The Global Styrene Market accounted for US$51,490Mn in 2020 and is expected to grow at a considerable CAGR of 4.3% during the forecast period from 2021 to 2028.
Global Styrene Market Dynamics
Owing to the increasing concerns regarding the usage of plastic and the threat to global warming, the governments of some countries are focusing on the ban or elimination of the plastic use in packaging. This is the major reason that would attract all the eyes on styrene as it is the natural derivative of benzene, which can be recycled various times and can be reused in the same process. The increasing awareness about the environmental crisis has inspired the key players such as Royal Dutch Shell plc. SABIC, Hanwha Group, and others to adopt the expanded polystyrene for sustainable packaging. It is produced using recyclable materials such as foam core, plaster, etc. The recyclability of expanded polystyrene is financially beneficial to the industries and it can recycle again and again in the open-loop and closed-loop processes.
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The government of UK has already announced to ban or eliminate the use of plastic. Instead of using plastic for packaging, the government is promoting the use of expanded polystyrene for packaging of the devices and food packaging. This is the key factor contributing to the growth of styrene market in the region.
The global styrene market is also benefiting from the current trend of ecommerce across the world. With the insurgence of pandemic globally, there is increased acceptance of online shopping, which was otherwise, witnessing a sluggish growth. Polysterene is majorly used as a packaging product for electronic items. Because of this rising demand of expanded polystyrene by the end-users for packaging purpose of the devices or products can be the major factor for the growth of the market.
Styrene Regional Stance
Asia Pacific is likely to dominate the market and is expected to continue to lead the market during the forecast period. Increasing demand for electrical and electronic devices and packaging applications in the region is likely to drive the market growth. Increase in demand of innovative and attractive packaging materials by industries such as food and beverages, cosmetics, consumer goods is also the major factor that is driving the growth of the market in this region.
In Asia Pacific region, China is dominating the market as it has one of the largest packaging industries worldwide.
Automotive industry uses styrene in the production of tires, interior and exterior parts of the vehicles. Europe is expected to share the largest revenue growth due to the presence of numerous automotive manufacturers in the region.
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Major Players
This section of the report pinpoints various key vendors of the market. Some of the prominent vendors offered in the report include Ashland Inc., Royal DSM, Mitsubishi Chemicals, Nova Chemicals Corporation, Alpek SAB DE CV, The Dow Chemical Company, Bayer Material Science, LG Chem., Chevron Philips Chemical Company, INEOS Styrolution Group GmbH, and others.
INEOS Styrolution launched new recycling plant in the Netherland for Expanded Polystyrene (EPS) to demolish the waste.
BASF announced collaboration with Trinseo to enhance the production of styrene based products.
INEOS Styrolution confirmed its investment decision into a recycling pilot plant for advanced recycling of polystyrene.
Scientists from U.S. Department of Energy’s Ames Laboratory and their partners from Clemson University discovered a green, low-energy process to break down polystyrene.
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