Expert Market Research’s new report titled, “Global Styrene Market Report and Forecast 2021-2026”, gives an in-depth analysis of the global styrene market, assessing the market based on its segments such as product types, end uses and major regions. . The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2016-2026)
- Forecast CAGR (2021-2026): 5%
The styrene market is aided by the extensive use of acrylonitrile butadiene styrene due to its favorable properties. The use of acrylonitrile butadiene styrene in consumer electronics due to its rigid, abrasive and deformation resistant properties is propelling the growth of the market. In addition, the use of styrene as a raw material in thermoplastics for various uses is driving the growth of the styrene industry. Styrene is widely used in various automotive parts to improve fuel efficiency and reduce vehicle weight, thereby propelling the growth of the market. The increasing use of 3D printing in various industries for prototyping is giving further impetus to the growth of the styrene market.
Industry definition and major segments
Styrene is a synthetic chemical used as a raw material in rubbers and polymers. It is derived from oil and gas products and is found naturally in several fruits and vegetables. Styrene has excellent properties such as high tensile strength, durability, low heating temperature, and electrical resistivity, among others.
On the basis of product types, the market is split into:
The main end uses of styrene are:
- Consumer goods
The main regional markets for styrene are:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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The growth of the styrene industry is driven by the wide use of polystyrene in various food packaging to improve shelf life, reduce weight and prevent damage. The profitability of styrene is increasing its usage in various industries such as construction, automotive, and consumer goods, which is expected to aid in the growth of the market. Additionally, growing demand for biodegradable and sustainable products is exploding the use of biostyrene which is expected to propel the growth of the market. Increase in research and development (R&D) activities of leading companies to help the circular economy is expected to increase the growth of the styrene market over the forecast period.
Note 2: As the novel coronavirus (COVID-19) continues to spread across the globe, our analysts are continuously monitoring the impact of this rapidly evolving situation on markets and consumer buying behaviors. Thus, our latest estimates and analysis on current market trends and forecasts will comprehensively reflect the effects of this emerging pandemic.
Main market players
Major market players include Chevron Phillips Chemical Company, Kumho Petrochemicals Ltd., Royal Dutch Shell plc, INEOS Group, LyondellBasell Industries Holdings BV, and BASF SE, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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