Global Styrenics Market – Industry Trends and Forecast to 2029

Global Styrenics Market, By Polymers Type (Polystyrene (PS), Expanded Polystyrene (EPS), Acrylonitrile Butadiene Styrene (ABS), Styrene Butadiene Rubber (SBR), Unsaturated Polyester Resin (UPR), Other Polymers), Application (Building and Construction, Packaging, Automotive, Appliances, Marine Accessories, Wind Energy) – Industry Trends and Forecast to 2029

Styrenics Market Analysis and Size

The availability of a wide range of building raw materials has raised people's knowledge of the negative environmental effects that greenhouse gases have, which has increased demand for styrenics. Governments all around the world are supporting environmentally friendly practices that can cut greenhouse gas emissions, which are mostly brought on by the use of fossil fuels and industrialization, such wind energy.

Global styrenics market was valued at USD 81.50 billion in 2021 and is expected to reach USD 133.87 billion by 2029, registering a CAGR of 6.40% during the forecast period of 2022-2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Styrenics Market Scope and Segmentation

Market Definition

Styrene is basically an organic compound that generally evaporates easily and has a sweet smell with a precursor of several copolymers such as polystyrene, unsaturated polyester and others. Styrene, a monomer, is used to create polystyrene, an artificial aromatic hydrocarbon. It has a low melting point, a low barrier to oxygen and water vapor, and it can be solid or foamed. Plastics are where it is most frequently employed.

Styrenics Market Dynamics

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

Drivers

• High Demand for Styrenics

The styrenics market is expanding due to the growing demand for polystyrene. Through suspension polymerization, styrene is used to make polystyrene. A flexible plastic, polystyrene is used to make vacuum cleaners, stoves, microwaves, refrigerators, and air conditioners. Because it keeps food fresher for longer, polystyrene is widely used in the packaging sector. Polystyrene is in high demand in the automotive sector, where it is used to make energy-absorbing door panels, trim, car knobs, instrument panels, and sound-dampening foam. Thus, the strong demand for polystyrene has resulted in growth of the market.

The rapidly increasing urbanization will further propel the growth rate of styrenics market. Additionally, the growth in trade by air transportation will also drive market value growth. The expansion of the growing manufacturing, packaging and consumer goods industries are projected to bolster the growth of the market.

Opportunities

• Increment in Awareness and Product Development

Furthermore, increased environmental awareness amongst people further offers profitable opportunities to the market players in the forecast period of 2022 to 2029 as it has increased the demand for eco-friendly products such as e-cars. Additionally, the product development and innovation in styrenics application by key players will further expand the future growth of the styrenics market.

Restraints/Challenges

• Availability Of Competing Alternatives

The acceptance of other resins as substitute to UPR will hinder the market's expansion for these products.

• Negative Impact on Health and Environment

Styrene usage raises more health and environmental concerns, reducing its market. Plastics and other resins are primarily produced using styrene. Long-term exposure to styrene in humans is known to have effects on the central nervous system (CNS), including headache, fatigue, weakness, depression, CSN dysfunction, hearing loss, and peripheral neuropathy. Short-term exposure to styrene in humans is known to cause mucous membrane, eye irritation, and gastrointestinal effects. Styrene has an impact on the liver, blood, kidney, and stomach in animals when it is consumed orally. Styrene's negative effects on human health and the environment limit the market's expansion, which will pose a major challenge for the styrenics market growth rate.

This styrenics market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, 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 styrenics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Styrenics Market

The recent outbreak of coronavirus had a negative impact on the styrenics market. The demand for styrenic compounds in the construction, home, and automotive sectors decreased as a result of the closure of numerous industrial manufacturing plants. The pandemic epidemic led to an upsurge in the demand for styrenic compounds in the medical industry for the manufacture of medical equipment. Therefore, it is anticipated that the aforementioned reasons will currently restrain the expansion of the worldwide styrenics market.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Styrenics Market Scope

The styrenics market is segmented on the basis of polymers type and application. 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.

Polymers Type

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

 Application

• Building and Construction
• Packaging
• Automotive
• Appliances
• Marine Accessories
• Wind Energy

Styrenics Market Regional Analysis/Insights

The styrenics market is analyzed and market size insights and trends are provided by country, polymers type and application as referenced above.

The countries covered in the styrenics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the expansion of the packaging and automotive manufacturers within the region.

Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the increasing construction projects coupled with the numerous end-use enterprises such as building, packaging and customer products in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, 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 large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Styrenics Market Share Analysis

The styrenics 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 styrenics market.

Some of the major players operating in the styrenics market are

• Dupont (U.S.)
• SOLVAY (Belgium)
• DAIKIN (Japan)
• Dow (U.S.)
• Huntsman International LLC (U.S.)
• Bostik (France)
• H.B. Fuller Company (U.S.)
• Sika AG (Switzerland)
• Cardolite Corporation (U.S.)
• Kukdo Chemical Co., Ltd., (South Korea)
• BASF SE (Germany)
• Freudenberg SE (Germany)
• Covestro AG (Germany)
• LANXESS (Germany)
• Mitsui Chemicals Inc. (Japan)
• Wanhua (China)
• Arkema (France)
• Hexion (U.S.)
• Woodbridge (Canada)