The Styrene Market is segmented by Type (Acrylonitrile butadiene styrene (ABS)), Styrene Butadiene Rubber (SBR), expanded polystyrene (EPS), and polystyrene (PS) and Others),by Application (Automotive, Construction, Packaging consumer goods and others.) and by Geography.
The Styrene Market is projected to reach a market size value of USD 73.81 Billion in 2028 from USD 53.11 Billion in 2020 at a CAGR of 9.3% during the forecast period of 2021-2028.
High Impact Polystyrene (HIPS) or Styrene is a chemical compound which is a flammable, colorless liquid commonly used in making latex, polystyrene resins and synthetic rubber. Styrene is a significant material in various industries because these resins are useful in the production of plastic packaging which is highly demandable in every industry, containers, insulation materials, disposable cups and other products.
The styrene market’s growth is mainly attributed to factors such as, companies’ wise business strategies of rearranging and planning their operations to also recovering from the negative impact brought about by the COVID-19 pandemic, and adjustment on working remotely due to lock downs and government restrictions. Other factors like, increasing demand for polystyrene, application of styrene in the automobile industry, high demand in the packaging industry, and versatility of polystyrene as a plastic.
There are challenges in the styrene market that seem to hinder its growth. These factors are, the increasing health hazards associated with the production and application of styrene, emergence of environmental concerns, and poses a risk to animals.
The Impact of COVID-19 on the Styrene Market
Several industries will have to adapt to the changes that will be imposed upon them by their governments and adopt strategic ways to elevate their game in the market. Containing the widespread of the virus is a difficult challenge to all of the countries because many sectors will have to compromise and deal with the effects in the most advantageous way possible. A solid pull back on the growth of the styrene market is the disruption of supply chain since manufacturing and distribution of key players or companies are being limited, if not, controlled by governments through imposing lock downs and halting travels across borders.
The real challenge lies in the disruption in raw materials supply because it is negatively affecting manufacturers since travel, transport of raw materials, and non-essential trade has been put off in many countries. This in turn affected production, causing fewer volume of product sales. Styrene suppliers have also experienced repercussion because imports and exports in almost all countries have been restricted. The lock downs have caused a delay in the operations and facility shutdowns became a real challenge that these key players needed to face. Some raw materials needed for the production can only actually be acquired through importing and suppliers in turn, were having a hard time exporting these supplies due to border restrictions and hold up.
Key Findings in the Styrene Market
Based on type, the styrene market is segmented into Acrylonitrile butadiene styrene (ABS), expanded polystyrene (EPS), and polystyrene (PS) and Others. In terms of application, it is further segmented into Automotive, Construction, Packaging consumer goods and others. The Polystyrene segment is expected to witness the highest growth during the forecast period. This is because polystyrene is widely available and used in consumer products and packaging like food containers, padding for fragile shipments as well as electronic devices, and for insulation. Styrene Butadiene Rubber (SBR) is another type of styrene which are commonly found in almost 50% of car tires. This segment is also projected to witness a significant growth owing to the increasing disposable income of consumers and the increasing demand in the automobile industry.
Regional Market Analysis
In terms of regional segmentation, Asia Pacific dominates the market because it is projected to have the largest growth accounted for in 2020 owing it to the increasing large-scale demand of styrene in the automotive industry. After Asia Pacific, Europe follows and North America being the second and third largest market. Asia Pacific, additionally, is expected to have a rapid CAGR and can be attributed to the growing industrial base, high demands of production from the major end user industries, promotions, support and initiatives from the government especially in developing countries like India and China.
Based on an extensive assessment, these major key players on the styrene market have a competitive landscape and utilizing key strategic developments to lead the industry over the past years until now. These companies are, Chevron Phillips Chemical Company LLC, INEOS AG, SABIC, Hanwha Group, Royal Dutch Shell plc, Total SA, ENI S.p.A, Alpek SAB DE CV, Ashland Inc, Ineos Group AG, Nova Chemicals Corporation, Bayer Material science, Ineos Styrolution Holding Ltd, The Dow Chemical Company Styron LIC, Styrolution Group GmbH, Royal DSM, DowDuPont, Covestro, Trinseo and DSM.
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• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
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Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2021 - 2028)
• Acrylonitrile butadiene styrene (ABS)
• Styrene Butadiene Rubber (SBR)
• Expanded polystyrene (EPS)
• Polystyrene (PS)
Application Analysis (Revenue, USD Million, 2021 - 2028)
• Packaging consumer goods
Region Analysis (Revenue, USD Million, 2020 – 2028)
• United States
• United Kingdom
• South Korea
• Saudi Arabia
• Rest of World
• United States Styrene Industry Research Report
• Europe Styrene Industry Research Report
• Asia Pacific Styrene Industry Research Report
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