PUBLISHER: The Business Research Company | PRODUCT CODE: 1387764
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387764
“Styrene-Petrochemicals Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on styrene-petrochemicals market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for styrene-petrochemicals? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The styrene-petrochemicals market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Styrene petrochemical is a colorless, viscous organic compound that is derived from benzene. Styrene is highly volatile and is used as a precursor in the production of polystyrene and several other copolymers.
The primary types of styrene petrochemicals in the market include acrylonitrile butadiene styrene (ABS), expanded polystyrene (EPS), and other related types. Acrylonitrile butadiene styrene is an engineering thermoplastic copolymer composed of styrene, acrylonitrile, and butadiene. Styrene finds applications in various industries, including automotive, construction, consumer goods packaging, and other sectors. These products are distributed through both offline and online sales channels.
The styrene-petrochemicals market research report is one of a series of new reports from The Business Research Company that provides styrene-petrochemicals market statistics, including styrene industry global market size, regional shares, competitors with a styrene-petrochemicals market share, detailed styrene-petrochemicals market segments, market trends and opportunities, and any further data you may need to thrive in the styrene industry. This styrene-petrochemicals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The styrene-petrochemicals market size has grown strongly in recent years. It will grow from $65.12 billion in 2023 to $70.17 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth observed during the historical period can be attributed to a variety of factors, including the increasing demand for polystyrene and its products, the growth of the construction and building sector, the demand for packaging materials, the manufacturing of consumer goods, population growth, urbanization, and the rise in disposable incomes. These factors collectively contributed to the expansion of the styrene petrochemical market.
The styrene-petrochemicals market size is expected to see strong growth in the next few years. It will grow to $93.63 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the forecast period can be attributed to various factors, including the continued demand from the automotive industry, the expansion of the pharmaceutical and healthcare sector, increased industrialization, a growing awareness of the benefits of styrene-petrochemicals, and the rise of the consumer electronics industry. Major trends expected in the forecast period include sustainable styrene production, the development of biobased styrene, specialized styrene derivatives, the integration of digitalization and Industry 4.0 technologies, advancements in styrene-based polymers, a shift towards green packaging, and innovations in styrene derivatives.
The growth of the styrene-petrochemicals market is primarily driven by the high demand for polystyrene. Styrene serves as a crucial component in the production of polystyrene through suspension polymerization. Polystyrene is a versatile plastic widely used in various applications, including the manufacturing of appliances such as refrigerators, air conditioners, ovens, microwaves, and vacuum cleaners. Its prevalence is also prominent in the packaging industry due to its ability to keep food fresh for extended periods. Additionally, the automotive sector relies on polystyrene for crafting components like car knobs, instrument panels, trim, energy-absorbing door panels, and sound-dampening foam. This robust demand for polystyrene is fueling the growth of the styrene-petrochemicals market, with India and Iran expected to lead capacity expansions in response to this demand, including key players such as Supreme Petrochem and LG Polymers India.
The growth of the construction industry is anticipated to contribute to the expansion of the styrene-petrochemicals market. The construction industry encompasses a wide range of activities related to the planning, design, assembly, and construction of physical structures, facilities, and infrastructure. Styrene-petrochemicals find application in this sector, primarily for thermal insulation in buildings, the creation of insulated panels for walls and roofs, and various flooring applications. Notably, global construction output is forecasted to rise by 42%, reaching $15.2 trillion by 2030, as reported by Oxford Economics. Therefore, the expanding construction industry plays a pivotal role in propelling the growth of the styrene-petrochemicals market.
The use of styrene raises health and environmental concerns, which can limit the demand for styrene petrochemicals. Styrene, a key component in plastics and resins, is associated with adverse health effects upon exposure. Short-term exposure can lead to irritation of mucous membranes, eyes, and gastrointestinal discomfort, while prolonged exposure may result in central nervous system issues, hearing loss, and peripheral neuropathy. Furthermore, oral exposure to styrene in animals affects various organs, including the liver, blood, kidneys, and stomach. An alarming incident in May 2022, involving a styrene chemical leak from an LG Polymers plant in Visakhapatnam, resulted in fatalities and numerous hospitalizations. The negative impact of styrene on both health and the environment places constraints on the growth of the styrene-petrochemicals market.
Leading companies operating in the styrene-petrochemicals market are actively engaged in the development of styrene recycling technologies. Investing in these recycling methods is geared toward enhancing the sustainability and popularity of styrene. A noteworthy example is the partnership between Agilyx, a Norway-based chemical recycling firm, and Toyo Styrene, a Japanese chemical company, which led to the construction of a polystyrene (PS) chemical recycling plant in Chiba, Japan. This facility can process 10 tons of post-use polystyrene daily, recycling it back into new styrene monomer, contributing to the industry's future.
Major companies in the styrene butadiene rubber (SBR) market are focusing on product innovation, exemplified by the creation of expanded polystyrene (EPS) containing 50% post-consumer recycled (PCR) content. This sustainable approach to EPS manufacturing promotes resource conservation and waste reduction by utilizing recycled materials instead of new raw resources. For instance, Epsilyte LLC, a US-based company specializing in advanced construction materials, introduced the 124LR expandable polystyrene (EPS). Comprising at least 50% post-consumer recycled material (PCR), this product is designed for molded pieces requiring a smooth finish and is especially well-suited for packaging applications.
In July 2021, Enterprise Products Partners L.P., a US-based natural gas and crude oil pipeline company, completed its acquisition of Nova Chemicals Corporation, which specializes in ethylene and polyethylene production. This strategic acquisition extends Enterprise's ethylene network and grants ownership of the largest ethylene market hub in Texas. The acquisition supports the long-term stability of the Mont Belvieu ethylene storage and trading hub and enables Nova to focus on its core business of producing ethylene and polyethylene, including the completion of an advanced sclairtech technology facility in Ontario, catering to eco-friendly packaging solutions.
Major companies operating in the styrene-petrochemicals market include Alpek SAB DE CV, Ashland Inc., Ineos Group AG, Nova Chemicals Corporation, Bayer Material Science LLC, Chevron Phillips Chemical Company LLC, ENI SpA, INEOS Styrolution Holding Ltd., Saudi Arabia's Basic Industries Corporation, TotalEnergies SE, Dow Chemical Company, INEOS Styrolution Group GmbH, Koninklijke DSM NV, DuPont de Nemours Inc., Covestro AG, Trinseo PLC, LyondellBasell Industries NV, China National Petroleum Corporation, Formosa Plastics Corporation, BASF SE, LG Chem Ltd., Mitsubishi Chemical Corporation, Sumitomo Chemical Co. Ltd., Asahi Kasei Corporation, Versalis SpA, Lotte Chemical Corporation, Toray Industries Inc., Mitsui Chemicals Inc., Idemitsu Kosan Co. Ltd., Kumho Petrochemical Co. Ltd., Chi Mei Corporation, Grand Pacific Petrochemical Corp., Taiwan Styrene Monomer Corporation, Indian Oil Corporation Limited, Reliance Industries Limited
Asia-Pacific was the largest region in the styrene-petrochemicals market in 2023. Middle East was the second-largest region in the styrene-petrochemicals market report. The regions covered in the styrene-petrochemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the styrene-petrochemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The styrene petrochemical market consists of the sales of styrene petrochemicals that are used for making synthetic rubber, resins, and plastics and improving drying oils. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.