Overview and Scope
Styrene petrochemical refers to a colourless, gritty organic compound derived from benzene. Styrene is readily evaporated and is also used as a precursor to polystyrene and several other copolymers.
Sizing and Forecast
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.
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Segmentation & Regional Insights
The 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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The styrene-petrochemicals market report table of contents includes:
1. Executive Summary
- Styrene-Petrochemicals Market Characteristics
- Styrene-Petrochemicals Market Trends And Strategies
- Styrene-Petrochemicals Market – Macro Economic Scenario
- Global Styrene-Petrochemicals Market Size and Growth
- Styrene-Petrochemicals Market Segmentation
- Styrene-Petrochemicals Market Regional And Country Analysis
…………..
- Key Mergers And Acquisitions In The Styrene-Petrochemicals Market
- Styrene-Petrochemicals Market Future Outlook and Potential Analysis
- Appendix
List Of Tables :
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Styrene-Petrochemicals Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Styrene-Petrochemicals Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Styrene-Petrochemicals Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
……………..
Table 74: Alpek SAB DE CV Financial Performance
Table 75: Ashland Inc. Financial Performance
Table 76: Ineos Group AG Financial Performance
Table 77: Nova Chemicals Corporation Financial Performance
Table 78: Bayer Material Science LLC Financial Performance
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