Styrenics Market size is expected to be valued at $150.1 billion by the end of 2026 after growing at a CAGR of 4.6% during 2021-2026. The main advantage of styrenics such as cost advantage and high performance are the main factors driving the market. The increase in demand for styrenics can also be associated to the increase in growth of wind energy applications of unsaturated polyester resins. Styrenics is also hugely used in the manufacture of products made from plastics. There has been an increase in the use of plastics in the present years across the globe, which has paved way for styrenics into the market.
Amid the Covid-19 crisis, the styrenics market has taken a huge loss and is expected to slow down in the year 2020. This has led to a drastic increase in the prices of styrene from around US$770/tons in the start of June 2020 to US$1060M/T in December 2020. However, the market is expected to improve in the year 2021.
Styrenics Market Segment Analysis – By Resin Type
Polystrene (PS) held the largest share of more than 30% in the styrenics market in the year 2020 and is expected to grow at a CAGR of 5.1% during the forecast timeframe. This can be attributed to the extensive usage of Polystrene in key-use industries such as construction, packaging and consumer, goods etc. Polystrene is also the most preferred type of resin type due to its unique properties such as rigidity, brittleness, clarity and strength. Polystrene also has excellent radiation resistance and good electrical properties which makes it the most preferred resin in the market.
Styrenics Market Segment Analysis – By End-User Industry
Building and construction held the largest share of more than 30% in the market in 2020 due to the highest demand for styrene, especially for polystrene (PS). Polystrene is mostly used in construction as they provide excellent insulating properties. Building and construction is the largest consumer of styrene due to the qualities provided by styrene which is very suitable for construction such as excellent design element, ideal choice for green building, increases efficiency, improved quality and enhanced durability. Construction segment has been in the rise in the present days and it has led to high demand for styrenics. The other factors driving the styrene market is the booming automotive business in countries such as China, India, Japan and South Korea are contributing to the market expansion of styrenics market worldwide.
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Styrenics Market Segment Analysis – By Geography
Asia Pacific held the largest share of more than 45% in the styrenics market in the year 2020. The increase in use of styrene in the APAC region can be associated with the increase in demand from domestic fronts and income levels in countries such China, India and South Korea. The increased industrial base for various end-use industries such as automotive and building & construction. The demand for styrenic polymers is estimated to increase in countries such as Thailand, Japan and Malaysia on account of continuous expansion of automotive sector, wind and marine sector. The increase in demand for styrene market in APAC is also due to the increase in investment, innovation and research & development activities by the market players in this region. North America and Europe followed APAC closely. The demand for styrene products in North America comes from the increasing use of polymers in packaging and healthcare industry. The increase in styrene products in Europe is due to the increasing awareness regarding the benefits of the product as well as the increase in purchasing power of the European consumers.
Styrenics Market Drivers
Rapid expansion in various projects
The rapid growth and expansion in various projects such as Metro Rail Projects, Smart Cities, and Electrification in Railway Line has surged the increase in consumption of styrene used in the plastic products for such projects. These kinds of projects require quality and high resistance chemical substance which can be provided by Acrylonitrile Butadiene Styrene (ABS).
Increase in automotive application
The increase in manufacture and use of automotive applications has led to the demand for styrene products with which the applications are made and designed with. Styrene is used as one of the major and preferred alternative material for metals and steels to reduce the weight of the vehicle, which in turns the efficiency and performance of the vehicle. The total number of vehicles sold in 2019 was accounted at around 91 million units which is up from 88 million units in 2014. Automotive industry is expected to register good growth after the recovering from the pandemic situation especially due to rising demand of electric vehicles. This will fuel the demand of styrenics market in the forecast period.
Styrenics Market Challenges
Adverse health & environmental effects
The production of styrene will cause major chemical reactions which is hazardous to the health and quality of the air, which poses as a threat to the environment and as well as the labourers working in such facilities. Therefore, this could pose as a major challenge to the industry and the market players. Proper precautions and regulations must be followed, which is a long and huge process.
Styrenics Market Landscape
Strategic acquisition and mergers, product development, joint ventures, product launches and expansion are some of the key strategies adopted by players in the Styrenics Market. Major players in the Styrenics Market are The Dow Chemical Company, LyondellBasell Industries Holdings, Ashland Inc., Nova Chemicals Corporation, SABIC, Lanxess AG, Total S.A, BASF, Ineos Group AG and Ashland Inc. among others.
In May 2017 Ineos Styrolution and Videolar-Innova, a Brazilian petrochemical firm expanded its production capacity e for acrylonitrile butadiene styrene (ABS) and acrylonitrile styrene acrylate (ASA). The capacity plant was constructed in Altamira, Mexico.
In August 2017, INEOS Styrolution, a leading styrenics polymer manufacturer in US expanded its production capacity by an additional 34,000 metric tons per annum at their Moxi plant situated in Gujarat, India. This expansion will help the company to meet their growing demand in India and APAC region.
In January 2018 Mitsubishi Chemical Corporation initiated the production of thermoplastic elastomer, a product which can be extensively used in building materials, electronic devices, healthcare related products, food packaging and automobiles.
Asia-Pacific market held the highest share in the styrenics market owing to the increase in growth in construction and packaging industry in countries like China and India.
One of the significant factors which has contributed to the increase in demand for styrenics is due to the increase in construction projects, growth in automotive and packaging industries.
Government initiatives to promote wind energy, especially in the Asia Pacific region is expected to drive the styrenics market in a positive direction.
Some of the unique properties of styrenics such as high chemical resistance and high formability is one of the major reasons which makes the styrencis and related products stand out from the rest.
Related Reports :
A. Acrylonitrile-Butadiene-Styrene (ABS) Resin Market
B. Styrenic Block Copolymers Market
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