Dublin, July 12, 2021 (GLOBE NEWSWIRE) -- The "Styrene Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global Styrene market is expected to grow from $31.31 billion in 2020 to $34.22 billion in 2021 at a compound annual growth rate (CAGR) of 9.3%.
Styrene Global Market Report 2021: COVID-19 Impact and Recovery to 2030 provides the strategists, marketers and senior management with the critical information they need to assess the global Styrene market as it emerges from the COVID-19 shut down.
Major players in the Styrene market are Alpek SAB DE CV, Ashland Inc, Ineos Group AG, Nova Chemicals Corporation, Bayer Material science, Chevron Phillips Chemical Company LLC, ENI S.p.A., Ineos Styrolution Holding Ltd., Saudi Basic Industries Corp. (SABIC) and Total S.A.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $26.96 billion in 2025 at a CAGR of -6%.
The styrene market consists of sales of styrene and related services used for making synthetic rubber, resins, and plastics and improving drying oils. Styrene is a colourless, gritty organic compound derived from benzene. Styrene is readily evaporated and also used as a precursor to polystyrene and several other copolymers. Styrene is a fragrant liquid used for making synthetic rubber, resins, and plastics and improving drying oils.
The high demand for polystyrene drives the growth of styrene 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, vacuum cleaners. Polystyrene is majorly used in packaging industry as it keeps food fresher for longer duration.
The demand for polystyrene is high in 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 rise in the demand.
For instance, India and Iran are expected to lead the capacity expansion in the forecast period in order to cater to the demand. In India, Supreme Petrochem and LG Polymers India are expected to add 0.15 mtpa and 0.03 mtpa (million tonnes per annum) respectively. Thus, the rising demand for polystyrene and its derivatives positively drives the growth of the styrene market.
The increasing health and environmental concerns due to the usage of styrene limits the demand for styrene. Styrene is primarily used in the production of plastics and other resins. Short-term exposure to styrene in humans is known to result in mucous membrane and eye irritation, and gastrointestinal effects whereas long-term exposure to styrene results in effects on the central nervous system (CNS), such as headache, fatigue, weakness, and depression, CSN dysfunction, hearing loss, and peripheral neuropathy.
In animals, oral exposure to styrene affects liver, blood, kidney, and stomach. In May 2020, a styrene chemical leak from the LG Polymers plant in Visakhapatnam killed seven people and triggered fear in the industrial coastal city. Thus, the ill effect of styrene on health and environment restricts the growth of styrene market.
The styrene market covered in this report is segmented by type: acrylonitrile butadiene styrene, expanded polystyrene, others. It is also segmented by application: automotive, construction, packaging consumer goods and others.
The companies in styrene market are working towards developing techniques to recycle styrene. In order to increase the efficiency and popularity of styrene, companies are investing towards developing methods to recycle styrene
Key Topics Covered:
1. Executive Summary
2. Styrene Market Characteristics
3. Styrene Market Trends and Strategies
4. Impact of COVID-19 on Styrene
5. Styrene Market Size and Growth
5.1. Global Styrene Historic Market, 2015-2020, $ Billion
5.2. Global Styrene Forecast Market, 2020-2025F, 2030F, $ Billion
6. Styrene Market Segmentation
6.1. Global Styrene Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Acrylonitrile butadiene styrene (ABS)
Expanded polystyrene (EPS)
6.2. Global Styrene Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Packaging consumer goods
7. Styrene Market Regional and Country Analysis
7.1. Global Styrene Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Styrene Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Alpek SAB DE CV
Ineos Group AG
Nova Chemicals Corporation
Bayer Material science
Chevron Phillips Chemical Company LLC
INEOS Styrolution Holding Ltd.
Saudi Basic Industries Corp. (SABIC)
The Dow Chemical Company
Styrolution Group GmbH
For more information about this report visit https://www.researchandmarkets.com/r/r6reml
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