results in effects on the central nervous system (CNS), such as headache, fatigue, weakness, depression, CSN dysfunction, hearing loss, and peripheral neuropathy. In animals, oral exposure to styrene affects the liver, blood, kidneys, and stomach. Thus, the ill effects of styrene on health and the environment restrict the growth of the styrene market.

The companies in the styrene market are working towards developing techniques to recycle styrene. In order to increase the efficiency and popularity of styrene, companies are investing in developing methods to recycle styrene. In January 2022, Agilyx, a Norway-based chemical recycling firm and Toyo Styrene, a Japanese chemicals firm partnered and commenced the construction of Toyo Styrene Co Ltd polystyrene (PS) chemical recycling plant in Chiba, Japan. The plant will boast the per day capacity to recycle 10 tons of post-use polystyrene, a product produced from styrene and used in the manufacturing of tires, back into new styrene monomer for the future of the industry.

In October 2020, Shrieve Chemical Company, a US-based chemicals company acquired Styrene Business unit and other assets of CLP Chemicals for an undisclosed amount. The acquisition expands Shrieve’s products offering and enhances its customer service. CLP Chemicals is an American industrial chemical distributor.

The countries covered in the styrene market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The styrene market research report is one of a series of new reports that provides styrene market statistics, including styrene industry global market size, regional shares, competitors with a styrene market share, detailed styrene market segments, market trends and opportunities, and any further data you may need to thrive in the styrene industry. This styrene market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Major players in the styrene market are Alpek SAB DE CV, Ashland Inc, Ineos Group AG, Nova Chemicals Corporation, Bayer Material science, Chevron Phillips Chemical Company LLC, ENI S.p.A., INEOS Styrolution Holding Ltd., Saudi Basic Industries Corp. (SABIC), and Total S.A.



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Frequently Asked Questions about the Global Styrene Market

What is the estimated value of the Global Styrene Market?

The Global Styrene Market was estimated to be valued at $52.28 billion in 2022.

What is the growth rate of the Global Styrene Market?

The growth rate of the Global Styrene Market is 4.7%, with an estimated value of $62.81 billion by 2026.

What is the forecasted size of the Global Styrene Market?

The Global Styrene Market is estimated to be worth $62.81 billion by 2026.

Who are the key companies in the Global Styrene Market?

Key companies in the Global Styrene Market include Alpek SAB DE CV, Ashland Inc., Ineos Group AG, Nova Chemicals Corporation, Bayer Material science, Chevron Phillips Chemical Company LLC, ENI S.p.A.,, INEOS Styrolution Holding Ltd., Saudi Basic Industries Corp. (SABIC) and Total S.A..

Table of Contents

1. Executive Summary

2. Styrene Market Characteristics

3. Styrene Market - Macro Economic Scenario
3.1 COVID-19 Impact On Styrene Market
3.2 Ukraine-Russia War Impact On Styrene Market
3.3 Impact Of High Inflation On Styrene Market

4. Styrene Market Size And Growth
4.1. Global Styrene Historic Market, 2017 - 2022, $ Billion
4.1.1. Drivers Of The Market
4.1.2. Restraints On The Market
4.2. Global Styrene Forecast Market, 2022- 2027F, 2032F, $ Billion
4.2.1. Drivers Of The Market
4.2.2. Restraints On the Market

5. Styrene Market Segmentation
5.1. Global Styrene Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
  • Acrylonitrile butadiene styrene (ABS)
  • Expanded polystyrene (EPS)
  • Polystyrene (PS)
  • Other Types
5.2. Global Styrene Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
  • Automotive
  • Construction
  • Packaging consumer goods
  • Other Applications
5.3. Global Styrene Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
  • Offline
  • Online
6. Styrene Market Regional And Country Analysis
6.1. Global Styrene Market, Split By Region, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
6.2. Global Styrene Market, Split By Country, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

7. Asia-Pacific Styrene Market
7.1. Asia-Pacific Styrene Market Overview
7.2. Asia-Pacific Styrene Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
7.3. Asia-Pacific Styrene Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

8. China Styrene Market
8.1. China Styrene Market Overview
8.2. China Styrene Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F,$ Billion
8.3. China Styrene Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F,$ Billion

9. India Styrene Market
9.1. India Styrene Market Overview
9.2. India Styrene Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
9.3. India Styrene Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

10. Japan Styrene Market
10.1. Japan Styrene Market Overview
10.2. Japan Styrene Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
10.3. Japan Styrene Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

11. Australia Styrene Market
11.1. Australia Styrene Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
11.2. Australia Styrene Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

12. Indonesia Styrene Market
12.1. Indonesia Styrene Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
12.2. Indonesia Styrene Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

13. South Korea Styrene Market
13.1. South Korea Styrene Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
13.2. South Korea Styrene Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

14. Western Europe Styrene Market
14.1. Western Europe Styrene Market Overview
14.2. Western Europe Styrene Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
14.3. Western Europe Styrene Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

15. UK Styrene Market
15.1. UK Styrene Market Overview
15.2. UK Styrene Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
15.3. UK Styrene Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

16. Germany Styrene Market
16.1. Germany Styrene Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
16.2. Germany Styrene Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

17. France Styrene Market
17.4. France Styrene Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
17.5. France Styrene Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

18. Eastern Europe Styrene Market
18.1. Eastern Europe Styrene Market Overview
18.2. Eastern Europe Styrene Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
18.3. Eastern Europe Styrene Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

19. Russia Styrene Market
19.1. Russia Styrene Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
19.2. Russia Styrene Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

20. North America Styrene Market
20.1. North America Styrene Market Overview
20.2. North America Styrene Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
20.3. North America Styrene Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

21. USA Styrene Market
21.1. USA Styrene Market Overview
21.2. USA Styrene Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
21.3. USA Styrene Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

22. South America Styrene Market
22.1. South America Styrene Market Overview
22.2. South America Styrene Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
22.3. South America Styrene Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

23. Brazil Styrene Market
23.1. Brazil Styrene Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
23.2. Brazil Styrene Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

24. Middle East Styrene Market
24.1. Middle East Styrene Market Overview
24.2. Middle East Styrene Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
24.3. Middle East Styrene Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

25. Africa Styrene Market
25.1. Africa Styrene Market Overview
25.2. Africa Styrene Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
25.3. Africa Styrene Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

26. Styrene Market Competitive Landscape And Company Profiles
26.1. Styrene Market Competitive Landscape
26.2. Styrene Market Company Profiles
26.2.1. Alpek SAB DE CV
26.2.1.1. Overview
26.2.1.2. Products and Services
26.2.1.3. Strategy
26.2.1.4. Financial Performance
26.2.2. Ashland Inc
26.2.2.1. Overview
26.2.2.2. Products and Services
26.2.2.3. Strategy
26.2.2.4. Financial Performance
26.2.3. Ineos Group AG
26.2.3.1. Overview
26.2.3.2. Products and Services
26.2.3.3. Strategy
26.2.3.4. Financial Performance
26.2.4. Nova Chemicals Corporation
26.2.4.1. Overview
26.2.4.2. Products and Services
26.2.4.3. Strategy
26.2.4.4. Financial Performance
26.2.5. Bayer Material science
26.2.5.1. Overview
26.2.5.2. Products and Services
26.2.5.3. Strategy
26.2.5.4. Financial Performance

27. Key Mergers And Acquisitions In The Styrene Market

28. Styrene Market Trends And Strategies

29. Styrene Market Future Outlook and Potential Analysis

30. Appendix
30.1. Abbreviations
30.2. Currencies
30.3. Historic And Forecast Inflation Rates
30.4. Research Inquiries
30.5. About the Publisher
30.6. Copyright And Disclaimer

Executive Summary

Styrene Global Market Report 2023 provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on styrene market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

  • Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
  • Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
  • Assess the Russia - Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
  • Measure the impact of high global inflation on market growth.
  • Create regional and country strategies on the basis of local data and analysis.
  • Identify growth segments for investment.
  • Outperform competitors using forecast data and the drivers and trends shaping the market.
  • Understand customers based on the latest market shares.
  • Benchmark performance against key competitors.
  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Where is the largest and fastest growing market for styrene? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The styrene market global report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

Scope

Markets Covered

1) By Type: Acrylonitrile butadiene styrene (ABS); Expanded polystyrene (EPS); Other Types
2) By Application: Automotive; Construction; Packaging consumer goods; Other Applications
3) By Distribution Channel: Offline; Online

Companies Mentioned: Alpek SAB DE CV; Ashland Inc.; Ineos Group AG; Nova Chemicals Corporation; Bayer Material science

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Delivery format: PDF, Word and Excel Data Dashboard.

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Alpek SAB DE CV
  • Ashland Inc.
  • Ineos Group AG
  • Nova Chemicals Corporation
  • Bayer Material science
  • Chevron Phillips Chemical Company LLC
  • ENI S.p.A.,
  • INEOS Styrolution Holding Ltd.
  • Saudi Basic Industries Corp. (SABIC)
  • Total S.A.
  • The Dow Chemical Company
  • Styron LIC
  • Styrolution Group GmbH
  • Royal DSM,
  • DowDuPont
  • Covestro
  • Trinseo
  • DSM.

Methodology

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