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Styrenics Market: by Type (Polystyrene, Styrene Butadiene Rubber, Acrylonitrile Butadiene Styrene, Unsaturated Polyester Resin and Other), By Application (Automotive, Electrical and Electronics, Building and Construction, Packaging, Consumer products and Others), and Region - Global Analysis of Market Size, Share & Trends for 2019-2021 and Forecasts to 2030
Styrenics Market to surpass USD 137.48 Billion by 2030 from USD 79.5 Billion in 2020 at a CAGR of 5.1% in the coming years, i.e., 2021-30.
Styrene is a sweet-smelling chemical molecule that is a precursor to various copolymers, including polystyrene, unsaturated polyester, and others. Polystyrene is a synthetic aromatic hydrocarbon derived from the styrene monomer. It can be solid or foamed, has a low melting point, and is a weak barrier to oxygen and water vapor. Plastics are the most common application for it.
In developing nations, increasing utilization in a variety of end-use industries such as construction, packaging, and customer products presents a substantial opportunity for manufacturing employees. Innovative product development and modernization in the use of styrenics are also expected to provide ample opportunities for industry owners. Increases in the automotive and construction industries are expected to grow the global market.
Global Styrenics market is segmented by type into Polystyrene, Styrene-Butadiene Rubber, Acrylonitrile Butadiene Styrene, Unsaturated Polyester Resin, and Other. Polystyrene segment held the largest market share in the year 2020. Polystyrene is the most often utilized styrene polymer for medical applications. Due to their favorable features such as flexibility, versatility, chemical inertness, and other aesthetic and physical properties, styrenics are projected to see increased demand from the medical device industry.
Global Styrenics market is divided by application into Automotive, Electrical and Electronics, Building and Construction, Packaging, Consumer Products, and Others. In the following years, one of the significant trends in the styrenics market will be an increase in infrastructural investments in emerging economies. As a result, increased demand from the building and construction segment is projected in the forecasted period.
Increase in population and awareness regarding greenhouse gas emissions
The fast rise in population and affluence boosted demand for a variety of products in the automobile, construction, and food processing industries. The market for styrenics has been directly driven by the increase in demand for these goods. Furthermore, as people become more aware of the greenhouse gas influence on the environment as a result of the availability of a wide range of building raw materials, demand for styrenics has increased.
Rise in environmentally friendly options and various national policies
Governments all across the world are encouraging environmentally friendly options like wind energy, which can help reduce greenhouse gas emissions caused mostly by the use of fossil fuels and industrialization. The styrenics business is predicted to benefit from an increase in energy consumption as well as numerous national policies to promote green energy. The rise in population and the presence of surplus finances in the family led to an increase in consumer purchasing power in the automotive industry. The rise of the styrenics market has been fueled by an increase in demand for various automobiles.
Environmental as well as health issues
When exposed to styrene, it can cause irritation to the eyes, skin, respiratory issues, disorientation, nervous system depression, and other disorders. It creates carbon monoxide during incomplete combustion and toxic gases during decomposition. Because styrene-based polymers are non-biodegradable and must be burned, they pose an increased danger of explosion. The biggest market restrictions are environmental and health issues.
Global Styrenics market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The market for Styrenics is dominated by APAC. In the reckoning of escalating development outlines, expanding packaging and automotive manufacturers are expected to support the styrenics market growth. The APAC is the preeminent styrenics user on record of the tremendous increase in building and packaging enterprises over the projection interval.
| Report Attribute | Details |
| Market size value in 2020 | USD 79.5 Billion |
| Revenue forecast in 2030 | USD 137.48 Billion |
| Growth Rate | CAGR of 5.1% from 2021 to 2030 |
| Base year for estimation | 2020 |
| Quantitative units | Revenue in USD million and CAGR from 2021 to 2030 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Type, Application, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | Sabic, The Dow Chemical Company, Total SA, Repsol SA, BASF SE, Bayer Material Science, ENI S.P.A, Ineos Group AG, Royal DSM, and Other Prominent Players |
The Styrenics Market size was estimated at USD 79.5 billion in 2020 and is expected to reach 137.48 billion by 2030.
Key players: Sabic, The Dow Chemical Company, Total SA, Repsol SA, BASF SE, Bayer Material Science, ENI S.P.A, Ineos Group AG, Royal DSM, and Other Prominent Players
Polystyrene segment and Building and Construction segment are anticipated to hold the largest Starch based Plastics Market.
Drivers: Increase in population and awareness regarding greenhouse gas emissions and Rise in environmentally friendly options and various national policies
Styrene is a sweet-smelling chemical molecule that is a precursor to various copolymers, including polystyrene, unsaturated polyester, and others. Polystyrene is a synthetic aromatic hydrocarbon derived from the styrene monomer. It can be solid or foamed, has a low melting point, and is a weak barrier to oxygen and water vapour. Plastics are the most common application for it.
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