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Global Styrenics Market – Industry Trends and Forecast to 2031

Chemical and Materials

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Global Styrenics Market – Industry Trends and Forecast to 2031

  • Chemical and Materials
  • Upcoming Report
  • Jun 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Styrenics Market – Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 92.27 USD Billion
Diagram Market Size (Forecast Year) USD 151.56 USD Billion
Diagram CAGR %

Major Markets Players

  • DuPont
  • Solvay
  • Dow
  • Huntsman International LLC
  • Bostik

Global Styrenics Market, By Polymers Type (Polystyrene (PS), Expanded Polystyrene (EPS), Acrylonitrile Butadiene Styrene (ABS), Styrene Butadiene Rubber (SBR), Unsaturated Polyester Resin (UPR), and Other Polymers), Application (Building and Construction, Packaging, Automotive, Appliances, Marine Accessories, Electrical and Electronics, and Wind Energy) - Industry Trends and Forecast to 2031.

Styrenics Market

Styrenics Market Analysis and Size

The styrenics market is fuelled by advancements in technology and methods. The latest innovations are optimizing production processes and enhancing product performance, driving increased utilization across various industries. With a focus on sustainability and efficiency, the market is poised for substantial expansion, offering promising opportunities for stakeholders to capitalize on evolving consumer demands and market dynamics.

The global styrenics market size was valued at USD 92.27 billion in 2023, is projected to reach USD 151.56 billion by 2031, with a CAGR of 6.40% during the forecast period 2024 to 2031. 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.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Polymers Type (Polystyrene (PS), Expanded Polystyrene (EPS), Acrylonitrile Butadiene Styrene (ABS), Styrene Butadiene Rubber (SBR), Unsaturated Polyester Resin (UPR), and Other Polymers), Application (Building and Construction, Packaging, Automotive, Appliances, Marine Accessories, Electrical and Electronics, and Wind Energy)

Countries Covered

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, South Africa, Egypt, Israel, 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.

Market Players Covered

DuPont (U.S.), Solvay (Belgium), Dow (U.S.), Huntsman International LLC (U.S.), Bostik (France), H.B. Fuller Company (U.S.), Cardolite Corporation (U.S.), KUKDO CHEMICAL CO., LTD.  (South Korea), BASF SE (Germany), Covestro AG (Germany), LANXESS (Germany), Mitsui Chemicals India Pvt. Ltd. (Japan), Wanhua (China), Arkema (France), Hexion (U.S.)

Market Opportunities

  • Growing Demand in Packaging Industry
  • Growing Demand in Consumer Goods Manufacturing

Market Definition

Styrenics are a class of polymers derived from styrene, a clear, colorless liquid hydrocarbon. These polymers possess versatile properties, including rigidity, heat resistance, and ease of processing, making them valuable in various industries. Common styrenic materials include polystyrene (PS), acrylonitrile butadiene styrene (ABS), and styrene-butadiene rubber (SBR), utilized in packaging, construction, automotive, and consumer goods.

Styrenics Market Dynamics

Drivers

  • Growing Demand for Recycled Materials

The rising environmental consciousness and regulatory pressures have spurred a surge in demand for recycled styrenics, particularly in packaging. Companies prioritize sustainability, using recycled styrenics to align with eco-friendly consumer preferences. For instance, major beverage corporations have committed to increasing the use of recycled polystyrene in their packaging to reduce environmental impact, catalyzing market growth for recycled styrenics.

  • Growing Requirement in Automotive Sector

The automotive industry's evolution, embracing trends such as lightweighting, electric vehicles, and autonomous driving, propels the demand for styrenics. ABS and styrene-butadiene rubber, crucial in manufacturing interior trims, exterior body parts, and tires, witness increased utilization. For instance, lightweight ABS components contribute to fuel efficiency in electric vehicles, while durable styrene-butadiene rubber enhances tire performance, reflecting the pivotal role of styrenics in automotive advancements.

Opportunities

  • Growing Demand in Packaging Industry

The packaging industry's reliance on polystyrene for its lightweight, insulating, and protective qualities fuels the styrenics market. With the food and beverage sector being a major consumer, the demand for styrenics remains robust. For instance, polystyrene foam cups and containers are widely used for hot beverages due to their excellent insulating properties, driving market growth as consumer demand for convenience and quality packaging persists.

  • Growing Demand in Consumer Goods Manufacturing

Styrenics play a pivotal role in consumer goods manufacturing, offering versatility, durability, and cost-effectiveness. Demand for styrenics is fueled by consumer spending trends and product innovation across sectors such as electronics, appliances, toys, and household items. For instance, the production of lightweight, durable electronic casings and toy components heavily relies on styrenics, driving market growth in response to evolving consumer preferences and industry advancements.

 Restraints/Challenges

  • Volatility in Feedstock Prices

The styrenics market is vulnerable to volatile petrochemical feedstock prices, primarily tied to fluctuations in crude oil costs. These price instabilities disrupt production, impacting profit margins and pricing competitiveness. This instability poses a significant challenge to market sustainability, hindering growth prospects and stability within the industry.

  • Supply Chain Disruptions

Global supply chain disruptions, stemming from geopolitical tensions, natural disasters, or pandemics, can lead to shortages of raw materials and logistical challenges, directly impeding production and delivery schedules in the styrenics market. Such interruptions hinder market stability and exacerbate uncertainties, impacting the industry's ability to meet demand and maintain operational efficiency.

This 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 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.

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.

Recent Development

  • In June 2023, Styrenics Circular Solutions (SCS) proposed a pioneering technology for recycled polystyrene, designed for safe use in food contact applications. The innovation involves employing recycled polystyrene (rPS) within an ABA structure, featuring a functional barrier to ensure safety and compliance with regulations governing food packaging materials
  • In October 2022, Arkema introduced new recyclable high-performance polyamides as part of its Virtucycle program. These polymers, including Rilsan Polyamide 11, Rilsamid Polyamide 12, and Pebax, are produced at specialized facilities in Italy. The initiative underscores Arkema's commitment to sustainability by offering recyclable alternatives for various industrial applications
  • In November 2021, Asahi Kasei embarked on a collaboration with Shell Eastern Petroleum to supply butadiene derived from plastic waste and biomass. This partnership aims to produce sustainable solution-polymerized styrene-butadiene rubber (S-SBR) using butadiene from renewable sources at Asahi Kasei's Singapore plant, making significant strides in environmental responsibility and circular economy practices
  • In November 2021, Trinseo, a U.S.-based engineered materials manufacturer, initiated discussions regarding the potential divestiture of its styrenics assets. This strategic move involves exploring the sale of Trinseo's Feedstocks and Polystyrene businesses, along with its stake in the Americas Styrenics joint venture, aligning with the company's refocused business objectives and market dynamics

Styrenics Market Scope

The market is segmented on the basis of polymers type and application. The growth amongst these segments will help you analyse 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

Application

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

Styrenics Market Regional Analysis/Insights

The market is analysed and market size insights and trends are provided by polymers type and application industry as referenced above.

The countries covered in the 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, South Africa, Egypt, Israel, 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 is expected to dominate the styrenics market in terms of both market share and revenue, maintaining its stronghold throughout the forecast period. This dominance is fueled by the growth of packaging and automotive industries, driving market expansion within the region.

Asia-Pacific is estimated to show lucrative growth in the styrenics market over the forecast period. This is attributed to increasing construction projects and the presence of numerous end-use enterprises such as building, styrene sheets, packaging, and consumer products in the region, driving demand for styrenics-based materials.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as 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 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 market.

Some of the major players operating in the market are:

  • DuPont (U.S.)
  • Solvay (Belgium)
  • Dow (U.S.)
  • Huntsman International LLC (U.S.)
  • Bostik (France)
  • H.B. Fuller Company (U.S.)
  • Cardolite Corporation (U.S.)
  • KUKDO CHEMICAL CO., LTD.  (South Korea)
  • BASF SE (Germany)
  • Covestro AG (Germany)
  • LANXESS (Germany)
  • Mitsui Chemicals India Pvt. Ltd. (Japan)
  • Wanhua (China)
  • Arkema (France)
  • Hexion (U.S.)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed 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. 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 in an inquiry to speak to our industry experts.

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FREQUENTLY ASK QUESTIONS

The Styrenics Market size will be worth USD 151.56 billion by 2031.
The Styrenics Market growth rate will be 6.40% by 2031.
Growing Demand for Recycled Materials and Growing Requirement in the Automotive Sector are the growth drivers of the Styrenics Market.
The polymers type and application are the factors on which the Styrenics Market research is based.
The major companies in the Styrenics Market are DuPont (U.S.), Solvay (Belgium), Dow (U.S.), Huntsman International LLC (U.S.), Bostik (France), H.B. Fuller Company (U.S.), Cardolite Corporation (U.S.), KUKDO CHEMICAL CO., LTD. (South Korea), BASF SE (Germany), Covestro AG (Germany), LANXESS (Germany), Mitsui Chemicals India Pvt. Ltd. (Japan), Wanhua (China), Arkema (France), Hexion (U.S.).
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