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

Global Styrenics Market is Segmented By Type (Acrylonitrile Butadiene Styrene, Polystyrene (PS), Expanded Polystyrene, Styrene-Butadiene Rubber, Others ), By Process (Propylene Oxide Styrene Monomer Process, Ethylbenzene Dehydrogenation Process), By End-User (Construction, Automotive, Healthcare, Packaging, Wind Energy, Electronics, Marine, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis,  2023-2030

Styrenics Market Overview

The global "styrenics market" is estimated to reach at a CAGR of 4.2% over the forecast period, 2023–2030.

Styrene monomer is an essential intermediate material used in producing a variety of plastic and synthetic rubber products with crucial applications in numerous sectors. Styrene is a liquid hydrocarbon manufactured from ethylene and benzene, using either the ethylbenzene dehydrogenation process or the propylene oxide styrene monomer process. Styrene is primarily used as feedstock in Acrylonitrile butadiene styrene, Polystyrene, Expanded Polystyrene, Styrene-Butadiene Rubber, and other products manufacturing. The materials are widely used in automotive, healthcare, packaging, wind energy, electronics, marine, and other industries.

Polystyrene is a thermoplastic resin recovered from the polymerization of styrene monomer. Due to its easy processability, Polystyrene has many applications, including construction, toys, electronics, household appliances, disposables, and packaging. There are two types of PS available in the market: (i) crystal PS and (ii) high-impact PS. Crystal PS is used in sectors like food packaging, while high-impact PS is a more durable plastic utilized in household appliances such as refrigerators.

Acrylonitrile butadiene styrene is a high-volume engineering plastic, favored for its strength, scratch resistance, and attractive finish. Today, following the emergence of comprehensive plants and production lines in the industry, most ABS producers focus on either standard ABS, uncolored or pre-colored ABS. Primary uses of ABS include the production of consumer electronics, automotive parts, and household appliances.

Styrenics Market Scope

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Source: DataM Intelligence Analysis (2023)

Styrenics Market Dynamics and Trends

The global styrenics market growth is driven by the rising demand for eco-friendly products.

Rising demand for eco-friendly products

Products derived from plastics, especially oil, tend to be environmentally unfriendly. The rising global concerns over the use of plastics have forced companies to think of a new solution to reduce the dependency on fuel-based products. Styrenics products have found their applications in numerous industries with sustainable practices. Expanded Polystyrene is an environmentally friendly material made from 98% air, no toxic substances are utilized in the manufacture of EPS, and it is 100% recyclable.

 Leading companies have been working on various sustainable practices to manufacture eco-friendly products for sustainability and the environment. For instance, in 2021, INEOS Styrolution launched a new line of styrenics solutions – Styrolux ECO and Styroflex ECO made with renewable raw materials. The latest products have become part of the ECO family of sustainable products. The product uses fewer fossil resources and has a 74% lower greenhouse gas footprint compared to styrene produced by fossil fuels. The material offers identical product characteristics as the conventionally produced copolymers.

Moreover, in 2019, Agilyx and AmSty formed a joint venture, Regenyx LLC, dedicated to recycling post-consumer polystyrene materials back to new polystyrene products. Regenyx will utilize a chemical recycling process to convert used polystyrene products to their original liquid form. Amy will then take that styrene monomer and operate with its supply chain partners to produce new polystyrene products with a desirable environmental profile without quality degradation.

Adverse health impacts due to exposure to styrene

Workers exposed to high amounts of styrene can irritate the eyes and breathing passages. With long-term and significant exposures to styrene, workers injured their nervous systems. The Occupational Safety and Health Administration has set exposure limits for Styrene: The legal airborne permissible exposure limit is 100 ppm averaged over an 8-hour work shift; should not be over 200 ppm at any time and 600 ppm as the 5-minute maximum peak, which should never exceed in any 3-hour work period.

Health effects from exposure to styrene may affect the central nervous system and include complaints of headache, dizziness, fatigue, drowsiness, malaise, and a feeling of intoxication. Styrene is often detected in urban air and can be found indoors due to operating photocopiers and laser printers. Small amounts may be eaten when styrene moves into foods from packaging made of Polystyrene. Moreover, the presence of various alternatives in the market, such as unsaturated polyester resin, is also expected to restrain the market growth.

Covid-19 Impact on Styrenics Market Growth

Due to the pandemic, the styrenics market demand was hindered in the initial months but has been stable in 2020. Styrene has been extensively used during the manufacturing of products in automotive, healthcare, packaging, wind energy, electronics, marine, and other industries. The styrenics market has grown exponentially in some applications, such as disposable food packaging and pharmaceuticals.

However, the Corona virus's impact has also led to losses in the automotive and construction industry, which will hamper the styrenics market. The construction industry in numerous countries will have to face failures in 2019. China is set to lose out on producing 1 million vehicles as coronavirus closes car plants. The ongoing wind energy projects have also been delayed in numerous countries.

Styrenics Market Segment Analysis

By type, the styrenics market is segmented into acrylonitrile butadiene styrene, Polystyrene, Expanded Polystyrene, styrene-butadiene rubber, and others.

The significant investments by manufacturers in Polystyrene will boost its demand in the upcoming years.

Polystyrene will hold a significant styrenics market share in the forecast period. Polystyrene is often used in products that require clarity, such as laboratory ware and food packaging, as a rigid, solid plastic. Polystyrene is used to make appliances, electronics, toys, automobile parts, gardening pots and equipment, and other plastics combined with different colorants, additives, or other plastics. The most popular and recognizable form of Polystyrene is called Styrofoam. Its compact shape is adopted to make things like bottles, disposable cutlery, and many more objects used daily.

Due to its numerous applications and availability, leading companies are focusing on the sustainable use of Polystyrene. For example, in 2020, Three polystyrene producers, Americas Styrenics LLC, Ineos Styrolution, and Trinseo, signed a joint development agreement to explore recycling opportunities for Polystyrene. The companies will explore recycling technologies, optimize the techniques for commercial use and call for all contributors along the value chain to create the circularity of Polystyrene a reality. Moreover, In 2020, Americas Styrenics LLC announced a 25% recycled content in food service and food packaging products by 2030. The company has partnered with virgin plastics company Ineos Styrolution to build a facility in Channahon, Ill., capable of processing 100 tons of Polystyrene per day into styrene monomers.

Source: DataM Intelligence Analysis (2023)

Styrenics Market Geographical Share

The expanding construction industry will expand the need for styrenics in the Asia-Pacific.

Asia-Pacific region holds the vital market share for the styrenics market globally and is expected to continue its dominance in the forecast period. The expanding construction industry in numerous countries, such as China and India, has boosted the styrenics market. According to the International Trade Administration, China is the most significant construction market globally, with the industry forecasted to rise at an average of 5.2% in real terms between 2021 and 2029. The styrenics are widely utilized for numerous construction applications. Expanded Polystyrene construction applications range from thermal insulation to decorative molding and wall sheathing to ornamental hotel facades. Over time, the companies are focusing on innovative ways to utilize the performance and versatility of expanded Polystyrene. The material is evolved in numerous applications, such as Structural Insulated Panels, Insulating Concrete Forms, and roofing applications.

One of the significant factors contributing to increased demand for styrenics is expanding construction projects and growth in the automotive and packaging industries.

Moreover, the favorable government initiatives to promote wind energy in the region will also drive the styrenics market positively. The Government of India has proposed to achieve 227 GW of renewable energy capacity by 2022, and styrene is used to manufacture wind turbines.

Source: DataM Intelligence Analysis (2023)

Styrenics Market Companies and Competitive Landscape

The styrenics market is highly competitive, with companies looking to offer multiple materials for different end-users. Global companies are launching new. In addition, some of the key players contributing to the market's growth are Chemieuro, Ineos Styrolution, Trinseo S.A., BASF SE, Nova Chemicals, Chevron Phillips Chemical Company LP, Hanwha Group, Ineos Group, Trinseo, Americas Styrenics LLC and others. The major companies are adopting various new strategies to dominate the market, such as product launches, expansions, partnerships, collaborations, and acquisitions contributing to the global growth of the styrenics market.

Ineos Styrolution

Overview: Ineos Styrolution is the leading styrenics supplier. The company helps its customers succeed by offering solutions designed to give them a competitive edge in their markets. The company provides styrenic applications for everyday products across various industries, including automotive, household, construction, electronics, healthcare, packaging, and toys/sports/leisure. In 2020, the company had sales of around 4 billion euros. INEOS Styrolution employs approximately 3,600 people and operates 20 production sites in 10 countries

Product Portfolio: The company manufactures various products based on styrene monomer, ABS Standard, polystyrene, and styrene specialties. The company offers its products under solution eco, enhanced specialties, transparent specialties, ABS standard, styrolution ps, and styrene monomer.

Critical Development: In 2021, Ineos Styrolution and Sirap Group announced incorporating the new mechanically recycled Styrolution PS ECO, a 100% recycled polystyrene, for food packaging solutions

Why Purchase the Report?

• Visualize the styrenics market segmentation by type, process, end-user, and region, highlighting the critical commercial assets and players
• Identify commercial opportunities in styrene by analyzing trends and co-development deals.
• Excel data sheet with thousands of data points of styrenics market-level 4/5 segmentation
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
• Product mapping in excel for the critical product of all major market players

The global styrenics market report would provide approximately 61 market data tables, 58 figures, and 230 pages.

Target Audience

• Chemical Manufacturers
• Construction Companies
• Automotive Parts Manufacturers
• Industry Investors/Investment Bankers
• Education & Research Institutes