Styrene Market, 2030: Analysis, Trends, and Forecasts
According to ChemAnalyst report, “Styrene Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”. Styrene market witnessed a demand of around 16.46 million tons globally in 2020 and is anticipated to grow at a significant rate with a healthy CAGR of 3.84% until 2030 owing to its surging demand from the packaging industry.
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Styrene is a colorless to pale yellowish in color and is flammable, highly volatile, oily liquid with a pleasant smell. Styrene is a derivative of Benzene and produced commercially by the alkylation of Benzene with Ethylene where Ethylbenzene is produced as an intermediate which is further dehydrogenated to form the chemical compound. The compound can also be produced by another method via Ethylbenzene Hyperoxide, in which it is produced as a coproduct by reacting Propylene Oxide (PO) within POSM (Propylene Oxide/Styrene Monomer) units. Styrene finds application in manufacturing latex, synthetic rubbers and polystyrene resins which are further utilized in making insulations, disposable cutlery, food containers, pipes, plastic packaging material, automobile units, electronics parts, printing cartridges, etc.
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On the basis of the derivatives of Styrene, its market is segmented into several types such as Polystyrene (PS), Acrylonitrile-Butadiene-Styrene (ABS), Unsaturated Polyester Resins (UPR), Styrene-Butadiene Rubber (SBR), and Others. Polystyrene holds the major demand share of market, globally as Polystyrene is one of the most used thermoplastic resins prominently used in the packaging sector, Polystyrene is further classified into various types such as High Impact Polystyrene (HIPS), General Purpose Polystyrene (GPPS), Expandable Polystyrene (EPS), and Extruded Polystyrene (XPS) which are further utilized in numerous applications in major end use industries such as Packaging, Electronics, Building & Construction, Healthcare and Consumer goods. Surging demand for Polystyrene from the packaging industry is likely to drive the demand for the chemical compound in the forthcoming years.
Additionally, Acrylonitrile-Butadiene-Styrene (ABS), the other derivative of Styrene finds major applications in the Automotive, Construction, Electricals and Electronics, and Household industries. Similarly, Unsaturated Polyester Resins (UPR) and Styrene Butadiene Rubber are prominently utilized in automotive, construction, and Polymer industries. Hence, growth in any of these end-use industries is likely to fuel the market over the forecast period. However, the health and environmental hazards associated with Styrene may hamper its market growth in the forecast period.
The major end use industries of the chemical compound based on its applications are Automobile, Packaging, Construction, Consumer Goods, and Others. Among these Packaging holds the largest market share globally and is anticipated to remain the same in the forecast period.
The sudden outbreak of the COVID-19 virus in the first half of 2020, across the globe led to the imposition of nationwide lockdowns by the major economies. It resulted in the disruption in the functioning of several manufacturing plants as well as the interruption in the supply and demand chain which consequently impacted most of the industries. The market was also affected in the first wave of COVID-19 as automobile and construction industries were drastically affected in the first wave of COVID -19. However, overall industry was not much affected despite the pandemics as there was a surge in the demand for Styrene due to its prominent use in Packaging industry. Moreover, after the exemption of trade restriction and resumption in the operations of all the industries in the second half of 2020, an improvement was witnessed in the Styrene market as end use industries such as construction, consumer goods and Electricals and Electronics recovered rapidly and is expected to drive the demand for the chemical compound in the forthcoming years.
Region wise, Asia Pacific holds the maximum demand share of the Styrene market and is expected that its market would grow at a promising pace through 2030 owing to rapid industrialization, urbanization, and huge consumer base in the region coupled with the ongoing construction projects and growing automobile sector in the region. Additionally, China is the leading producer of electronics and consumer goods coupled with the second leading producer of packaging material, which is likely to fuel the market in the forecast period.
According to ChemAnalyst report, “Styrene Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”, Major players for Styrene globally are Chevron Phillips Chemical Company, Bayer Material science, Royal Dutch Shell plc., Ashland Inc, Nova Chemicals Corporation, SABIC Co., Ineos Group AG, Alpek S.A.B. de C.V., Hanwha Group, Eni S.p.A., and TotalEnergies S.A. among others
“Styrene is identified as a highly used chemical commodity, that is cost effective and easy to process. Styrene is also used to Polymerized, copolymerize or blend with other polymers to form products with superior properties like Polystyrene (PS), Styrene-butadiene rubber (SBR), Acrylonitrile butadiene styrene (ABS), Styrene-acrylonitrile resin, Styrene-acrylonitrile resin, poly(styrene-co-acrylonitrile), Unsaturated Polyester Resins etc. All these Polymers have improved properties such as heat and chemical resistance, high impact resistance, UV stability, abrasion resistance, durability, and superior dimensional stability which made them material of choice for a wide range of applications. Owing to these properties, a surge in the demand of these polymers is anticipated drive the market for Styrene through the forecast period and offer several opportunities for manufacturers to expand their capacities to fill demand and supply gap in future.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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