South America Styrene Monomer Market is expected to reach US$ 1226.87 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 “South America Styrene Monomer Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Application, End-User Industry and Country.” The South America kaolin market is expected to reach US$ 1226.87 million by 2028 from US$ 918.10 million in 2021; it is estimated to grow at a CAGR of 4.2% from 2021 to 2028. The report highlights trends prevailing in the South America mobile styrene monomer market and the factors driving market along with those that act as hindrances. 

Various products manufactured from styrene monomers are used in a wide range of industries, such as packaging and automotive. Styrene monomers are primarily used to produce polystyrene (PS) that is utilized in the production of everyday goods. The use of polystyrene in packaging, consumer electronics, toys, recreational equipment, and safety helmets has increased lately. A styrene monomer is also used to produce expanded polystyrene (EPS), styrene-acrylonitrile (SAN), and acrylonitrile-butadiene styrene (ABS). Expandable polystyrene is capable of enhancing buildings' design and structural integrity, while expanded polystyrene beads are being used mainly in the insulation and packaging industries. Styrene acrylonitrile is used in many consumer goods, packaging, and automotive applications, and acrylonitrile-butadiene styrene finds application in the automobile and electronics industries. There is a high demand for styrene-butadiene rubber in car tires and various household items. In the automotive industry, acrylonitrile-butadiene styrene is used in the production of auto parts, dashboards, and wheel covers. It is also well-suited for heavy-duty applications. Hence, the flourishing automotive industry in various South American countries is fueling the growth of the styrene monomer market in the region.

Brazil has been ranked to be the third-most affected economy due to the COVID-19 pandemic globally. In South and Central America, the country has reported the highest number of COVID-19 cases, followed by Argentina, Colombia, Peru, Chile, among others. Governments of countries in the region have taken several actions to protect their citizens by controlling the spread of SARS-CoV-2 through lockdowns, trade bans, and travel restrictions. These actions hampered the growth of the styrene monomer market in South and Central America. Moreover, the underperformance of the construction industry amid the COVID-19 pandemic further hampered the market growth. However, the business activities are expected to gradually recover in the coming months as the governments from the region continue to enact their reopening plans to kick start their economies. In some areas of Brazil, vehicle production levels are almost back to the levels registered in pre-pandemic years. 

Based on application, the South America 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 South America styrene monomer market has been segmented into packaging, automobile, consumer goods, construction, and other end-user industries. Geographically, the South America styrene monomer market is sub-segmented into Brazil, Argentina and Rest of South and Central America.

Americas Styrenics LLC (AmSty), 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 South America styrene monomer market.

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