The global styrene market is expected to reach USD 73.81 Billion by 2028, according to a new report by Reports and Data. The growth of the market is attributed to the increasing demand for styrene from the end-use industries.
Products made from styrene provides exceptional benefits such as high performance, toughness, simplicity of production, flexible design, and economy along with the offering of sanitation, hygiene, and safety features. For instance, styrene finds application in the strengthening of military armor, cushioning of bicycle helmets, making of wind power turbines, reduction of coal plant emissions, and improvement of components deployed in making automotive lightweight and fuel-efficient. Moreover, it allows the production of high-performance and economical recreational products, including boats and other watercraft.
SB (Styrene-butadiene) latex finds usage in several applications, such as coating in paper products like magazines, catalogs, flyers, and paperboard products to get improved printability, high gloss, and protection to oil and water. SB Latex increases the binding power of a pigment and makes the paper smoother, brighter, and stiffer. Additionally, it is very cost-effective as compared to other coating materials.
SB (Styrene-butadiene) rubber is a kind of synthetic that has improved processability, abrasion resistance, and heat resistance as compared to natural rubber. In terms of volume, it occupies the largest market share of synthetic rubber, and above 70.0% of it is consumed in the production of tires and related products. Thus, the growth of the automotive industry worldwide is likely to impact the market growth. Also, in comparison to polybutadiene rubber alone, this kind of synthetic rubber has better strength, abrasion resistance, and blend compatibility, and these characteristics can be enhanced with the use of additives.
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Key participants include Alpek SAB DE CV, Ashland Inc., Ineos Styrolution Group GmbH, Royal DSM, The Dow Chemical Company, LG Chem, Nova Chemicals Corporation, Bayer MaterialScience, Mitsubishi Chemicals, and Chevron Philips Chemical Company, among others.
Further key findings from the report suggest
- By application, polystyrene contributed to the largest market share in 2020 and is expected to witness a growth rate of 3.9% during the forecast period. Applications of polystyrene comprises of general household appliances, cases for CD/DVD, toys, cutlery, electronic housings, housewares, refrigerator liners, containers, and packaging, among others.
- By industry vertical, packaging industry dominated the market in 2020 and is likely to grow at a rate of 3.8% in the forecast period. Polystyrene finds extensive application in the packaging industry. Foam packaging peanuts for shipping, CD/DVD cases, food packaging, meat/poultry trays, and egg cartons are usually made with polystyrene to safeguard against spoilage or damage.
- By distribution channel, offline channels held a larger market in 2020.
- Europe, led by Western Europe, occupied the second-largest market share in 2020 and is estimated to grow at a rate of 3.7% during the forecast period. The high demand for styrene in the region is owing to the growth of the packaging and automotive. Besides, growing investments by market players in R&D of styrene solutions that are recycled and eco-friendly, is likely to drive the market demand in the region.
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For the purpose of this report, Reports and Data have segmented the global styrene market on the basis of application, industry vertical, distribution channel, and region:
Application Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Polystyrene
- Styrene Co-Polymers
- SB (Styrene-Butadiene) Latex
- SB (Styrene-Butadiene) Rubber
- Composites
- Others
Industry Vertical Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Packaging
- Construction
- Consumer Goods
- Automotive
- Electrical & Electronics
- Others
Distribution Channel Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Offline Channel
- Online Channel
Regional Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- North America
- U.S
- Europe
- U.K
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- MEA
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