The global styrene market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Styrene is an aromatic hydrocarbon derived from benzene. It is a major feedstock for producing many downstream derivatives. Important derivatives of styrene include polystyrene (PS), acrylonitrile butadiene styrene (ABS), styrene butadiene rubber (SBR), expandable polystyrene (EPS) and styrene butadiene latex. K-resins, MBS, SAN, thermoplastic elastomers, unsaturated polyester resins include some of the other styrene derivatives. Styrene and its derivatives are mainly used as a feedstock in the manufacturing of numerous downstream chemicals.
Rising demand of ABS, PS, EPS, SBR and other styrene derivatives from various industries such as automobiles, construction, and packaging industry is likely to drive the styrene market. As styrene is a major feedstock for ABS, PS, EPS, SBR production, demand for these derivatives is expected to fuel the growth of styrene market. Demand for automobiles, construction, and packaging industry are actually increasing because of growing population and extra income in developing countries. Additionally, demand for K-resins, MBS, SAN, thermoplastic elastomers, unsaturated polyester resins is likely to increase at a greater rate because of an upsurge in demand from end-use markets. These derivatives demand is growing at a higher rate, which in turn will boost consumption of styrene.
Drivers and Restraints of Styrene Market
Growing investments in downstream industries in regions like the Far East and North America are likely to offer tremendous possibilities for styrene market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Styrene and its derivatives are exposed to the probability of volatility in supply and price of crude oil. Styrene being a derivative of benzene faces high probability to crude oil price volatility. Styrene has an adverse effect on human body if exposed to it for a longer duration. Its remnants are normally found in soil and air which often makes environmental regulatory institutions to implement strict regulations on usage of styrene. Existing and future regulations concerning the use of styrene and its derivatives in end products are likely to challenge the market growth.
Styrene Market by Region
Asia was the largest consumer of styrene and its derivatives and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China. China, Japan and South Korea were the largest consumers of styrene in this region, whereas India is likely to grow at a higher pace. Growing demand for automobile, construction, packaging, electricals/electronics and other industries will drive styrene and its derivatives market in Asia. Consumption of styrene and its derivatives in rest of the world was minimal however it is likely to grow at a reasonable rate next to Asia. North America is likely to grow at a significant rate due to demand from construction and automobile industry. Demand from Europe was low relatively and is likely to stay same in the next few years due to strict environmental regulations.
Top players in this market include Alpek SAB DE CV, Ashland Inc., Bayer Materialscience, Ineos Group AG, Nova Chemicals Corporation, Royal DSM, Styron LIC, Styrolution Group GmbH, and The Dow Chemical Company among others.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Supply & Demand
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
Regional analysis includes:
- Middle-East and Africa
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Strategies of key players and products available
- Potential and niche segments, regions showing promising growth