The Styrene-Petrochemicals Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).
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According to The Business Research Company’s Styrene-Petrochemicals Global Market Report 2024, 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 in the historic period can be attributed to growing demand for polystyrene, growing demand for construction and building sector, demand for packaging materials, consumer goods manufacturing, growing population and urbanization, rising disposable incomes.
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 growth in the forecast period can be attributed to automotive industry needs, growing pharmaceutical and healthcare sector, expanding industrialization, increasing awareness of the benefits of styrene-petrochemicals, growing consumer electronics industry. Major trends in the forecast period include sustainable styrene production, biobased styrene, specialized styrene derivatives, digitalization and industry 4.0, advanced styrene-based polymers, shift to green packaging, innovation in styrene derivatives.
The high demand for polystyrene drives the growth of the styrene-petrochemicals market. Styrene is used to produce polystyrene through suspension polymerization. Polystyrene is a versatile plastic used for the manufacturing of refrigerators, air conditioners, ovens, microwaves, and vacuum cleaners. Polystyrene is majorly used in the packaging industry as it keeps food fresher for a longer duration. The demand for polystyrene is high in the automobile industry, where it is used in manufacturing car knobs, instrument panels, trim, energy-absorbing door panels, and sound-dampening foam. Thus, strong demand for polystyrene has resulted in a rise in demand. For instance, India and Iran are expected to lead the capacity expansion in the forecast period to cater to the demand. In India, Supreme Petrochem and LG Polymers India are expected to add 0.15 MTPA (million tons per annum) and 0.03 MTPA (million tons per annum) respectively. Thus, the rising demand for polystyrene and its derivatives positively drives the growth of the styrene-petrochemicals market.
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The styrene-petrochemicals market covered in this report is segmented –
1) By Type: Acrylonitrile butadiene styrene (ABS); Expanded polystyrene (EPS); Other Types
2) By Application: Automotive; Construction; Packaging consumer goods; Other Applications
3) By Distribution Channel: Offline; Online
The styrene-petrochemicals market report table of contents includes:
1. Executive Summary
2. Styrene-Petrochemicals Market Characteristics
3. Styrene-Petrochemicals Market Trends And Strategies
4. Styrene-Petrochemicals Market – Macro Economic Scenario
5. Global Styrene-Petrochemicals Market Size and Growth
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26. South America Styrene-Petrochemicals Market
27. Brazil Styrene-Petrochemicals Market
28. Middle East Styrene-Petrochemicals Market
29. Africa Styrene-Petrochemicals Market
30. Styrene-Petrochemicals Market Competitive Landscape And Company Profiles
Top Major Players:
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