Global Styrenic Polymer Packaging Market – Industry Trends and Forecast to 2029

Global Styrenic Polymer Packaging Market, By Product (Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), Expanded Polystyrene (EPS), Unsaturated Polyester Resin (UPR), Styrene-Butadiene Rubber (SBR) Other Polymers), By Application (Building and construction, Automotive industry, Packaging, Medical, Electrical and electronics, Consumer goods and Others) – Industry Trends and Forecast to 2029

Market Analysis and Size

The styrenic polymers market is expected to grow over the forecast period because of its wide use in numerous end-use industries, including automotive, construction, consumer goods and packaging. Furthermore, the rising demand for lightweight materials in the consumer goods industry is anticipated to affect market growth positively. The increasing application scope of styrenic polymers in the manufacturing of medical devices and pharmaceutical packaging is likely to drive demand over the future period.        

Data Bridge Market Research analyses that the styrenic polymer packaging Market was valued at USD 5.53 billion in 2021 and is expected to reach USD 9.08 billion by 2029, registering a CAGR of 6.4 % during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.     

Market Definition

Styrenic polymers are economical plastics that contain many plastic products with styrene as their primary building block. Due to their amorphous structure, these polymers can be quickly processed well above their softening point and over a varied temperature range. Styrenic polymers do not have a different melting point than other partly crystalline polymers. Styrenic polymers allow faster processing of these polymers and high dimensional stability and outstanding mechanical properties.

Report Scope and Market Segmentation

Styrenic Polymer Packaging Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail below:

Drivers

• High growth in wind energy applications of UPR

There is a higher demand for wind energy applications of UPR and SBR. UPR is widely employed in the manufacture of wind blades, rotors, ventilators, and other wind energy components due to cost and performance advantages, indicating that the wind energy industry is growing rapidly.

• Increased SBR demand due to tire labeling regulations

Tire labeling regulations, being approved by different countries such as Germany, Japan, etc., have led to a global SBR demand, especially in the automobile industry.

Opportunities

Innovation in applications and products

• The growing usage of styrenic polymers in the production of medical devices such as IV fluid storage, blood bags, dialysis solutions, and tubings is likely to provide profitable prospects.
• Increased R&D by manufacturers to investigate more properties of styrenic polymers is expected to create new market possibilities over the forecast period.

Restraints/ Challenges

The high price of styrenic polymers compared to other thermoplastic materials is likely to restrain the market growth. Polystyrene and ABS are two primary materials that have a high price. For example, the average cost of ABS is approximately three times of the lowest-priced PVC. Because raw materials utilized in the manufacturing of styrenic polymers are generated from crude oil, the unpredictable price of crude oil due to the political scenario is predicted to stymie market growth..

This styrenic polymer packaging market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the styrenic polymer packaging market, contact Data Bridge Market Research for an Analyst Brief. Our team will help you make an informed market decision to achieve market growth.

COVID-19 Impact on Styrenic Polymer Packaging Market

The impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report is reflected in our analysis. The growth of styrenic polymer packaging is generally due to the companies reorganizing their operations and improving from the COVID-19 impact, which had formerly led to preventive containment measures involving social distancing, remote working and the closure of commercial activities that resulted in operational challenges.

Recent Development

• In March 2021, Ineos Styrolution dealt with its first styrenic polymers based on renewable styrene monomers.
• Styron LLC is developing innovative products such as STYRON C-TECH Polystyrene and technology CO2RE to match the surging requirement from end-user industries.
• In March 2021, Chevron made it to the headlines by striking an agreement to get Noble Midstream Partners and its affiliates aiming to widen their product portfolio to expand their customer base.

 Global Styrenic Polymer Packaging Market Scope

The styrenic polymer packaging market is segmented based on products and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Products

• Polystyrene (PS)
• Acrylonitrile Butadiene Styrene (ABS)
• Expanded Polystyrene (EPS)
• Unsaturated Polyester Resin (UPR)
• Styrene-Butadiene Rubber (SBR)
• Other Polymers

On the basis of product, the global styrenic polymer packaging market is segmented into Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), Expanded Polystyrene (EPS), Unsaturated Polyester Resin (UPR), Styrene-Butadiene Rubber (SBR) Other Polymers.

Application

• Building and construction
• Automotive industry
• Packaging
• Medical
• Electrical and electronics
• Consumer goods
• Others

On the basis of end-user, the global styrenic polymer packaging market is segmented into Building and construction, Automotive industry, Packaging, Medical, Electrical and electronics, Consumer goods and Others.

Styrenic Polymer Packaging Market Regional Analysis/Insights

The styrenic polymer packaging market is analysed and market size insights and trends are provided by country, products and end-user as referenced above.

The countries covered in the styrenic polymer packaging market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia and New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, United Arab Emirate, Saudi Arabia, Egypt, Israel, South Africa, Rest of Middle East and Africa.

Asia-Pacific is identified as the dominant market and the highest growth in the upcoming years among all the regional markets because of the rising demand for styrenic polymer for medical device production and the increasing SBR demand in the automobile industry.

North America is expected to witness modest growth due to a slowdown in the automobile manufacturing industry during the projected period.

The country section of the report also provides individual market impacting factors and changes in market regulation that affect the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends and porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to significant or scarce competition from local and domestic brands, the impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Styrenic Polymer Packaging Market Share Analysis

The styrenic polymer packaging market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to styrenic polymer packaging market.

Some of the major players operating in the styrenic polymer packaging market are:

• BASF SE (Germany)
• Lanxess A (Germany)
• SABIC (south Arabic)
• Dow (U.S)
• Chimei (Taiwan)
• LG Chem (South Korea)
• Chevron Philips Chemical Company (U.S)
• RocketReach.co (U.S)
• Versalis SpA (Italy)
• NOVA Chemicals Corporate (Canada)
• Synthos (Poland)
• INEOS Styrolution Group GmbH (Germany)
• PS Japan Corporation (U.S)
• Kraton Corporation (U.S)
• ELIX Polymers (Spain)
• Alpek S.A.B. de CV (Spain)

Research Methodology: Global Styrenic Polymer Packaging Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The stage includes the obtainment of market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop an inquiry to speak to our industry experts.