Global Styrene Market to Reach US$ 90.6 Billion by 2032, Propelled by the Rising Product Adoption in Packaging Industry

March 28, 2023 | Chemical & Materials

The latest report by IMARC Group, titled “Styrene Market by Product Type (Polystyrene, Acrylonitrile Butadiene Styrene, Styrene Acrylonitrile, Styrene-Butadiene Rubber, and Others), End User (Packaging, Construction, Consumer Goods, Automotive, and Others), and Region 2024-2032,” finds that the global styrene market size reached US$ 57.1 Billion in 2023. Styrene, also known as ethenylbenzene, cinnamene, vinylbenzene, and phenylethylene, is a colorless, organic compound that is highly volatile, flammable, and insoluble in water. It is produced by alkylating benzene with ethylene and deployed as an intermediate in the synthesis of materials used for manufacturing other copolymers. It is also utilized in the manufacturing of latex, synthetic rubbers, and polystyrene resins and derivatives, such as polystyrene (PS), styrene-acrylonitrile (SAN), styrene-butadiene elastomers, acrylonitrile-butadiene-styrene (ABS), styrene-butadiene rubber (SBR), and unsaturated polyester resin (UPS). Nowadays, styrene is gaining immense traction across the globe due to its unique characteristics, such as toughness, high performance, and versatile design.

Global Styrene Market Trends:

The market is primarily driven by the rising adoption of styrene in the packaging industry due to the growing need for customized packaging solutions and the escalating demand for consumer goods across the globe. Styrene is widely utilized in the packaging of fruits, meat, milk, and other food items to decrease product weight, prevent damage, extend shelf life, preserve product color, taste, and texture, and provide resistance to moisture. In addition, the increasing construction activities in commercial and residential areas and the growing use of energy-efficient insulation materials in the construction industry are contributing to the market growth. Moreover, various government agencies are taking initiatives to encourage the use of eco-friendly materials and minimize carbon footprints which is escalating the demand for styrene, representing another major growth-inducing factor. Along with this, the significant expansion of the automotive sector surged the demand for styrene to produce several components of vehicles such as doors, window profiles, tires, belts, and gaskets which is providing a thrust to the market growth. Furthermore, extensive research and development (R&D) activities and mergers and acquisitions (M&A) among key market players are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 90.6 Billion by 2032, exhibiting a CAGR of 5.1% during the forecast period (2024-2032).

Market Summary:

  • Based on the product type, the market has been segregated into polystyrene, acrylonitrile butadiene styrene, styrene-acrylonitrile, styrene-butadiene rubber, and others. Among these, polystyrene holds the leading position in the market.
  • On the basis of the end user, the market has been categorized into packaging, construction, consumer goods, automotive, and others. Currently, packaging exhibits a clear dominance in the market.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Presently, Asia pacific represents the leading market.
  • The competitive landscape of the industry has also been examined in the report, with some of the key players being Alpek S.A.B. de C.V. (Alfa S.A.B. de C.V.), Ashland Global, BASF SE, Chevron Phillips Chemical Company LLC, China Petrochemical Corporation, Covestro AG, Dow Inc., INEOS Group Limited, Koninklijke DSM N.V., Kumho Petrochemical Co. Ltd., Mitsubishi Chemical Holdings Corporation, Saudi Basic Industries Corporation (Saudi Arabian Oil Co.), Synthos, TotalEnergies SE, and Trinseo.
     

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
 Product Type Covered Polystyrene, Acrylonitrile Butadiene Styrene, Styrene Acrylonitrile, Styrene-Butadiene Rubber, Others
End User Covered Packaging, Construction, Consumer Goods, Automotive, Others
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Alpek S.A.B. de C.V. (Alfa S.A.B. de C.V.), Ashland Global, BASF SE, Chevron Phillips Chemical Company LLC, China Petrochemical Corporation, Covestro AG, Dow Inc., INEOS Group Limited, Koninklijke DSM N.V., Kumho Petrochemical Co. Ltd., Mitsubishi Chemical Holdings Corporation, Saudi Basic Industries Corporation (Saudi Arabian Oil Co.), Synthos, TotalEnergies SE, and Trinseo.
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Global Styrene Market to Reach US$ 90.6 Billion by 2032, Propelled by the Rising Product Adoption in Packaging Industry
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