Middle East and Africa Styrene Monomer Market is expected to reach US$ 1693.23 Million by 2028

PRESS RELEASE BY The Insight Partners 12 Feb 2022

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The polystyrene segment by application is estimated to lead the market growth during the forecast period.

According to The Insight Partners market research study of “Middle East and Africa Styrene Monomer Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Application, End-User Industry and Country.” The Middle East and Africa styrene monomer market is expected to reach US$ 1693.23 million by 2028 from US$ 1242.73 million in 2021; it is estimated to grow at a CAGR of 4.5% 2021 to 2028. The report highlights trends prevailing in the Middle East and Africa mobile styrene monomer market and the factors driving market along with those that act as hindrances.

Expanded polystyrene is capable of enhancing the design and structural integrity of the building. The use of expanded polystyrene in the construction industry has increased in recent years. The material is used in the construction industry in applications such as lightweight concrete and panels, decorative tiles and molding, and embankment backfilling. Expanded polystyrene is used as insulation in roofs, walls, and foundations. It benefits the construction work through sustainability, energy efficiency, and durability. One of the main trends in the construction industry is the use of prefabricated structural insulated panels (SIPs). Expanded polystyrene serves as a significant component of structural insulated panels. Prefabricated systems are often made from a series of interconnecting panels, each of which is essentially a sandwich of grey expanded polystyrene bonded between outer and inner board materials. The rise in the use of such prefabricated systems is creating demand for expanded polystyrene. Further, there is a high demand for styrene-butadiene rubber in automotive parts and tire manufacturing. In the automotive industry, acrylonitrile-butadiene styrene is used in wheel covers and dashboards; it is also well-suited for heavy-duty applications. The automotive industry is one of the most rapidly growing industries in the world, and the demand for various products manufactured from styrene monomer is increasing with the proliferation of this industry.

In the Middle East and Africa, South Africa has reported a high number of COVID-19 cases. The COVID-19 pandemic has had a severe impact on the overall economy of the region. The pandemic has significantly slowed down the growth of the styrene monomer market in the region due to the restricted growth of construction and other industries. The construction industry faced challenges due to delays in raw material supply, availability of less number of projects, and new restrictions on how laborers could operate on a construction site. However, with many construction projects in the pipeline, and with the rapid progress of vaccination and economic recoveries, the construction industry in the region is expected to revive in the coming years, which will boost demand for styrene monomers during the forecast period.

Based on application, the Middle East and Africa styrene monomer market is segmented into polystyrene, acrylonitrile-butadiene styrene (ABS), styrene-acrylonitrile (SAN), SB latex and rubber, and others. Based on end-user industry, the Middle East and Africa styrene monomer market has been segmented into packaging, automobile, consumer goods, construction, and other end-user industries. Geographically, the Middle East and Africa styrene monomer market is sub-segmented into UAE, South Africa, Saudi Arabia and Rest of MEA.

Asahi Kasei Corporation, BASF SE, Idemitsu Kosan Co., Ltd., INEOS Styrolution Group GmbH, LG Chem, LOTTE Chemical CORPORATION, LyondellBasell Industries Holdings B.V., and Trinseo are among the leading companies operating in the Middle East and Africa styrene monomer market.

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