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Styrene Market Overview
Styrene is a derivative of benzene and a precursor to polystyrene. It is vastly used for the production of plastics, resins, and elastomers, including polystyrene, acrylonitrile-butadiene styrene (ABS), styrene-acrylonitrile (SAN), styrene-butadiene elastomers, and styrene-butadiene rubber (SBR).
On the basis of application, the global market for the compound has been categorized into polystyrene, styrene-butadiene elastomer, latex, acrylonitrile-butadiene styrene resin, and others. The polystyrene category is expected to account for a significant share in the market. This can be attributed to the high-volume demand for polystyrene from a wide range of applications, including food packaging, automotive body parts, insulation, and home appliances. With the growth of end-use industries, such as packaging, construction, and automotive, in developing nations, including China, India, Brazil, and Thailand, the demand for polystyrene is expected to increase.
Geographically, the styrene market has been categorized into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East and Africa (MEA). A significant demand for styrene is expected to arise from the APAC region during the forecast period. This can be attributed to the rapid industrialization and growth of the construction, automotive, and textile industries, which are boosting the demand for the chemical in industrial applications.
Styrene Market Dynamics
The styrene market is majorly being driven by the increase in the demand for it from the packaging sector in various regions. The chemical is vastly used for the packaging of consumer goods, such as milk, fruits, and meat, and other packaged food items, since it offers resistance to moisture and is lightweight and flexible. With the growth in the cold storage sector, along with the increasing demand for ready-to-eat foods, the packaging industry is witnessing rapid expansion, which, in turn, is propelling the demand for styrene.
The demand for expanded polystyrene (EPS) is expected to increase in the North American and European regions. This is attributable to the increasing adoption of EPS in the packaging and construction industries, owing to its application in high-value and heavy product packaging, insulation panels for buildings, and packaging of food products. With the increasing need for building, renovation, and refurbishment activities in developed countries, the styrene market for styrene holds immense potential for growth in the coming years.
Styrene Market Competitive Landscape
Some of the leading players operating in the global styrene market are BASF SE, Nova Chemicals, LyondellBasell Industries N.V., Sinopec Qingdao Refining and Chemical Co. Ltd., The Dow Chemical Company, and LG Chem Ltd.
Segmentation of the Global Styrene Market
The report offers the size of the global styrene market for the period 2014–2030.
Market Segmentation by Application
Market Segmentation by End Use
Market Segmentation by Geography