Styrene Global Market Opportunities and Strategies to 2032

This report describes and explains the styrene market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global styrene market reached a value of nearly $39.65 billion in 2022, having declined at a compound annual growth rate (CAGR) of 0.2% since 2017. The market is expected to grow from $39.65 billion in 2022 to $50.44 billion in 2027 at a rate of 4.9%. The market is then expected to grow at a CAGR of 4.8% from 2027 and reach $63.73 billion in 2032.

Growth in the historic period resulted from strong economic growth in emerging markets, the growing demand for plastics, the increasing industrialization, and growth in the construction sector. Factors that negatively affected growth in the historic period were the COVID-19 pandemic, the increase in health concerns, and the volatile prices of raw materials.

Going forward, the growing tire manufacturing sector, rapid urbanization, and the increasing demand from chemical industries will drive the market. Factors that could hinder the growth of the styrene market in the future include the Russia-Ukraine War, the rising interest rates, reductions in free trade, the increasing government bans against plastics.

The styrene market is segmented by type into acrylonitrile butadiene styrene (ABS), expanded polystyrene (EPS), polystyrene (PS) and other types. The polystyrene (PS) market was the largest segment of the styrene market segmented by type, accounting for 51.5% of the total in 2022. Going forward, the acrylonitrile butadiene styrene (ABS) segment is expected to be the fastest growing segment in the styrene market segmented by type, at a CAGR of 5.2% during 2022-2027.

The styrene market is segmented by application into automotive, construction, packaging of consumer goods, and other applications. The packaging of consumer goods market was the largest segment of the styrene market segmented by application, accounting for 49.6% of the total in 2022. Going forward, the automotive segment is expected to be the fastest growing segment in the styrene market segmented by application, at a CAGR of 5.2% during 2022-2027.

The styrene market is segmented by distribution channel into offline and online. The offline market was the largest segment of the styrene market segmented by distribution channel, accounting for 93.3% of the total in 2022. Going forward, the online segment is expected to be the fastest growing segment in the styrene market segmented by distribution channel, at a CAGR of 5.2% during 2022-2027.

The Middle East was the largest region in the styrene market, accounting for 32.7% of the total in 2022. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the styrene market will be Africa and the Middle East where growth will be at CAGRs of 9.3% and 9.1% respectively. These will be followed by South America and Western Europe where the markets are expected to grow at CAGRs of 3.9% and 3.8% respectively.

The global styrene market is fairly fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 26.58% of the total market in 2022. INEOS Group was the largest competitor with 7.46% of the market, followed by Versalis SpA (Eni S.p.A.) with 4.18%, LG Chem Ltd with 3.21%, Alpek with 2.63%, Shell plc with 2.06%, Formosa Plastics Group with 2.03%, TotalEnergies with 1.53%, Chevron Phillips Chemical with 1.43%, Hanwha Total Petrochemical with 1.17% and Lotte Chemical with 0.87%.

The top opportunities in the styrene market segmented by type will arise in the polystyrene (PS) segment, which will gain $5.41 billion of global annual sales by 2027. The top opportunities in the styrene market segmented by application will arise in the packaging of consumer goods segment, which will gain $5.21 billion of global annual sales by 2027. The top opportunities in the styrene market segmented by distribution channel will arise in the offline segment, which will gain $10.02 billion of global annual sales by 2027. The styrene market size will gain the most in Germany at $1.19 billion.

Market-trend-based strategies for the styrene market include chemical recycling of styrene, new plant developments and investments, product innovations, the emergence of bio-attributed styrene solutions, development of highly efficient extraction units, and collaborations among styrene manufacturing companies.

Player-adopted strategies in the styrene market include focus on strategic partnerships and collaborations to expand geographical reach, focus on strengthening recycling capabilities across all functions, focus on expanding production capacities and improving existing facilities for safety and cost benefits, and focus on increasing investments for production and innovation for styrene and associated products.

To take advantage of the opportunities, the analyst recommends the styrene companies to focus on chemical recycling of styrene, focus on new plant developments and investments, focus on product innovations, focus on bio-attributed styrene solutions, focus on development of highly efficient extraction units, focus on fast-growing products types, expand in emerging markets, focus on strategic collaborations, focus on online distribution channels, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and focus on fast-growing applications.