Styrenics Market Size, Share, Growth Analysis, By Type(Acrylonitrile Butadiene Styrene (ABS), Expanded Polystyrene (EPS)), By Application(Automotive, Construction) - Industry Forecast 2024-2031

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.