Global Styrene Market Report and Forecast 2024-2032

Global Styrene Market Outlook

The global styrene market is expected to grow in the forecast period of 2024-2032 at a CAGR of 5%.

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Surging Use of Acrylonitrile Butadiene Styrene Boosting the Market Growth of Styrene

Acrylonitrile butadiene styrene is increasingly used as a displacement of polypropylene owing to its diverse properties and applications. It is extensively used in consumer electronics owing to its rigid, abrasive, and strain resistant properties. Moreover, it offers excellent surface quality as well as electrical insulating properties. This is also surging its use as an additive in the production of thermoplastics, which are used diversely, therefore augmenting the market growth. In addition, the market growth of styrene can be attributed to the growing use of acrylonitrile butadiene styrene plastic sheeting in various applications. It is used in the thriving automotive industry to reduce the overall weight of the vehicle while enhancing fuel efficiency.

Moreover, it also improves the durability of wheel covers, dashboards, and other body parts, owing to its low temperature resistance and high mechanical strength, hence bolstering the market growth of styrene. Styrene is also used as a raw material in plastic sheeting used for 3D printing as it offers low temperature melting point as well as durability. This, along with its cost-effectiveness, is increasing its use in prototyping in various industries ranging from cosmetics to machines. The heat and chemical resistant properties of styrene are increasing its application in various modern moulding techniques such as the plastic injection moulding process, consequently augmenting the market growth of styrene.

Styrene: Market Segmentation

Styrene is a derivative of benzene that is a colourless liquid with a sweet smell. It is used in the production of polystyrene, which is one of the crucial plastics used in diverse applications. Moreover, it is a lightweight, cost-effective, and easily transportable material that is used extensively in the construction industry and automotive industry.

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The major product types of styrene are:

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

The market can be broadly categorised on the basis of its end uses into:

• Packaging
• Construction
• Consumer Goods
• Automotive
• Others

The EMR report looks into the regional markets of styrene like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Demand for Bio-Styrene to Bolster the Growth of the Styrene Industry

The rising demand for biodegradable and sustainable products is leading to various research and development (R&D) to develop eco-friendly styrene products. This is increasing the use of starch and cellulose that can aid the degradation of styrene products, which is propelling the growth of the styrene industry. Moreover, increasing research to control the degradation rates of styrene is anticipated to augment the market growth. The leading companies are developing styrene, which can increase the shelf life of products used in packaging and consumer goods. For instance, Plastilite Corp. introduced Refoam, which is an environmentally friendly, oxo-biodegradable, and recyclable expanded polystyrene that can be used in diverse applications. In addition, several measures adopted by major companies to enhance the circular economy in the production of styrene by using recycled materials are projected to accelerate the market growth.

The surging use of polystyrene in various industries is further augmenting the market growth. It is extensively used in packaging food and beverages products to increase their shelf life, prevent damage, reducing the weight of the product, and preserving the texture, taste, and colour of products. Moreover, the affordable cost of polystyrene is increasing its demand among cost-conscious consumers, which is aiding the growth of the styrene industry. Styrene is also used in the construction industry to insulate walls, floors, and roofs, in buildings to improve their overall efficiency.  It is widely used in various consumer electronics, such as refrigerators, televisions, and coffee machines, among others, to enhance durability and functionality while providing an aesthetic appeal to the products, consequently providing further impetus to the industry growth.

Key Industry Players in the Global Styrene Market

The report presents a detailed analysis of the following key players in the global styrene market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Chevron Phillips Chemical Company
• Kumho Petrochemicals Ltd.
• Royal Dutch Shell plc
• INEOS Group
• LyondellBasell Industries Holdings B.V.
• BASF SE
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report

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