Styrene Monomer Market Size Analysis Report Forecast to 2023 | Research Cosmos

Styrene Monomer Market Size Analysis Report Forecast to 2023 | Research Cosmos
According to the Research Report, the Global styrene monomer market Size was valued at $41,690 million in 2016 and is estimated to grow at a CAGR of 1.25% till 2023 to reach $45,280 million.

Styrene Monomer Market Drivers and Restraints:

Occurring naturally in small quantities in different foods and plants, styrene monomer is also found in coal tar. Various types of styrene products such as acrylonitrile butadiene styrene, expanded polystyrene and polystyrene are used for a wide range of applications including automotive, construction, packaging and consumer goods amongst others. The styrene market is highly branched, which includes various types of derivatives, each having a wide range of applications across various sectors of the market. The global demand for styrene has been on a high growth on account of the emerging packaging and construction industry, which has led to an increasing demand for infrastructure facilities and consumer goods, especially in emerging regions. 

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Recent jump in benzene prices have led to increasing cost of styrene product, which has hindered growth. The hindrance of seasonally strong demand and low inventories with reduced styrene supply from propylene oxide/styrene monomer (POSM) facilities has further propelled styrene prices. Also, increasing health and environmental concerns due to usage of styrene and acceptance of other resins as substitute to unsaturated polyester resin (UPR) are expected to the hamper the growth of the market because when exposed to the atmosphere, styrene can be hazardous, causing irritation to skin, eyes, respiratory system and nervous system. It emits toxic vapours and produces carbon monoxide on decomposition. 

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Styrene Monomer Market Geographical Insights:

The major markets for this segment are North America, Asia Pacific, Europe and Latin America. The overall production of styrene has been relocating to emerging economies while developed industrialized regions such as Western Europe and the U.S. have substantially reduced their production capacities over the past few years. Asia Pacific was the largest consumer for styrene monomer, closely followed by Europe. Future market growth is expected to be from Asia Pacific on account of the growth in wind energy applications. 

Keyplayers of the Styrene Monomer Market:

Some of the big manufacturers are Alpek SAB DE CV, Ashland Inc., Bayer Materialscience, Ineos Group AG, Nova Chemicals Corporation, Royal DSM, Styron LIC, Styrolution Group GmbH, The Dow Chemical Company etc.

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