$52+ Billion Worldwide Styrene Industry to 2031 - Asia Pacific was the Largest Region in 2021 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--Sep 26, 2022--

The "Styrene Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global styrene market.

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 market is expected to grow to $62.81 billion in 2026 at a CAGR of 4.7%.

Companies Mentioned

• 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

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The styrene market consists of sales of styrene and related services used for making synthetic rubber, resins, and plastics and improving drying oils. 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. Styrene is a fragrant liquid used for making synthetic rubber, resins, and plastics and improving drying oils.

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 by offline and online distribution channels.

The Asia Pacific was the largest region in the styrene market in 2021. The regions covered in the styrene report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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, 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 rising in the 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 tonnes 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 usage 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, kidney, and stomach. Thus, the ill effect of styrene on health and the environment restricts 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 2019, Trinseo, a synthetic rubber manufacturer, joined Styrenic Circular Solutions, to drive the recycling of polystyrene, a product produced from styrene and is used in the manufacturing of tires, back into new styrene monomer in the future of the industry.

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

For more information about this report visit https://www.researchandmarkets.com/r/g9yl0i

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KEYWORD:

INDUSTRY KEYWORD: PACKAGING CHEMICALS/PLASTICS OTHER MANUFACTURING MANUFACTURING

SOURCE: Research and Markets

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