Styrene Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Styrene Market is segmented by Product Type (Polystyrene, Acrylonitrile Butadiene Styrene, Styrene Butadiene Rubber, and Other Product Types), End-user Industry (Packaging, Construction, Consumer Goods, Automotive and Transportation, Electrical and Electronics, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers the market sizes and forecasts in volume (kiloton) for the above-mentioned segments.

Styrene Market Size

PolyStyrene Market Summary
Study Period: 2018 - 2028
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: > 4.5 %

Major Players

PolyStyrene Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Styrene Market Analysis

The market for styrene is expected to register a CAGR of greater than 4.5% during the forecast period.

The major factor driving the growth of the market studied is the growing consumer electronics market. On the flip side, the decline in automotive is expected to hinder the growth of the market studied.

The polystyrene segment dominated the market with a significant share. This segment is expected to have a significant demand due to the increasing applications of expanded polystyrene.

Asia-Pacific dominated the market, and it is expected to continue its dominance during the forecast period.

Styrene Industry Segmentation

The styrene market is segmented by product type, end-user industry, and geography. By product type, the market is segmented into polystyrene, acrylonitrile butadiene styrene, styrene-butadiene rubber, and other product types. By end-user industry, the market is segmented into packaging, construction, consumer goods, automotive and transportation, electrical and electronics, and other end-user industries. The report also covers the market size and forecasts for the market in 15 countries across the major regions. The report offers the market sizes and forecasts in volume (kiloton) for the above-mentioned segments.

Product Type
Acrylonitrile Butadiene Styrene
Styrene Butadiene Rubber
Other Product Types (Styrene-Acrylonitrile)
End-user Industry
Consumer Goods
Automotive and Transportation
Electrical and Electronics
Other End-user Industries (Textile)
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle-East and Africa
South Africa
Saudi Arabia
Rest of Middle-East and Africa

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Styrene Market Trends

This section covers the major market trends shaping the Styrene Market according to our research experts:

Polystyrene is Expected to Dominate the Market

Polystyrene is a thermoplastic resin, which can be easily processed. It is used in numerous applications, such as packaging, electronics, housewares, toys, and disposables.

Expanded polystyrene (EPS) has found numerous application areas across a wide range of industries due to its lightweight, rigidity, and thermal and acoustic insulating properties. The major trend driving the polystyrene (PS) market is the increasing popularity of recycled EPS products, which has helped the market recover from the setbacks posed by its disposal.

According to the Chemical and Petrochemical Manufacturers Association India, the country has a 212 KT production of polystyrene with apparent demand of 227 KT in FY2020-21.

Belgium and France were among the top exporters of polystyrene in 2020, with exported values of USD 391.4 million and USD 363 million, respectively, according to ITC Trademap.

All the abovementioned factors depict the demand for polystyrene across the world for various applications.

Styrene Market, Volume (%), by Product Type, Global, 2021

Asia-Pacific is Expected to Dominate the Market

Asia-Pacific dominated the market with a share, and it is likely to continue its dominance during the forecast period.

Increasing packaging applications across the region, followed by robust demand for electrical and electronic products, is boosting the styrene market.

China is one of the key packaging industries in the world. The country is expected to witness consistent growth during the forecast period due to the rise of customized packaging and increased demand for packaged consumerist goods in the food segment.

According to industry publications, in 2021-2022, new factories for polystyrene and ABS plastics were expected to launch with a combined capacity of over 3.5 million ton, including new facilities for companies like Sinopec Gulei, Zhejiang Petrochemical, and Shandong Lihuaya. However, a delay may be observed due to the energy crisis in the country.

According to JEITA, the total electronics exports from Japan in 2021 amounted to JPY 10.82 trillion, with JPY 1.04 trillion in December 2021 alone, providing huge demand for styrene in the region.

Furthermore, the Asia-Pacific region is the largest automotive manufacturing hub, accounting for almost 60% of the production share of the world. According to OICA, in the first nine months of 2021, the total production of vehicles stood at 32.67 million units, an increase of 11% compared to the same period last year.

Thus, the abovementioned factors indicate the rising demand for styrene from various end users in the region.

Styrene Market - Growth Rate by Region, 2021-2027

Styrene Industry Overview

The market studied is partially fragmented among the top players. The key players (not in any particular order) include Shell PLC, Chevron Phillips Chemical Company, SABIC, Repsol, and INEOS, among others.

Styrene Market Leaders

  1. Shell Plc

  2. Chevron Phillips Chemical Company

  3. SABIC

  4. Repsol

  5. INEOS

*Disclaimer: Major Players sorted in no particular order

PolyStyrene Market Concentration

Styrene Market News

In January 2022, INEOS Styrolution started a 50,000-ton ABS production capacity in Wingles, France. This will increase the product portfolio of INEOS.

In April 2021, CNOOC Oil & Petrochemicals Co. Ltd (CNOOC) and Shell Nanhai BV (Shell) announced the start-up of their 50:50 joint venture, CNOOC and Shell Petrochemicals Company (CSPC). The new unit will produce up to 630,000 ton per year of styrene monomer.

In January 2021, LyondellBasell and the China Petroleum & Chemical Corporation (Sinopec) announced the signing of an agreement to form a 50:50 joint venture (JV), which will produce propylene oxide (PO) and styrene monomer (SM) in China. The joint venture will operate under the name Ningbo ZRCC LyondellBasell New Material Company Limited.

Styrene Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Rising Demand from the Consumer Electronics Industry

      2. 4.1.2 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Increasing Usage of Bio-based Plastics in the Packaging Industry

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition


    1. 5.1 Product Type

      1. 5.1.1 Polystyrene

      2. 5.1.2 Acrylonitrile Butadiene Styrene

      3. 5.1.3 Styrene Butadiene Rubber

      4. 5.1.4 Other Product Types (Styrene-Acrylonitrile)

    2. 5.2 End-user Industry

      1. 5.2.1 Packaging

      2. 5.2.2 Construction

      3. 5.2.3 Consumer Goods

      4. 5.2.4 Automotive and Transportation

      5. 5.2.5 Electrical and Electronics

      6. 5.2.6 Other End-user Industries (Textile)

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Italy

        5. Rest of Europe

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. South Africa

        2. Saudi Arabia

        3. Rest of Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Chevron Phillips Chemical Company

      2. 6.4.2 Covestro AG

      3. 6.4.3 Hanwha Group

      4. 6.4.4 INEOS (INEOS Styrolution)

      5. 6.4.5 LG Chem

      6. 6.4.6 LyondellBasell Industries Holdings BV

      7. 6.4.7 Reliance Industries Ltd

      8. 6.4.8 Repsol

      9. 6.4.9 SABIC

      10. 6.4.10 Shell PLC

      11. 6.4.11 Versalis SpA (Eni SpA)

    5. *List Not Exhaustive

    1. 7.1 Ongoing Research to Develop Bio-based Polystyrene

    2. 7.2 Other Opportunities

**Subject to Availability
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Styrene Market Research FAQs

The Styrene Market is studied from 2018 - 2028.

The Styrene Market is growing at a CAGR of >4.5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2018 - 2028.

Asia Pacific holds highest share in 2021.

Shell Plc, Chevron Phillips Chemical Company, SABIC, Repsol, INEOS are the major companies operating in Styrene Market.

Styrene Industry Report

Statistics for the 2023 Styrene market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Styrene analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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