Styrene Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Styrene Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for styrene is expected to grow at a CAGR of more than 5% during the forecast period. The major factor driving the growth of the market studied is the growing consumer electronics market. On the flipside, the decline in automotive is expected to hinder the growth of the market studied.

Key Highlights

• The polystyrene segment dominated the market with a significant share. This segment is expected to have a significant demand due to increasing applications of expanded polystyrene.
• Asia-Pacific dominated the market and is expected to continue its dominance during the forecast period.

Key Market TrendsPolystyrene Segment to Dominate the Market

• Polystyrene is a thermoplastic resin, which can be easily processed. It is used in numerous applications, such as packaging, electronics, housewares, toys, and disposables.
• Polystyrene (PS) is one of the multipurpose polymers available for a variety of applications. EPS has found numerous application areas across a wide range of industries due to its lightweight, rigidity, and thermal and acoustic insulating properties.
• The major trend driving the polystyrene (PS) market is the increasing popularity of recycled EPS products, which has helped the market recover from the setbacks posed by its disposal. Additionally, its cost-effectiveness and higher moisture resistance against its competitive plastics give the market an upper edge and hence increases demand
• Additionally, HIPS another type of polystyrene is used majorly in electronic and appliances applications, such as in computer housings, TV housings, and freezer and refrigerator liners appliances.
• Asia-Pacific is the largest consumer of high impact polystyrene. It also produces about half of the world HIPS. Such factors are boosting the demand for polystyrene across the globe

Asia-Pacific to dominate the Market

• Asia-Pacific dominated the market with a share and is likely to continue its dominance during the forecast period.
• Increasing packaging applications across the region followed by robust demand for electrical and electronics is boosting the styrene market.
• Industries such as food and beverage, cosmetics, and consumer goods are continuously seen innovating new products, increasing production, and resorting to attractive packaging materials in order to attract customers.
• China has the second-largest packaging industry in the world. The country is expected to witness a consistent growth during the forecast period, owing to the rise of customized packaging, increased demand for packaged consumerist goods, in the food segment
• This has been leading to robust growth in the demand for packaging, which is further creating a noticeable demand for styrene in the region.

Competitive Landscape

The market studied is partially fragmented among the top players. The key players include Chevron Phillips Chemical Company, INEOS AG, SABIC, Hanwha Group, and Royal Dutch Shell plc, among others

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Chevron Phillips Chemical Company
Covestro AG
Hanwha Group
INEOS Capital Limited
LyondellBasell Industries Holdings B.V.
Repsol
Royal Dutch Shell plc
SABIC
LG Chem

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.