Styrene Monomer Market Share, Demand and Analysis to 2028

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)

  • Report Code : TIPRE00026171
  • Category : Chemicals and Materials
  • Status : Published
  • No. of Pages : 149
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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.



Styrene monomer is used as a building block to produce a variety of plastic and rubber products. Styrene monomer is used primarily to produce polystyrene (PS). Polystyrene is used in various applications, including packaging, consumer electronics, toys, and recreational equipment. Styrene monomer is also used to produce expanded polystyrene (EPS), styrene-acrylonitrile (SAN), acrylonitrile-butadiene styrene (ABS), unsaturated polyester resins (UPR), styrene-butadiene rubber (SBR), and styrene butadiene latex (SBL).

In 2020, Asia Pacific held the largest revenue share of the global styrene monomer market. In Asia Pacific, the growing urbanization is fueling the demand for styrene monomer. The construction industry extensively uses styrene chemical-based products for building materials. In addition to this, styrene monomer chemical is widely used to manufacture paints. Furthermore, the rising strategic partnership and joint ventures among market players is expected to positively influence the market in the Asia Pacific region.

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Styrene Monomer Market: Strategic Insights

Styrene Monomer Market

  • CAGR (2021 - 2028)
    5.2%
  • Market Size 2021
    US$ 29.9 Billion
  • Market Size 2028
    US$ 42.56 Billion

Market Dynamics

GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players

  • 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

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Application
  • Polystyrene
  • Acrylonitrile-Butadiene Styrene
End-Use Industry
  • Packaging
  • Automobile
  • Consumer Goods
  • Construction
  • Others
End-Use Industry
  • Packaging
  • Automobile
  • Consumer Goods
  • Construction
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Impact of COVID-19 Pandemic on Styrene Monomer Market

The COVID-19 pandemic has drastically altered the status of the chemicals & materials sector and negatively impacted the growth of the styrene monomer market.The significant decline in the growth of several industrial sectors has impacted the demand for styrene monomers in the global market. Various industries have faced supply chain disruption due to the COVID-19 pandemic. The demand for styrene monomer has been negatively affected due to the total shutdown of construction activities. The pandemic has also caused fluctuations in the prices of styrene monomers. However, as the economies are planning to revive their operations, the demand for styrene monomers is expected to rise globally. The previously postponed construction projects are ready to resume, which would further provide an opportunity for the styrene monomer market players to regain normalcy.

Global Styrene Monomer Market Breakdown – by Region

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Market Insights
Increasing Demand from Various End-Use Industries

Styrene monomer is primarily used to produce polystyrene (PS), utilized in various everyday products. The growing demand for polystyrene for various applications such as packaging and consumer electronics is creating the demand for styrene monomers. Expandable polystyrene beads are mainly used in the insulation and packaging industry, while expanded polystyrene can enhance buildings' design and structural integrity. The increasing demand for these materials from various end-use industries is driving this market substantially.

End-use Industry Insights

Based on end-use industry, the global styrene monomer market has been segmented into packaging, automobile, consumer goods, construction, and others. The packaging segment held the largest share of the global styrene monomer market in 2020. Solid polystyrene finds applications in packaging products and rigid foodservice containers. Polystyrene foam is used in lightweight protective packaging and foodservice containers.

Styrene Monomer Market, by End-Use Industry – 2020 and 2028

chemicals-and-materials
Styrene Monomer Market, by End-Use Industry – 2020 and 2028
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

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. Players operating in the market are highly focused on developing high-quality and innovative product offerings to fulfill the customer's requirements.

Report Spotlights

  • Progressive industry trends in the styrene monomer market to help players develop effective long-term strategies
  • Business growth strategies adopted by developed and developing markets
  • Quantitative analysis of the styrene monomer market from 2019 to 2028
  • Estimation of global demand for styrene monomer
  • Porter's Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
  • Recent developments to understand the competitive market scenario
  • Market trends and outlook, as well as factors driving and restraining the growth of the styrene monomer market
  • Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
  • The size of the styrene monomer market size at various nodes
  • Detailed overview and segmentation of the market, as well as the styrene monomer industry dynamics
  • Size of the styrene monomer market in various regions with promising growth opportunities

Global Styrene Monomer Market

By Application

  • Polystyrene
  • Acrylonitrile-Butadiene Styrene (ABS)
  • Styrene-Acrylonitrile (SAN)
  • SB Latex and Rubber
  • Others

End-Use Industry

  • Packaging
  • Automobile
  • Consumer Goods
  • Construction
  • Others

Company Profiles

  • 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
  • Westlake Chemical Corporation

Styrene Monomer Market Report Scope

Report Attribute Details
Market size in 2021 US$ 29.9 Billion
Market Size by 2028 US$ 42.56 Billion
Global CAGR (2021 - 2028) 5.2%
Historical Data 2019-2020
Forecast period 2022-2028
Segments Covered By Application
  • Polystyrene
  • Acrylonitrile-Butadiene Styrene
By End-Use Industry
  • Packaging
  • Automobile
  • Consumer Goods
  • Construction
  • Others
By End-Use Industry
  • Packaging
  • Automobile
  • Consumer Goods
  • Construction
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • 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
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Application and End-Use Industry

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

    Frequently Asked Questions


    Can you list some of the major players operating in the global styrene monomer market?

    The major players operating in the global styrene monomer market are 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, Westlake Chemical Corporation, among others.

    Which region held the largest share of the global styrene monomer market?

    In 2021, Asia Pacific held the largest share of the global styrene monomer market. The food industry is one of the major end-users of the styrene monomer as it is extensively utilized in food packaging. Moreover, in the Asia Pacific region, growing construction work is expected to accelerate the demand for styrene monomers.

    Based on application, which segment is leading the global styrene monomer market during the forecast period?

    The polystyrene segment held the largest share of the global styrene monomer market in 2021. Styrene is mainly used in the production of polystyrene, which is a major material used in applications such as packaging, consumer electronics, toys, recreational equipment, and refrigerator door liners.

    Based on end-use industry, which segment is leading the global styrene monomer market during the forecast period?

    Ans. The packaging segment held the largest share of the styrene monomer market in 2021. Styrene monomers are extensively utilized in food packaging. Polystyrene foam is used in lightweight protective packaging and foodservice containers.

    Based on application, which segment is the fastest growing segment in the global styrene monomer market?

    The Acrylonitrile-Butadiene Styrene (ABS) segment is the fastest growing segment in the global styrene monomer market during the forecasted period. Various properties of acrylonitrile-butadiene styrene plastic make it a suitable material for applications such as automotive, sports equipment, electrical appliances, and toys.

    Based on end-use industry, which segment is the fastest growing segment in the global styrene monomer market?

    The automobile segment is the fastest growing segment in the global styrene monomer market during the forecasted period. Acrylonitrile-butadiene styrene (as a thermoplastic resin) and styrene-acrylonitrile are used in automotive applications.

    The List of Companies - Styrene Monomer Market

    1. Americas Styrenics LLC (AmSty)
    2. Asahi Kasei Corporation
    3. BASF SE
    4. Idemitsu Kosan Co.,Ltd
    5. INEOS Styrolution Group GmbH
    6. LG Chem
    7. LOTTE Chemical CORPORATION
    8. LyondellBasell Industries Holdings B.V
    9. Trinseo
    10. Westlake Chemical Corporation

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

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    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

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    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

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