Global Styrenics Market

Styrenics Market Size, Share, Growth Analysis, By Type(Acrylonitrile Butadiene Styrene (ABS), Expanded Polystyrene (EPS), and others), By Application(Automotive, Construction, Packaging Consumer Goods and Others), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15A2118 | Region: Global | Published Date: April, 2024
Pages: 184 |Tables: 63 |Figures: 77

Styrenics Market Insights

Global Styrenics Market size was valued at USD 85.8 billion in 2022 and is poised to grow from USD 90.86 billion in 2023 to USD 143.73 billion by 2031, growing at a CAGR of 5.90% during the forecast period (2024-2031).

The thermoplastics derived from styrene are referred to as styrenics. It is a colourless oily organic compound found in small amounts in plants and a variety of foods such as vegetables, fruits, nuts, beverages, and meat, as well as in coal tar. The styrenics is made by polymerizing styrene monomers and compounds like acrylonitrile, butadiene, and others, and is widely used by multiple end user industries such as automotive, packaging, construction, and electronic appliance industries. Additionally, due to their multiple properties such as lightweight, durability, flexibility, thermal efficiency, and moisture resistance, styrenics is rapidly replacing metallic parts across a wide range of end-user industries.

The global styrenics market is expected to expand rapidly due to increased usage in end-user markets such as automotive and construction. Among the most common styrenics are polystyrene (PS), expanded polystyrene (EPS), styrene butadiene rubber (SBR), unsaturated polyester resin (UPR), and acrylonitrile butadiene styrene (ABS). The construction, packaging, and consumer goods industries are the primary users of polystyrene and expanded polystyrene. SBR is used in tyre manufacturing, whereas UPR is used in wind energy applications, pipe and tank manufacturing, and marine accessories. The expansion of the automotive, packaging, and construction industries is expected to boost the global market in the forecast period.

Furthermore, styrenics are efficient plastics that form the foundation of a family of major plastic products. Styrene is a vital building block in many products, including food and drink containers, packaging, rubber tyres, building insulation, carpet backing, computers, and reinforced fibreglass composites (boat hulls, surfboards, kitchen countertops, and others).

US Styrenics Market  is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 85.8 billion

Largest Segment

Acrylonitrile Butadiene Styrene (ABS)

Fastest Growth

Growth Rate

5.90% CAGR

Global Styrenics Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)

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Styrenics Market Segmental Analysis

The global styrene market is segmented into type, application, and region. On the basis of type the Styrenics Market is segmented into Acrylonitrile Butadiene Styrene (ABS), Expanded Polystyrene (EPS), and others. With respect to segmentation by application, the Styrenics Market is classified into automotive, construction, packaging consumer goods and others. Geographically, the Styrenics Market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.

Styrenics Market Analysis by Type

The Acrylonitrile Butadiene Styrene (ABS) segment is expected to grow at the fastest CAGR of 7.2% during the forecast period. ABS is used in the manufacture of many vehicle components, such as the bumper, seats, dashboard, interior trim, headliners, centre consoles, and lighting. ABS accounts for approximately 12.7% of all automotive polymers used in a passenger car. Expanded Polystyrene (EPS) on the other hand is expected to grow at a CAGR of 5% during the forecast period. The construction sector uses expanded polystyrene (EPS) to reduce energy consumption and greenhouse gas emissions. In recent years, green structures have become increasingly popular over traditional ones. Green buildings have several advantages over conventional structures, including improved air quality, lower operating costs, and less maintenance.

Styrenics Market Analysis by Application

The automotive industry has been rapidly expanding in recent years. Demand is expected to rise significantly during the forecast period as a result of factors such as global income inequality, increasing urbanisation, rising interest in electric vehicles, and steady technological developments. ABS is a better choice for construction than all other plastics, and it is commonly used in vacuum parts, fittings, and pipes. It is also portable and easy to set up. The global construction industry is expected to grow at a 7% annual rate over the forecast period, according to Timetric's Construction Intelligence Centre.

Global Styrenics Market By Type 2022 (%), 2022 (%)

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Styrenics Market Regional Insights

On the basis of region, the global styrenics market is widespread into the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA). On account of rapid growth in the construction and packaging industries, Asia Pacific was the leading styrenics consumer. Emerging markets such as India, China, and Brazil are expected to witness positive growth over the forecast period due to rise in construction projects and growing automotive and packaging industries. Government initiatives in Asia Pacific are likely to promote wind energy and are expected to have a positive impact on the regional styrenics market.

Market saturation is expected to result in moderate growth in North America and Europe during the forecast period. This is attributable to the growing automotive industry, which uses styrenics for interior and exterior applications, Europe is expected to hold the second-largest market share in the global styrenics market. This is attributed to the rise in per capita income of people in this region and increase in demand for personal vehicles as the population grows. Styrene's increased use in packaging is driving the North American styrene market. Styrene is a suitable material for packaging applications in medical use and critical food, such as organ transplants, fish boxes, and processed food packaging, due to its superior insulating qualities and lack of bacterial sustenance.

Global Styrenics Market By Geography, 2022-2030, 2024-2031
  • Largest
  • Fastest

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Styrenics Market Dynamics

Styrenics Market Drivers

Rapid Urbanization to Bolster Market Growth

  • The styrenics market is expanding due to rising polystyrene demand. Styrene is used to make polystyrene via suspension polymerization. Polystyrene is a flexible plastic that is used to make vacuum cleaners, stoves, microwaves, refrigerators, and air conditioners. Polystyrene is widely used in the packaging industry because it keeps food fresher for longer. Polystyrene is widely used in the automotive industry to create energy-absorbing door panels, trim, car knobs, instrument panels, and sound-dampening foam. As a result of the high demand for polystyrene, the market has expanded.
  • Styrenics market growth will be accelerated by rapidly increasing urbanisation. Furthermore, the expansion of trade via air transportation will drive market value growth. The expanding manufacturing, packaging, and consumer goods industries are expected to support market growth.

Styrenics Market Restraints

Health Risks to Hinder Market Growth

  • Rising health and environmental concerns due to the use of styrene are expected to limit market growth.
  • The increased health and environmental concerns raised by styrene use are impeding the market. Styrene is commonly used in the production of plastics and other resins. Styrene has been linked to some health issues that have long-term effects on the human central nervous system (CNS), such as hearing loss, weakness, depression, headache, and peripheral neuropathy.

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Styrenics Market Competitive Landscape

The global styrenics market is highly competitive, with numerous top-tier petrochemical players present globally. Price, innovation, operational cost, and product quality are all factors that companies are focusing on. To maintain their competitive position, these players must implement several major strategies, strengthen their activity restructuring, and focus on geographic or product expansions as well as corporate reshuffling.

Styrenics Market Top Player's Company Profiles

  • LyondellBasell Industries Holdings B.V.
  • Total SE
  • Ineos Group AG
  • SABIC
  • Trinseo S.A.
  • Versalis S.p.A.
  • Chevron Phillips Chemical Company LLC
  • Asahi Kasei Corporation
  • LG Chem Ltd.
  • INEOS Styrolution Group GmbH
  • Dow Inc.
  • ENI S.p.A.
  • Nova Chemicals Corporation
  • Covestro AG
  • Chi Mei Corporation
  • Lotte Chemical Corporation
  • Styron LLC
  • Saudi Basic Industries Corporation (SABIC)
  • Huntsman Corporation
  • Synthos S.A.

Styrenics Market Recent Developments

  • In November 2021, Asahi Kasei committed to deliver butadiene generated from plastic waste and biomass to Shell Eastern Petroleum. Asahi Kasei, a Japanese firm, has announced the signing of an agreement with Shell Eastern Petroleum (Shell) for the delivery of butadiene obtained from plastic waste and biomass (sustainable butadiene). Asahi Kasei plans to start producing and distributing sustainable solution-polymerized styrene-butadiene rubber (S-SBR) using sustainable butadiene at its Singapore plant by the end of fiscal 2021, in March 2022. Asahi Kasei claimed to be the world's first company to employ butadiene produced from plastic waste for S-SBR synthesis, as well as the first Japanese company to do so.
  • In November 2021, Trinseo, a US-based engineered material and latex binders’ manufacturer, began examining the divestiture of its styrenics assets and aims to begin a formal sales process in the first quarter of 2022. The company's Feedstocks and Polystyrene businesses, as well as its 50 percent ownership in the Americas Styrenics joint venture, will be included in the sale process. The joint venture's remaining interest is owned by Chevron Phillips Chemical.

Styrenics Key Market Trends

  • The increase in infrastructural development in emerging economies is a significant industry trend for the styrenics market. The rising demand for high-quality styrenics resins from end-use segments such as wind energy, packaging, and automotive is also driving the styrenics market forward.
  • The market is currently expanding due to the numerous applications of styrene in plastic packaging, insulation, disposable cups and containers, and so on. Owing to its high performance, acrylonitrile butadiene styrene (ABS) is used in the manufacture of a wide range of medical devices. ABS is frequently used by OEMs in 3D printing applications. Its rigidity and heat resistance make it the best metal substitute for ABS in many structural sections. It is also used in the automobile industry to reduce overall vehicle weight and improve fuel economy.

Styrenics Market SkyQuest Analysis

SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research

According to our analysis, the styrene market is being driven primarily by increased demand from the packaging sector in various regions. Because it is lightweight and flexible, the chemical is widely used in the packaging of consumer goods such as milk, fruits, and meat, as well as other packaged food items. With the expansion of the cold storage sector and the rising demand for ready-to-eat foods, the packaging industry is rapidly expanding, driving up demand for styrene. The rapid growth and expansion of various projects such as Metro Rail Projects, Smart Cities, and Railway Line Electrification has increased the consumption of styrene used in plastic products for such projects. Acrylonitrile Butadiene Styrene can provide quality and high resistance chemical substances for these types of projects (ABS). The increased production and use of automotive applications have increased the demand for styrene products, which are used to make and design the applications. Styrene is a major and preferred alternative material for metals and steels in order to reduce vehicle weight, which improves efficiency and performance.

Report Metric Details
Market size value in 2022 USD 85.8 billion
Market size value in 2031 USD 143.73 billion
Growth Rate 5.90%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Acrylonitrile Butadiene Styrene (ABS), Expanded Polystyrene (EPS), and others
  • Application
    • Automotive, Construction, Packaging Consumer Goods and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • LyondellBasell Industries Holdings B.V.
  • Total SE
  • Ineos Group AG
  • SABIC
  • Trinseo S.A.
  • Versalis S.p.A.
  • Chevron Phillips Chemical Company LLC
  • Asahi Kasei Corporation
  • LG Chem Ltd.
  • INEOS Styrolution Group GmbH
  • Dow Inc.
  • ENI S.p.A.
  • Nova Chemicals Corporation
  • Covestro AG
  • Chi Mei Corporation
  • Lotte Chemical Corporation
  • Styron LLC
  • Saudi Basic Industries Corporation (SABIC)
  • Huntsman Corporation
  • Synthos S.A.

Styrenics Market Recent Developments

  • In November 2021, Asahi Kasei committed to deliver butadiene generated from plastic waste and biomass to Shell Eastern Petroleum. Asahi Kasei, a Japanese firm, has announced the signing of an agreement with Shell Eastern Petroleum (Shell) for the delivery of butadiene obtained from plastic waste and biomass (sustainable butadiene). Asahi Kasei plans to start producing and distributing sustainable solution-polymerized styrene-butadiene rubber (S-SBR) using sustainable butadiene at its Singapore plant by the end of fiscal 2021, in March 2022. Asahi Kasei claimed to be the world's first company to employ butadiene produced from plastic waste for S-SBR synthesis, as well as the first Japanese company to do so.
  • In November 2021, Trinseo, a US-based engineered material and latex binders’ manufacturer, began examining the divestiture of its styrenics assets and aims to begin a formal sales process in the first quarter of 2022. The company's Feedstocks and Polystyrene businesses, as well as its 50 percent ownership in the Americas Styrenics joint venture, will be included in the sale process. The joint venture's remaining interest is owned by Chevron Phillips Chemical.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Styrenics Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Styrenics Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Styrenics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Styrenics Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Styrenics Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Styrenics Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Styrenics Market size was valued at USD 85.8 billion in 2022 and is poised to grow from USD 90.86 billion in 2023 to USD 143.73 billion by 2031, growing at a CAGR of 5.90% during the forecast period (2024-2031).

The styrenics market is highly competitive, with numerous top-tier petrochemical players present globally. Price, innovation, operational cost, and product quality are all factors that companies are focusing on. To maintain their competitive position, these players must implement several major strategies, strengthen their activity restructuring, and focus on geographic or product expansions as well as corporate reshuffling. 'LyondellBasell Industries Holdings B.V.', 'Total SE', 'Ineos Group AG', 'SABIC', 'Trinseo S.A.', 'Versalis S.p.A.', 'Chevron Phillips Chemical Company LLC', 'Asahi Kasei Corporation', 'LG Chem Ltd.', 'INEOS Styrolution Group GmbH', 'Dow Inc.', 'ENI S.p.A.', 'Nova Chemicals Corporation', 'Covestro AG', 'Chi Mei Corporation', 'Lotte Chemical Corporation', 'Styron LLC', 'Saudi Basic Industries Corporation (SABIC)', 'Huntsman Corporation', 'Synthos S.A.', 'In November 2021, Asahi Kasei committed to deliver butadiene generated from plastic waste and biomass to Shell Eastern Petroleum. Asahi Kasei, a Japanese firm, has announced the signing of an agreement with Shell Eastern Petroleum (Shell) for the delivery of butadiene obtained from plastic waste and biomass (sustainable butadiene). Asahi Kasei plans to start producing and distributing sustainable solution-polymerized styrene-butadiene rubber (S-SBR) using sustainable butadiene at its Singapore plant by the end of fiscal 2021, in March 2022. Asahi Kasei claimed to be the world's first company to employ butadiene produced from plastic waste for S-SBR synthesis, as well as the first Japanese company to do so.', 'In November 2021, Trinseo, a US-based engineered material and latex binders’ manufacturer, began examining the divestiture of its styrenics assets and aims to begin a formal sales process in the first quarter of 2022. The company's Feedstocks and Polystyrene businesses, as well as its 50 percent ownership in the Americas Styrenics joint venture, will be included in the sale process. The joint venture's remaining interest is owned by Chevron Phillips Chemical.'

The styrenics market is expanding due to rising polystyrene demand. Styrene is used to make polystyrene via suspension polymerization. Polystyrene is a flexible plastic that is used to make vacuum cleaners, stoves, microwaves, refrigerators, and air conditioners. Polystyrene is widely used in the packaging industry because it keeps food fresher for longer. Polystyrene is widely used in the automotive industry to create energy-absorbing door panels, trim, car knobs, instrument panels, and sound-dampening foam. As a result of the high demand for polystyrene, the market has expanded.

The increase in infrastructural development in emerging economies is a significant industry trend for the styrenics market. The rising demand for high-quality styrenics resins from end-use segments such as wind energy, packaging, and automotive is also driving the styrenics market forward.

On the basis of region, the styrenics market is widespread into the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA). On account of rapid growth in the construction and packaging industries, Asia Pacific was the leading styrenics consumer. Emerging markets such as India, China, and Brazil are expected to witness positive growth over the forecast period due to rise in construction projects and growing automotive and packaging industries. Government initiatives in Asia Pacific are likely to promote wind energy and are expected to have a positive impact on the regional styrenics market.

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