Styrene Market - Segmented by Product Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2019 - 2024)

Styrene Market - Segmented by Product Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2019 - 2024)

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The styrene market is expected to register a CAGR of 4.9% between 2018 and 2023. The market is likely to be fueled by increasing demand for expanded polystyrene in the construction industry. Furthermore, increase in consumption of styrene in the automotive industry is projected to boost the demand during the forecast period.

Increasing Demand for Expanded Polystyrene from the United States & Canadian Construction Industry

Expanded polystyrene (EPS) is one of the most popular materials used in the construction industry. One of the major reasons is its cost-effectiveness, along with its ideal physical and mechanical properties for insulation needs. EPS is used as insulation in roofs, walls, and foundations, and serves as an integral component of insulated concrete forms (ICFs), structural insulated panels (SIPs), and exterior insulation and finish systems (EIFS). The United States construction sector is expected to grow at a rapid rate, primarily driven by the residential and infrastructure sector. Few upcoming bridge projects are located at Adams, Beaver, Bedford & Bradford, Clearfield, Clinton, Franklin, Greene, Lancaster, etc., which are scheduled for completion in 2018. This trend is expected to augment the usage of EPS in the country. With the rapid rise of construction activities in the United States and Canada, the demand for expanded polystyrene (EPS) is set to increase during the forecast period.

Packaging is the Dominating Segment

Styrene is widely used in the packaging industry, owing to its properties, such as light weight, durability, flexibility, thermal efficiency, and moisture resistivity. Styrene is used for packing food products, such as fish, meat, fruits, milk products, processed foods, consumer durables, electronics, horticulture, heavy products, and fragile pharmaceutical products, among others. Furthermore, styrene also provides a cost-effective and environment-friendly packaging solution that does not emit chlorofluorocarbons (CFC) or hydro-chlorofluorocarbons (HCFC). Additionally, changing lifestyles and increasing popularity of packaged food are augmenting the growth of the market. Thus, with the growing packaging needs across the globe, the usage of styrene is projected to grow rapidly during the forecast period.

United States is the Largest Market

The United States is also the world’s second largest market for vehicle sales and production. It contributes around 3-3.5% to the country’s GDP. The production of light vehicles in the United States reached 11 million units in 2017. Honda, Ford Motors, and General Motors are some of the major manufacturers in the country. The sales of light vehicles reached 17.5 million units. Moreover, the production of electric vehicles in the country is expected to get a boost. Tesla, an electric vehicle manufacturer, was aiming to manufacture 5,000 units per week by the end of 2017 and increase the same to 10,000 units per week by 2018. Thus, with the rising demand from the end-user industries, the demand for styrene is set to grow rapidly during the forecast period.


Major Players: INEOS Styrolution Group GmbH, BASF SE, Bayer AG, LG Chem, and Ashland Inc., among others.

Notable Developments

  • January 2018: SABIC decided to acquire approximately 24.9% stake in Clariant AG, a global specialty chemical company, from 40 North and Corvex Management.

Reasons to Purchase the Report

  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • Identify the segments that are expected to dominate the market
  • Identify the regions that are expected to witness fastest growth during the forecast period
  • Identify the latest developments, market shares, and strategies employed by the major market players
  • 3 month analyst support, along with the Market Estimate sheet (in Excel)

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1. Introduction

                1.1 Research Phases

                1.2 Scope of the Report

                1.3 Study Deliverables

2. Executive Summary

3. Market Insights

                3.1 Industry Value-Chain Analysis

                3.2 Industry Attractiveness – Porter’s Five Forces Analysis

                                3.2.1 Bargaining Power of Suppliers

                                3.2.2 Bargaining Power of Consumers

                                3.2.3 Threat of New Entrants

                                3.2.4 Threat of Substitute Products and Services

                                3.2.5 Degree of Competition

                3.3 Regulatory Policy Analysis

4. Market Dynamics

                4.1 Drivers

                                4.1.1 Increasing Demand for Expanded Polystyrene from the US & Canadian Construction Industry

                                4.1.2 Rising Demand for General-purpose and High-impact Polystyrene from Asia-Pacific

                                4.1.3 Rising Demand from the End-user Industries like Automotive and Construction

                4.2 Restraints

                                4.2.1 Detrimental Effects of Styrene on Health

                                4.2.2 Rising Threat from Substitutes like PET, Polypropylene, and Resins

                4.3 Opportunities

                                4.3.1 Ongoing Research to Develop Bio-based Styrene Products

                                4.3.2 Rising Infrastructure Activities in Developing Regions

5. Market Segmentation and Analysis (Market Size, CAGR, and Forecast)

                5.1 By Product Type

                                5.1.1 Polystyrene

                                5.1.2 Expanded Polystyrene

                                5.1.3 Acrylonitrile Butadiene Styrene

                                5.1.4 Styrene Butadiene Rubber

                                5.1.5 Unsaturated Polyester Resins

                                5.1.6 Others

                5.2 By End-user Industry

                                5.2.1 Packaging

                                5.2.2 Construction

                                5.2.3 Consumer Goods

                                5.2.4 Automotive

                                5.2.5 Electrical & Electronics

                                5.2.6 Others

6. Regional Market Analysis – (Market Size, Growth, and Forecast)

                6.1 Asia-Pacific

                                6.1.1 China

                                6.1.2 India

                                6.1.3 Japan

                                6.1.4 South Korea

                                6.1.5 ASEAN Countries

                                6.1.6 Rest of Asia-Pacific

                6.2 North America

                                6.2.1 United States

                                6.2.2 Canada

                                6.2.3 Mexico

                                6.2.4 Rest of North America

                6.3 Europe

                                6.3.1 Germany

                                6.3.2 United Kingdom

                                6.3.3 France

                                6.3.4 Italy

                                6.3.5 Spain

                                6.3.6 Rest of Europe

                6.4 South America

                                6.4.1 Brazil

                                6.4.2 Argentina

                                6.4.3 Rest of South America

                6.5 Middle East & Africa

                                6.5.1 Saudi Arabia

                                6.5.2 South Africa

                                6.5.3 Rest of Middle East & Africa

7. Future of the Market

8. Competitive Landscape

                8.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements

                8.2 Market Share Analysis**

                8.3 Strategies Adopted by Leading Players

9. Company Profiles (Overview, Financials**, Products & Services, Recent Developments)

                9.1 Americas Styrenics

                9.2 Ashland Inc.

                9.3 BASF SE

                9.4 Bayer AG

                9.5 Chevron Phillips Chemicals Company

                9.6 DowDupont

                9.7 INEOS Styrolution Group GmbH

                9.8 LG Chem

                9.9 LyondellBasell Industries Holdings B.V.

                9.10 Mitsubishi Chemicals

                9.11 Nippon Steel & Sumikin Chemical Co. Ltd

                9.12 Perlite Construction Co.

                9.13 Shell Chemicals

                9.14 Shuangliang Leasty Chemical

                9.15 SINOPEC Qingdao Refining Corp. Ltd

                9.16 SABIC

                9.17 Total Petrochemicals

                *List not exhaustive

10. Disclaimer

** Subject to availability on public domain

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