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Report Overview

2024

Base Year

2018-2024

Historical Year

2025-2034

Forecast Year

Styrene Market

Styrene, alternatively known as cinnamene or ethenylbenzene, is a colorless liquid which evaporates quickly and has a sweet smell. It is insoluble in water and is naturally found in a variety of vegetables and fruits. It is a synthetic chemical that is used extensively in the production of fiberglass, plastic, automotive parts, rubber, and food containers, among others.

Global Supply/Demand Outlook

The global styrene market stood at a volume of around of 33,500 KT in the year 2023. The market is estimated to grow at a CAGR of 3.0% between 2025 and 2034 to reach a volume of about 43,625 KT by 2032. Polystyrene (PS), expandable polystyrene (EPS), and acrylonitrile-butadiene-styrene (ABS) resins, among other types, are the most significant segments driving styrene consumption. In 2023, these segments together made up nearly 75% of total styrene consumption. Polystyrene is a versatile plastic that has a wide range of applications, including packaging materials, disposable utensils, and consumer products. Its growing demand for various purposes supports the use of styrene. Some of the major application sectors for styrene include packaging, synthetic glycerin, construction, consumer goods, and automotive, among others. In the packaging industry, styrene is highly valued for its properties like lightweight, clarity, impact resistance, versatility, and thermal insulation.

The global capacity of styrene was about 43,500 KT in the year 2023. It is estimated to reach 51,000 by 2032. The plant capacity utilization of styrene remained 79% in 2023.

Regional Market Analysis

In terms of demand, the Asia Pacific region leads the market with an estimated 65% share. North America and Europe are the other significant markets. Within the Asia Pacific, the robust growth of the packaging sector, increasing demand for automotive components, and the growing investments in construction projects support the applications of styrene and add to its consumption. China and ASEAN countries are some of the significant regional markets.

Key Market Players

Shell plc is the world's leading producer of styrene. Shell produces a range of base chemicals, which include ethylene, aromatics, and intermediate chemicals like styrene monomer, solvents, ethylene glycol, and many more. The company holds approximately 6.8% of the global styrene capacity.

Other major manufacturers of styrene are China Petrochemical Corp, INEOS Group Ltd., Total Energies SE, LyondellBasell Industries N.V., Royal Dutch Shell plc, BASF SE, Chevron Phillips Chemical Company, Trinseo, SABIC, Covestro AG, LG Chem Ltd., and Repsol S.A.

Key Questions Answered in the Report:

  • What are the high-growth opportunities and markets for styrene by application and region?
  • What are the types of styrene available by region?
  • Which segments and regions are projected to grow at a faster pace and why in the styrene market?
  • What is the nameplate capacity of styrene by region from 2018 to 2032?
  • How does the plant capacity utilisation of styrene vary by region between 2018 and 2034?
  • Who are the major players in the styrene market by capacity and region?
  • What major plant shutdowns and expansions have occurred in the styrene market in the last year and the last quarter?
  • What major plant shutdowns and expansions are planned in the styrene market over the next year and quarters?
  • How did export and import dynamics of styrene vary by region in terms of value between 2018 and 2023?
  • How did export and import dynamics of styrene vary by region in terms of volume between 2018 and 2023?
  • What impacts have shutdowns, force majeure events, and plant closures had on demand and pricing of styrene?
  • What are the environmental considerations and regulatory impacts affecting the styrene market?
  • What technological innovations are having an impact on the production and application of styrene?
  • What are the key trends and innovations in the styrene market?
  • What are the challenges and opportunities faced by styrene manufacturers?
  • What are the potential risks and barriers to entry for new players in the styrene market?
  • What strategic investments and expansions have major players made in the styrene market?
  • How are geopolitical factors and international trade policies affecting the global styrene market?
  • What are the price trends for styrene, and how are they expected to change?
  • How does the supply chain of styrene operate, and what are its key components?

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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