Increasing Demand from Various End-use Industries to Escalate Styrene Monomer Market Growth
According to our latest market study on “Styrene Monomer Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application [Polystyrene, Acrylonitrile-Butadiene Styrene (ABS), Styrene-Acrylonitrile (SAN), SB Latex and Rubber, and Others] and End-Use Industry (Packaging, Automobile, Consumer Goods, Construction, and Others),” the styrene monomer market was valued at US$ 29,904.30 million in 2021 and is projected to reach US$ 42,558.55 million by 2028; it is expected to grow at a CAGR of 5.2% from 2021 to 2028. The report highlights key factors driving the styrene monomer market growth, and the prominent players and their developments in the market.
Styrene is a clear, colorless aromatic liquid used as a building block to produce various plastic and rubber products. Styrene monomer is used to produce polystyrene (PS), expanded polystyrene (EPS), styrene-acrylonitrile (SAN), and acrylonitrile-butadiene styrene (ABS). Styrene monomer is used in various industries such as packaging, automotive, construction, and consumer goods. The styrene monomer market players are increasingly focusing on recycling polystyrene back into styrene monomer. This is one of the major trends observed in the global styrene monomer market.
Expanded polystyrene is a building material capable of enhancing the design and structural integrity of the building. A surge in the use of expanded polystyrene in the construction industry has been witnessed in recent years. Expanded polystyrene is used in the construction industry for various applications, such as lightweight concrete, panel application, decorative tiles and molding, and embankment backfilling. Expanded polystyrene is increasingly utilized in the construction industry due to its sustainability benefits, energy efficiency, and durability. The increasing use of expanded polystyrene in the construction industry is driving the styrene monomer market growth substantially.
The key players operating in the global styrene monomer market include 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.; Trinseo; and Westlake Chemical Corporation.
Impact of COVID-19 Pandemic on Styrene Monomer Market
The COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global styrene monomer market size has been impacted due to the significant decline in the growth of several industrial sectors. The pandemic has also caused fluctuations in styrene monomer prices. The COVID-19 pandemic has adversely impacted the construction industry. The construction industry has faced supply chain issues in terms of the supply of construction materials. However, the various industries are coming on track as the supply constraints affecting these industries are resolving gradually. The food packaging industry is dynamically growing since consumers are inclined toward ordering food products online, another factor affecting the global styrene monomer market trends. Moreover, the demand for derivatives like polystyrene and acrylonitrile-butadiene-styrene is witnessing marginal recovery as various countries restarted their business activities. Such factors are expected to aid the recovery of the global styrene monomer market.Global Styrene Monomer Market Breakdown – by Region
Styrene Monomer Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application [Polystyrene, Acrylonitrile-Butadiene Styrene (ABS), Styrene-Acrylonitrile (SAN), SB Latex and Rubber, and Others] and End-Use Industry (Packaging, Automobile, Consumer Goods, Construction, and Others)
Styrene Monomer Market Share, Demand and Analysis to 2028
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The report includes the segmentation of the global styrene monomer market as follows:
Based on application, the styrene monomer market is segmented into polystyrene, acrylonitrile-butadiene styrene (ABS), styrene-acrylonitrile (SAN), SB latex and rubber, and others. Based on end-use industry, the market is segmented into packaging, automobile, consumer goods, construction, and others. In terms of geography, the styrene monomer market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America. North America includes countries like the US, Canada, and Mexico. Europe includes Germany, France, the UK, Italy, Russia, and the Rest of Europe. Asia Pacific includes China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The Middle East & Africa (MEA) includes South Africa, Saudi Arabia, the UAE, and the Rest of MEA. South and Central America Brazil, Argentina, and the Rest of South and Central America.Contact Us
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