Styrenics Market Statistics - 2030
The global styrenics market size was valued at $76.6 billion in 2020, and is projected to reach $134.9 billion by 2030, with global styrenics market forecast expected at a CAGR of 5.9% from 2021 to 2030.
Styrene is an organic compound that evaporates easily and has a sweet smell with a precursor of several copolymers such as polystyrene, unsaturated polyester and others. Polystyrene is a synthetic aromatic hydrocarbon which is made from a monomer known as styrene. It can be solid or foamed, it possesses a poor barrier to oxygen and water vapor and has low melting point. It is most widely used in plastics. The rapid increase in population and income led to increase in demand of various products in automotive, construction, and food processing. The increase in demand of these products have directly driven the demand for styrenics market. Additionally, increase in awareness among the people regarding the greenhouse gas effect on environment due to the presence of variety of building raw materials have increased the demand for the styrenics market. Governments across the globe are promoting sustainable ways such as wind energy, which can reduce greenhouse emissions that are primarily due to use of fossil fuels and industrialization. In the application of wind energy, the equipment used such as wind blades need to possess various properties such as light weight, and good strength. 17% of the raw material used for production of wind turbines is plastic or resin. The increase in demand for energy and various national plans toward green energy is expected to create abundant opportunities in the styrenics industry. The increase in population and presence of surplus funds in family led to increase in the purchasing power of the consumers in the automotive sector. The increase in demand for various vehicles, especially in personal vehicle and industrial trucks, forklifts and others, have driven the styrenics market growth. Styrene is used as a raw material in the manufacturing of wheels, wheel cover, in car interiors, and as a shock absorber. In addition, increase in strict rules of various national agencies toward personal safety in the transport vehicles is one of the major driving factors for the growth of the styrenics market size. The environmental awareness among people has increased the demand for eco-friendly products such as e-cars, creating ample opportunities for the growth of styrenics market during the forecast period. Demand for styrenics in Asia-Pacific is increasing at a rapid rate due to rapidly increasing urbanization in the region. In addition, countries such as India, Australia, Japan, Korea, and Indonesia, have highly invested in developing infrastructure sectors such as transport, smart cities, and food storage.
In 2020, the American Conference of Governmental Industrial Hygienists announced a threshold limit values for styrene of 10 ppm TV-TWA and 20 ppm TLV-STEL. In addition to this, A3 carcinogen and ototoxicant notations were also adopted for styrene. In addition, several factors such as increasing environment and health concerns and limiting use of plastic material across the globe is expected to hamper the growth of the styrenics market throughout the forecast period. The pandemic also brought a negative impact on the automotive industry, construction, and consumer industry which led to decline in the demand for styrenics market growth for a short span of time.
The global styrenics market analysis is segmented on the basis of polymer type, application, and region.
On the basis of polymer type, the global styrenics market is segmented into polystyrene, styrene butadiene rubber, acrylonitrile butadiene styrene, unsaturated polyester resin and other types. The applications covered in the study include automotive, electrical and electronics, building and construction, packaging, consumer products and others.
By Polymer Type
Polystyrene is projected to create abundant $ opportunity till 2030
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America and Europe.
The major companies profiled in this report include BASF SE, Bayer Material Science, ENI S.P.A, Ineos Group AG, Royal DSM, Sabic, The Dow Chemical Company, Total SA, Repsol SA and Asahi Kasei Corporation.
By Application
Industrial is projected as the most lucrative segment.
As per styrenics market analysis, Asia-Pacific accounted for the largest share of the market in 2020, owing to increasing urbanization in the region.
In terms of polymer type, the polystyrene segment accounted for the largest market share in 2020, and is projected to grow at a CAGR of 6.5% from 2021 to 2030.
By application, automotive segment generated the largest revenue in 2020, and is expected to grow at a CAGR of 4.9%.
By Region
Europe holds a dominant position in 2020
Impact Of Covid-19 On The Global Styrenics Market
- Emergence of COVID-19 had a negative impact on the growth of the global styrenics market share for a short period.
- The shutdown of various industry production facilities led to decline in the demand for styrenics compounds in construction, household, and automotive sector.
- The outbreak of pandemic resulted in increase in demand for styrenics compounds in medical sector for production of medical equipment.
- Thus, the abovementioned factors are expected to limit the global styrenics market growth in current times.
Key Market Segments
By Polymer Type
- Polystyrene
- Styrene Butadiene Rubber
- Acrylonitrile Butadiene Styrene
- Unsaturated Polyester Resin
- Other types
By Application
- Automotive
- Electrical and Electronics
- Building and Construction
- Packaging
- Consumer products
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key players in the global styrenics market are:
- BASF SE
- Bayer Material Science
- ENI S.P.A
- Ineos Group AG
- Royal DSM
- Sabic
- The Dow Chemical Company
- Total SA
- Repsol SA
- Asahi Kasei Corporation
Styrenics Market Report Highlights
| Aspects | Details |
 By POLYMERTYPE |
|
 By APPLICATION |
|
 By Region |
|
 Key Market Players | Ineosgroup, BayersAG, THEDOWCHEMICALCOMPANY, SABIC, DSM, TotalSA, AsahiKaseiCorporation, BASFSE, EniS.P.A, RepsolSA |
Analyst Review
The global styrenics market is expected to witness increased demand during the forecast period due to rapidly growing automotive and packaging industry throughout the forecast period.
Several health and environmental concerns associated with styrenics based products are anticipated to hinder the growth of the styrenics market during the upcoming years. However, increasing demand for styrenics in the application of wind energy and increasing demand of styrenics in several end-use applications such as automotive parts and accessories, electrical and electronics, are some of the key factors expected to boost the demand for the styrenics market during the forecast period. In addition, rapidly increasing per capita income and high urbanization growth across the globe are expected to drive the global styrenics market demand during the forecast period.
The COVID-19 pandemic has negatively impacted the global styrenics market for a short span due to shutdown of various industry production facilities such as construction, household, and automotive sector leading to the decline in demand for styrenics compounds, thereby hampering the global styrenics market for a short span of time.
Moreover, companies are inheriting expansion strategies to boost the growth of the styrenics market throughout the forecast period.
Increase in demand of styrenics for renewable and sustainable energy equipments, increasing application of styrenics in automotive industry are the key factors driving the growth of styrenicss market
Major applications of styrenics include automotive, electrical and electronics, building & construction, packaging and consumer goods.
Companies are inheriting partnership and acquisition strategies to support the growth of the styrenics market throughout the forecast period.
Asia Pacific significantly will provide more business opportunities for styrenics market in coming years
Polystyrene segment accounted for largest styrenics market share.
BASF SE, Bayer Material Science, ENI S.P.A, Ineos Group AG, Royal DSM, Sabic, The Dow Chemical Company, Total SA, Repsol SA and Asahi Kasei Corporation
Rapid development of infrastructure in developing as well as developed regions are the key trends expected to create increased growth opportunities throughout the forecast period.
The expected market value of styrenics by 2028 is US$ 120.5 billion
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