Styrene Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Styrene Market is segmented By Type (Acrylonitrile Butadiene Styrene, Expanded Polystyrene, Polystyrene), By Application (Automotive, Consumer Goods, Construction, Electrical & Electronics, Packaging, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis,  2024-2031.

Styrene Market Overview

A report by DataM Intelligence estimates the Global Styrene market to grow at a CAGR Of  5% during the forecast period 2024- 2031. The market is expected to grow because it becomes important in different industries like Automotive, Consumer Goods, Construction, Electrical & Electronics etc. The competitive rivalry intensifies with Bayer AG, BASF SE., LG Chem, and others operating in the market.

Styrene Market Summary

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• Styrene is a derivative of benzene and is also known as ethenylbenzene, vinyl benzene, and phenyl ethene. Styrene is a colorless oily organic compound possessing a sweet odor.
• Styrene also occurs naturally in small quantities in plant parts including –vegetables, fruits, nuts, beverages. Minute quantities of styrene are also present in meat and coal tar.
• Styrene can be easily polymerized as is primarily used to manufacture plastics and resins.
• The major end-product which constitute styrene include – polystyrene, expanded polystyrene, styrene-acrylonitrile, acrylonitrile butadiene styrene, styrene-butadiene rubber, unsaturated polyester, resins, and others.

Styrene Market Dynamics

• Growth in the end-user industries such as plastics, resins, automotive, construction, packaging, and others is one of the major factors driving the global styrene market growth.
• One of the major reasons for the high demand for styrene is its cost-effectiveness, and its ideal physical and mechanical properties for insulation purposes.
• In construction, expanded polystyrene (EPS) is used as an insulation material in roofs, walls, and foundations, and also serves as an integral component of insulated concrete forms, exterior insulation, and structural insulated panels. Thus, growth in the construction sector is expected to boost the global styrene market. For instance, according to the World Bank estimates the global expenditure from the construction industry is expected to reach USD 14 trillion by 2025.
• Styrene is highly preferred in the construction and packaging industries due to its favorable product characteristics such as – thermal efficiency, durability, flexibility, and moisture resistivity, and light-weight. Styrene typically is used for packing both natural and processed foods, electronics, industrial machinery, and selected pharmaceutical products.
• However, increasing health along with environmental concerns due to the usage of styrene are expected to hamper the growth of the market. Styrene can irritate skin, eyes, respiratory system, and nervous system. It also emits toxic vapors and produces carbon monoxide on decomposition.

Styrene Market Segmentation Analysis

• Based on the application the global styrene market is broadly segmented as construction, automotive, consumer goods, electrical & electronic, packaging, and others. Among all these packaging accounts for a significant market share and is expected to grow at a high CAGR of YY % over the forecast period.  
• It is owing to styrene properties, such as lightweight, durability, flexibility, thermal efficiency, and moisture resistivity. Additionally, it also provides a cost-effective and environment-friendly packaging solution that does not emit chlorofluorocarbons or hydrochlorofluorocarbons.
• Lifestyle changes and the increasing popularity of packaged food are also contributing to the market growth. Thus, the growing demand for packaging across the globe is proliferating the usage of styrene during the forecast period.

Styrene Market Geographical Share

• The global Styrene market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
• The Asia Pacific region accounted for market share and is expected to grow at a high CAGR during the forecast period at a high CAGR of XX%.
• It is owing to high demand from the automotive industry, which has an extremely huge manufacturing base in this region.
• The expanding construction industry in the region also increases the market for styrene, especially the expanded polystyrene market size.
• Also, the growth is augmented by intensifying the manufacturing sector and government initiatives in developing nations such as China, and India.

Styrene Company and Competitive Landscape

• Significant players of the global styrene market are INEOS Styrolution Group GmbH, BASF SE, Bayer AG, LG Chem, Ashland Inc, Alpek SAB DE CV, Ashland Inc., Nova Chemicals Corporation, Royal DSM, Styron LIC, The Dow Chemical Company, and others.
• The product launches, collaboration, and product agreements, and other key developments are the dominating strategies adopted by the market players to enhance their product portfolio in the styrene market. In January 2018 SABIC acquired an approximately 24.9% stake in Clariant AG, a global specialty chemical company, from 40 North and Corvex Management. In February 2019, INEOS Styrolution, one of the global leaders in the styrene market, acquired polystyrene sites from Total S.A.