Styrene Pricing Report

Styrene Prices December 2023

The price of styrene in Mexico for Q4 2023 reached 1169 USD/MT in December. The market price in Mexico was declined, and the market trend remained bullish with high to moderate demand for styrene.

The price of styrene in Japan for Q4 2023 reached 1046 USD/MT in December. The market in Japan witnessed a decline in prices owing to high supply of the product combined with weak demand.

The price of styrene in the Netherlands for Q4 2023 reached 1028 USD/MT in December. The market in the Netherlands witnessed decrease in styrene prices due to the surplus product supplies, weak demand, and declining regional uptake.

The price of styrene in Saudi Arabia for Q4 2023 reached 957 USD/MT in December. The market in Saudi Arabia was stable, with moderate supply of the product. However, the market price declined due to subdued buying appetite from customers, who perceived the product as overvalued and the market’s response to sufficient material availability and continuous supply from manufacturing units.

The price of styrene in Brazil for Q4 2023 reached 1176 USD/MT in December. The market in Brazil witnessed a downtrend due to balanced supply and demand dynamics, sluggish market fundamentals, and lacklustre market performance from the downstream derivatives enterprises.

Styrene Price Trend, Market Analysis, and News

IMARC’s newly published report, titled Styrene Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data, offers an in-depth analysis of styrene pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot prices at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of price trends across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing styrene price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Styrene Market Analysis

The global styrene market size reached US$ 7 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 12.3 Billion, at a projected CAGR of 6.40% during 2023-2032.

• The extensive use of styrene-based products in various end use industries including construction, packaging, electronics, and automotive represents one of the key factors influencing the growth of the market across the globe. Styrene is used in several household items such as rubber, plastic, food containers, accessories of smaller appliances, and many more. According to Statista, the global production of plastics reached a staggering 400.3 million metric tons in 2022. This marks an increase of about 1.6% from the previous year. Plastics production has soared since the 1950s which is likely to fuel the demand for styrene over the coming years.
• Packaging is the single largest usage in which styrene-containing resins, specifically foams, are employed as cushioning and fillers. The increasing demand for styrene in producing polysterene is driving the market growth. Polysterene is widely employed for packaging food, pharmaceutical, and electronics products owing to it protective and lightweight properties which is further fueling the demand for styrene. For instance, in August 2023, Amcor, a worldwide leader in producing and developing responsible packaging solutions announced that it has registered into an agreement to acquire Phoenix Flexibles, expanding Amcor’s capacity in the high growth Indian market.
• Styrene-based products like polystyrene foam are utilized for insulation in roofs, walls, and floors which is contributing to energy efficiency in buildings, thus boosting the growth of the market. According to the Construction Association, construction is a major contributor to the economy in the United States. There were more than 9,19,000 construction formations in the United States in the first quarter of 2023. The industry employees 8.0 million employees and create nearly dollar 2.1 trillion worth structures each year. Construction is one of the largest consumers for manufacturing mining and a variety of services.
• The growing automotive industry, along with the rising demand for styrene in manufacturing components such as car tyres, drive couplings, automotive parts, and mechanical rubber goods through styrene-butadiene rubber (SBR) is facilitating the growth of the market. For instance, in September 2023, Bridgestone, a worldwide leader in tyres and solutions, announced its first tyre manufacturing site to be verified as carbon neutral. The plant at Chakan in Pune, India was audited in May and June 2023 and was subsequently verified according to the international TAS 2060 standards for the year 2022 by leading global assurance partner, LRQA.

Styrene News

The report covers the latest developments, updates, and trends impacting the global styrene market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in styrene production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that shape the industry landscape.

Latest developments in the styrene industry:

• In November 2022, Chevron Philips Chemical Company LLC and Qatar Energy announced that they are proceeding with the construction of an $ 8.5 billion integrated polymers facility in orange TX likely to create more than 500 full time jobs and approximately 4500 construction jobs in generate an estimated $50 billion for the community in residual economic impacts.
• In April 2024, Ineos completed the acquisition of Naphtachimie, Gexaro and Appryl, which were a 50: 50 Joint Venture between Ineos and TotalEnergies in Southern France at Lavera.

Product Description

Styrene refers to an oily, colorless liquid that possesses a sweet smell which is an organic compound. The chemical formula for styrene is C8H8. It is a derivative of benzene and is an essential monomer in the production of polystyrene, a popular plastic material.

Styrene is extensively employed in the manufacturing of different products such as fiberglass, insulation, disposable cup, plastic packaging human goods due to the properties of styrene.

It is produced industrially from ethylene and benzene, and it polymerizes easily. It offers several advantages in manufacturing, but also needs to be handled with care due to health and safety concerns. Apart from these concerns, styrene's versatility, and key role in producing lightweight, durable, and cost-effective materials make it indispensable in modern manufacturing and consumer products.

Regional Coverage

The report provides a detailed analysis of the styrene market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the price trends.

Global Styrene Price

The report offers a holistic view of the global styrene pricing trends, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level.

Europe Styrene Price

The European region has experienced a decline in price trend owing to surplus of product supplies, weak demand, and declining regional uptake. The depreciation of feedstock benzene and ethylene prices, coupled with reduced crude oil prices, contributed to a decrease in production costs, which is leading to a decline in the price trend. No significant plant shutdown was reported during this period.

This analysis can be extended to include detailed styrene price information for a comprehensive list of countries.

North America Styrene Price

In North America, the styrene market has witnessed stability with moderate supply and demand due to the limited market off-take and reduced international demand, potentially causing price decreases. The price trend was primarily affected by adequate inventories and subdued local demand. Buyers across the globe are proceeding cautiously in their procurement strategies, while sellers actively explore profit taking opportunities during this phase through strategic short positions.

Specific data on styrene prices within the United States and Canada can also be provided.

Middle East and Africa Styrene Price

The styrene market in the Middle East and Africa (MEA) region experienced a decline in styrene prices during the fourth quarter of 2023. A decline in demand from the Asian market led to the market saturation, prompting A reassessment and reduction in product pricing. Furthermore, a slight download adjustment in new orders for the contributed to the overall decline.

In addition to region-wise data, information on styrene prices for countries can also be provided.

Aisa Pacific Styrene Price

The styrene pricing in the Asia Pacific region experienced a decline throughout the quarter owing to a surplus of product supplies, weak product demand and limited market uptake. A slight decrease in new orders from other Asian markets prompted market participants to reassess and lower prices. The continuous weakness in upstream crude oil prices and currency depreciation also affected the market fundamentals.

This analysis can be further extended to include detailed styrene prices for a comprehensive list of countries within the region.

Latin America Styrene Price

The styrene pricing in the Latin America region witnessed a declining trend with subdued prices reflecting decreasing interest from customers in the Latin American region for further investment in the product. This is primarily due to fragile and dwindling demand from downstream manufacturing sectors such as polystyrene (PS) and expanded polystyrene (EPS). An oversupply scenario has complicated market dynamics which is leading to ample inventories.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of styrene pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting styrene price volatility, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights, ensuring they remain at the forefront of the styrene industry.