IMARC Group, a leading market research company, has recently releases report titled “Styrene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global styrene market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the styrene market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 6.6 Billion |
| Market Forecast in 2028 | US$ 9.7 Billion |
| Growth rate (2023 to 2028) | CAGR of 6.4% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is styrene?
Styrene is an organic compound with the chemical formula C8H8, characterized by its colorless, oily liquid form and a distinctively sweet, sharp smell. It is a derivative of benzene and is primarily used in the production of polystyrene, a popular plastic material. Styrene is also a key ingredient in the manufacture of various other materials, including ABS (acrylonitrile butadiene styrene), SBR (styrene-butadiene rubber), and unsaturated polyester resins. These materials are widely used in a variety of applications, from cuatom packaging and insulation to automotive parts and consumer goods. Styrene is produced industrially through the dehydrogenation of ethylbenzene and is known for being both versatile and economically significant in the chemical industry.
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What are the growth prospects and trends in the styrene industry?
The expanding packaging industry, particularly for food and consumer products, represents one of the key factors driving the growth of the market across the globe. Polystyrene, due to its lightweight and insulating properties, is extensively used in packaging solutions. Styrene is a key component in the manufacture of polystyrene and other styrenic polymers like ABS (acrylonitrile butadiene styrene) and SBR (styrene-butadiene rubber). These materials are used in a vast array of products, from consumer goods, packaging, and insulation to automotive parts, which drives steady demand for styrene.
The construction industry, with its growing need for insulation materials, also contributes to the market growth. Insulation products made from styrene polymers are crucial in energy conservation in buildings. The automotive sector uses styrenic polymers for various components due to their durability and lightweight nature, which contributes to the demand for styrene in the production of these materials. Innovations in polymer technologies are leading to the development of new styrene-based products with enhanced properties, which is expanding their applications and market reach.
Who are the key players operating in the industry?
The report covers the major market players including:
- Alpek S.A.B. de C.V. (Alfa S.A.B. de C.V.)
- Ashland Global
- BASF SE
- Chevron Phillips Chemical Company LLC
- China Petrochemical Corporation
- Covestro AG
- Dow Inc.
- INEOS Group Limited
- Koninklijke DSM N.V.
- Kumho Petrochemical Co. Ltd.
- Mitsubishi Chemical Holdings Corporation
- Saudi Basic Industries Corporation (Saudi Arabian Oil Co.)
- Synthos
- TotalEnergies SE
- Trinseo
What is included in market segmentation?
The report has segmented the market into the following categories:
Product Type Insights:
- Polystyrene
- Acrylonitrile Butadiene Styrene
- Styrene Acrylonitrile
- Styrene-Butadiene Rubber
- Others
End User Insights:
- Packaging
- Construction
- Consumer Goods
- Automotive
- Others
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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