Styrene Market Synopsis:
Styrene Market Size Was Valued at USD 35.49 Billion in 2023, and is Projected to Reach USD 56.68 Billion by 2032, Growing at a CAGR of 5.34% From 2024-2032.
Styrene is a synthetic, flexible, aromatic hydrocarbon and is obtained from benzene and ethylene. It is extensively used as the monomer for making diverse polymers and copolymers like polystyrene, ABS and SBR. These derivatives have their uses in a wide range of industries including automotive, construction, packaging, electronics, and consumer durables, which makes styrene an important constituent of the global petrochemical business.
- The market for styrene is significant for the global industry of petrochemicals because of the rather wide demand for the products produced on its basis. Polystyrene, ABS, and SBR, amongst others, form the basis of lightweight, durable and, versatile products and are the backbone of industries. Styrene as a principle feedstock is instrumental in the generation of thermoplastics and synthetic rubbers that are critical in addressing the demands of automotive, packaging, construction, and consumer electronics markets.
- Styrene market is chiefly driven by the increased industrial and urban development across the globe besides growth in user industries. For instance, the automotive industry utilises products based on styrene to create light weight parts that enhance efficiency of fuel utilization. Likewise, the construction industry enjoys styrene usage in insulation material including the expanded polystyrene (EPS). Another extensive use of styrene finds its application in the packaging sector where its derivatives exhibit excellent strength, lightweight features, and flexibility.
- However, there are concerns locally on the environmental effects of styrene especially on human health and ecology. Work is being done with regard to these problems by designing environmentally and biodegradable solutions. These challenges, nonetheless, present the styrene market steady growth due to the product versatility, technological innovation, and advances, and growing need for new materials.
Styrene Market Trend Analysis
Shift Toward Sustainable Styrene Production
- Styrene market also faces a social pressure since the world has become more conscious of the environment in the production processes. Conventional styrene synthesis utilizes petrochemical materials hence cause a release of carbon emissions concerning the environment. Accordingly, manufacturers are looking for new styrene sources, using renewable materials, including biomass.
- This is good news for environmentally conscious consumers and conforms to improved strict environmental laws in different countries. Some of the identified trends that are occurring in the styrene production industry are such that companies are committed to carrying out research and development to lower energy consumptions of bio-styrene production. The use of such approaches reduces environmental harm and improves brand image when operating under increased market sensitivity to sustainability concerns. Consequently, markets for bio-based styrene solutions may exist as a new trend that will influence the development of the styrene market in the future.
Expanding Applications in the Automotive Sector
- Automotive is a growth driver for the styrene market given the growing trends for lightweight vehicles around the world. As for specific categories of materials, styrene, based products, including ABS and SBR, are used extensively for making car interiors, including dashboards, bumpers, and tires. These materials improve vehicle performance, conserve fuel, and meet the highest emission standards.
- The growth of electric vehicles (EVs) adds to the demand for styrene derivatives even more. Styrene derivatives, being lightweight polymers, meet this criterion; styrene-based polymers are essential in elongating the battery range of EV. As the EV market forecast to expand dramatically so too will the opportunities for styrene makers to meet the emerging demands in the automotive industry.
Styrene Market Segment Analysis:
Styrene Market Segmented on The Basis of Type, Application, End User, and Region.
By Type, Polystyrene segment is expected to dominate the market during the forecast period
- North America styrene market classification by type: Polystyrene, ABS, SBR, EPS and others. Polystyrene holds a lion share of the segment due to its friendly nature on the usage meter when it comes to making packaging, consumer products and insulation. ABS also has good mechanical strength and has high resistance to impact, which makes its use preferable in automotive industry and electronics.
- SBR has many characteristic features that make it an important material in the tyre production for the improvement of durability and performance. EPS is useful for the construction industry given its insulating nature thus satisfying the market’s need for energy efficiencies. Thus, due to the wide market application of styrene derivatives, demand for each type is quite stable, and their growth rates are determined by changes in the industrial market.
By Application, Automotive segment expected to held the largest share
- Styrene uses are found in automotive, packaging, construction, electronics, consumer goods, industrial and other. The packaging industry uses a substantial portion of the polystyrene and EPS as the packaging material that is lightweight yet quite durable. The automotive industries use ABS and SBR for the regulation of parts and components that increase the efficiency and performance of vehicles.
- In construction, EPS is used to achieve energy efficient and insulated buildings. The styrene derivatives find application in electronics due to light weight and high durability and in consumer goods for looks and utility. Industrial uses again broaden the potential of the market within various industries and demonstrate tremendous versatility of styrene.
Asia Pacific is Expected to Dominate the Market Over the Forecast period
- Asia-Pacific is realized to be the most influential region for the styrene market due to a high growth rate in industrialization and urbanization processes, as well as a presence of major production facilities. These countries for instance China, India and japan have had a high demand for styrene derivatives within aspects of automotive, construction and packaging among others.
- The requirements for styrene-based materials are especially high due to the region’s emphasis on improving infrastructural facilities and fast expansion of automotive industry. Furthermore, because of a relatively low production cost and easy availability of raw material in Asia-Pacific, it strengthens its position as a global leader in styrene.
Active Key Players in the Styrene Market:
- BASF SE (Germany)
- LyondellBasell Industries N.V. (Netherlands)
- SABIC (Saudi Arabia)
- TotalEnergies (France)
- INEOS Styrolution Group GmbH (Germany)
- Trinseo (United States)
- LG Chem Ltd. (South Korea)
- Chevron Phillips Chemical Company LLC (United States)
- Kumho Petrochemical Co., Ltd. (South Korea)
- Idemitsu Kosan Co., Ltd. (Japan)
- Chi Mei Corporation (Taiwan)
- ENEOS Corporation (Japan), and Other Active Players
Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Styrene Market by Type
4.1 Styrene Market Snapshot and Growth Engine
4.2 Styrene Market Overview
4.3 Polystyrene
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.3.3 Key Market Trends, Growth Factors and Opportunities
4.3.4 Polystyrene: Geographic Segmentation Analysis
4.4 Acrylonitrile Butadiene Styrene (ABS)
4.4.1 Introduction and Market Overview
4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.4.3 Key Market Trends, Growth Factors and Opportunities
4.4.4 Acrylonitrile Butadiene Styrene (ABS): Geographic Segmentation Analysis
4.5 Styrene-Butadiene Rubber (SBR)
4.5.1 Introduction and Market Overview
4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.5.3 Key Market Trends, Growth Factors and Opportunities
4.5.4 Styrene-Butadiene Rubber (SBR): Geographic Segmentation Analysis
4.6 Expanded Polystyrene (EPS)
4.6.1 Introduction and Market Overview
4.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.6.3 Key Market Trends, Growth Factors and Opportunities
4.6.4 Expanded Polystyrene (EPS): Geographic Segmentation Analysis
4.7 Others
4.7.1 Introduction and Market Overview
4.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.7.3 Key Market Trends, Growth Factors and Opportunities
4.7.4 Others: Geographic Segmentation Analysis
Chapter 5: Styrene Market by Application
5.1 Styrene Market Snapshot and Growth Engine
5.2 Styrene Market Overview
5.3 Automotive
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 Automotive: Geographic Segmentation Analysis
5.4 Packaging
5.4.1 Introduction and Market Overview
5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.4.3 Key Market Trends, Growth Factors and Opportunities
5.4.4 Packaging: Geographic Segmentation Analysis
5.5 Construction
5.5.1 Introduction and Market Overview
5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.5.3 Key Market Trends, Growth Factors and Opportunities
5.5.4 Construction: Geographic Segmentation Analysis
5.6 Electronics
5.6.1 Introduction and Market Overview
5.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.6.3 Key Market Trends, Growth Factors and Opportunities
5.6.4 Electronics: Geographic Segmentation Analysis
5.7 Consumer Goods
5.7.1 Introduction and Market Overview
5.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.7.3 Key Market Trends, Growth Factors and Opportunities
5.7.4 Consumer Goods: Geographic Segmentation Analysis
5.8 Industrial
5.8.1 Introduction and Market Overview
5.8.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.8.3 Key Market Trends, Growth Factors and Opportunities
5.8.4 Industrial: Geographic Segmentation Analysis
5.9 Others
5.9.1 Introduction and Market Overview
5.9.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.9.3 Key Market Trends, Growth Factors and Opportunities
5.9.4 Others: Geographic Segmentation Analysis
Chapter 6: Styrene Market by End-Use Industry
6.1 Styrene Market Snapshot and Growth Engine
6.2 Styrene Market Overview
6.3 Automotive
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.3.3 Key Market Trends, Growth Factors and Opportunities
6.3.4 Automotive: Geographic Segmentation Analysis
6.4 Packaging
6.4.1 Introduction and Market Overview
6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.4.3 Key Market Trends, Growth Factors and Opportunities
6.4.4 Packaging: Geographic Segmentation Analysis
6.5 Building and Construction
6.5.1 Introduction and Market Overview
6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.5.3 Key Market Trends, Growth Factors and Opportunities
6.5.4 Building and Construction: Geographic Segmentation Analysis
6.6 Electrical and Electronics
6.6.1 Introduction and Market Overview
6.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.6.3 Key Market Trends, Growth Factors and Opportunities
6.6.4 Electrical and Electronics: Geographic Segmentation Analysis
6.7 Consumer Goods
6.7.1 Introduction and Market Overview
6.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.7.3 Key Market Trends, Growth Factors and Opportunities
6.7.4 Consumer Goods: Geographic Segmentation Analysis
6.8 Healthcare
6.8.1 Introduction and Market Overview
6.8.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.8.3 Key Market Trends, Growth Factors and Opportunities
6.8.4 Healthcare: Geographic Segmentation Analysis
6.9 Others
6.9.1 Introduction and Market Overview
6.9.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.9.3 Key Market Trends, Growth Factors and Opportunities
6.9.4 Others: Geographic Segmentation Analysis
Chapter 7: Company Profiles and Competitive Analysis
7.1 Competitive Landscape
7.1.1 Competitive Benchmarking
7.1.2 Styrene Market Share by Manufacturer (2023)
7.1.3 Industry BCG Matrix
7.1.4 Heat Map Analysis
7.1.5 Mergers and Acquisitions
7.2 BASF SE (GERMANY)
7.2.1 Company Overview
7.2.2 Key Executives
7.2.3 Company Snapshot
7.2.4 Role of the Company in the Market
7.2.5 Sustainability and Social Responsibility
7.2.6 Operating Business Segments
7.2.7 Product Portfolio
7.2.8 Business Performance
7.2.9 Key Strategic Moves and Recent Developments
7.2.10 SWOT Analysis
7.3 LYONDELLBASELL INDUSTRIES N.V. (NETHERLANDS)
7.4 SABIC (SAUDI ARABIA)
7.5 TOTALENERGIES (FRANCE)
7.6 INEOS STYROLUTION GROUP GMBH (GERMANY)
7.7 TRINSEO (UNITED STATES)
7.8 LG CHEM LTD. (SOUTH KOREA)
7.9 CHEVRON
7.10 PHILLIPS CHEMICAL COMPANY LLC (UNITED STATES)
7.11 KUMHO PETROCHEMICAL CO. LTD. (SOUTH KOREA)
7.12 IDEMITSU KOSAN CO. LTD. (JAPAN)
7.13 CHI MEI CORPORATION (TAIWAN)
7.14 ENEOS CORPORATION (JAPAN)
7.15 OTHER ACTIVE PLAYERS
Chapter 8: Global Styrene Market By Region
8.1 Overview
8.2 . North America Styrene Market
8.2.1 Key Market Trends, Growth Factors and Opportunities
8.2.2 Top Key Companies
8.2.3 Historic and Forecasted Market Size by Segments
8.2.4 Historic and Forecasted Market Size By Type
8.2.4.1 Polystyrene
8.2.4.2 Acrylonitrile Butadiene Styrene (ABS)
8.2.4.3 Styrene-Butadiene Rubber (SBR)
8.2.4.4 Expanded Polystyrene (EPS)
8.2.4.5 Others
8.2.5 Historic and Forecasted Market Size By Application
8.2.5.1 Automotive
8.2.5.2 Packaging
8.2.5.3 Construction
8.2.5.4 Electronics
8.2.5.5 Consumer Goods
8.2.5.6 Industrial
8.2.5.7 Others
8.2.6 Historic and Forecasted Market Size By End-Use Industry
8.2.6.1 Automotive
8.2.6.2 Packaging
8.2.6.3 Building and Construction
8.2.6.4 Electrical and Electronics
8.2.6.5 Consumer Goods
8.2.6.6 Healthcare
8.2.6.7 Others
8.2.7 Historic and Forecast Market Size by Country
8.2.7.1 US
8.2.7.2 Canada
8.2.7.3 Mexico
8.3 . Eastern Europe Styrene Market
8.3.1 Key Market Trends, Growth Factors and Opportunities
8.3.2 Top Key Companies
8.3.3 Historic and Forecasted Market Size by Segments
8.3.4 Historic and Forecasted Market Size By Type
8.3.4.1 Polystyrene
8.3.4.2 Acrylonitrile Butadiene Styrene (ABS)
8.3.4.3 Styrene-Butadiene Rubber (SBR)
8.3.4.4 Expanded Polystyrene (EPS)
8.3.4.5 Others
8.3.5 Historic and Forecasted Market Size By Application
8.3.5.1 Automotive
8.3.5.2 Packaging
8.3.5.3 Construction
8.3.5.4 Electronics
8.3.5.5 Consumer Goods
8.3.5.6 Industrial
8.3.5.7 Others
8.3.6 Historic and Forecasted Market Size By End-Use Industry
8.3.6.1 Automotive
8.3.6.2 Packaging
8.3.6.3 Building and Construction
8.3.6.4 Electrical and Electronics
8.3.6.5 Consumer Goods
8.3.6.6 Healthcare
8.3.6.7 Others
8.3.7 Historic and Forecast Market Size by Country
8.3.7.1 Russia
8.3.7.2 Bulgaria
8.3.7.3 The Czech Republic
8.3.7.4 Hungary
8.3.7.5 Poland
8.3.7.6 Romania
8.3.7.7 Rest of Eastern Europe
8.4 . Western Europe Styrene Market
8.4.1 Key Market Trends, Growth Factors and Opportunities
8.4.2 Top Key Companies
8.4.3 Historic and Forecasted Market Size by Segments
8.4.4 Historic and Forecasted Market Size By Type
8.4.4.1 Polystyrene
8.4.4.2 Acrylonitrile Butadiene Styrene (ABS)
8.4.4.3 Styrene-Butadiene Rubber (SBR)
8.4.4.4 Expanded Polystyrene (EPS)
8.4.4.5 Others
8.4.5 Historic and Forecasted Market Size By Application
8.4.5.1 Automotive
8.4.5.2 Packaging
8.4.5.3 Construction
8.4.5.4 Electronics
8.4.5.5 Consumer Goods
8.4.5.6 Industrial
8.4.5.7 Others
8.4.6 Historic and Forecasted Market Size By End-Use Industry
8.4.6.1 Automotive
8.4.6.2 Packaging
8.4.6.3 Building and Construction
8.4.6.4 Electrical and Electronics
8.4.6.5 Consumer Goods
8.4.6.6 Healthcare
8.4.6.7 Others
8.4.7 Historic and Forecast Market Size by Country
8.4.7.1 Germany
8.4.7.2 UK
8.4.7.3 France
8.4.7.4 The Netherlands
8.4.7.5 Italy
8.4.7.6 Spain
8.4.7.7 Rest of Western Europe
8.5 . Asia Pacific Styrene Market
8.5.1 Key Market Trends, Growth Factors and Opportunities
8.5.2 Top Key Companies
8.5.3 Historic and Forecasted Market Size by Segments
8.5.4 Historic and Forecasted Market Size By Type
8.5.4.1 Polystyrene
8.5.4.2 Acrylonitrile Butadiene Styrene (ABS)
8.5.4.3 Styrene-Butadiene Rubber (SBR)
8.5.4.4 Expanded Polystyrene (EPS)
8.5.4.5 Others
8.5.5 Historic and Forecasted Market Size By Application
8.5.5.1 Automotive
8.5.5.2 Packaging
8.5.5.3 Construction
8.5.5.4 Electronics
8.5.5.5 Consumer Goods
8.5.5.6 Industrial
8.5.5.7 Others
8.5.6 Historic and Forecasted Market Size By End-Use Industry
8.5.6.1 Automotive
8.5.6.2 Packaging
8.5.6.3 Building and Construction
8.5.6.4 Electrical and Electronics
8.5.6.5 Consumer Goods
8.5.6.6 Healthcare
8.5.6.7 Others
8.5.7 Historic and Forecast Market Size by Country
8.5.7.1 China
8.5.7.2 India
8.5.7.3 Japan
8.5.7.4 South Korea
8.5.7.5 Malaysia
8.5.7.6 Thailand
8.5.7.7 Vietnam
8.5.7.8 The Philippines
8.5.7.9 Australia
8.5.7.10 New Zealand
8.5.7.11 Rest of APAC
8.6 . Middle East & Africa Styrene Market
8.6.1 Key Market Trends, Growth Factors and Opportunities
8.6.2 Top Key Companies
8.6.3 Historic and Forecasted Market Size by Segments
8.6.4 Historic and Forecasted Market Size By Type
8.6.4.1 Polystyrene
8.6.4.2 Acrylonitrile Butadiene Styrene (ABS)
8.6.4.3 Styrene-Butadiene Rubber (SBR)
8.6.4.4 Expanded Polystyrene (EPS)
8.6.4.5 Others
8.6.5 Historic and Forecasted Market Size By Application
8.6.5.1 Automotive
8.6.5.2 Packaging
8.6.5.3 Construction
8.6.5.4 Electronics
8.6.5.5 Consumer Goods
8.6.5.6 Industrial
8.6.5.7 Others
8.6.6 Historic and Forecasted Market Size By End-Use Industry
8.6.6.1 Automotive
8.6.6.2 Packaging
8.6.6.3 Building and Construction
8.6.6.4 Electrical and Electronics
8.6.6.5 Consumer Goods
8.6.6.6 Healthcare
8.6.6.7 Others
8.6.7 Historic and Forecast Market Size by Country
8.6.7.1 Turkiye
8.6.7.2 Bahrain
8.6.7.3 Kuwait
8.6.7.4 Saudi Arabia
8.6.7.5 Qatar
8.6.7.6 UAE
8.6.7.7 Israel
8.6.7.8 South Africa
8.7 . South America Styrene Market
8.7.1 Key Market Trends, Growth Factors and Opportunities
8.7.2 Top Key Companies
8.7.3 Historic and Forecasted Market Size by Segments
8.7.4 Historic and Forecasted Market Size By Type
8.7.4.1 Polystyrene
8.7.4.2 Acrylonitrile Butadiene Styrene (ABS)
8.7.4.3 Styrene-Butadiene Rubber (SBR)
8.7.4.4 Expanded Polystyrene (EPS)
8.7.4.5 Others
8.7.5 Historic and Forecasted Market Size By Application
8.7.5.1 Automotive
8.7.5.2 Packaging
8.7.5.3 Construction
8.7.5.4 Electronics
8.7.5.5 Consumer Goods
8.7.5.6 Industrial
8.7.5.7 Others
8.7.6 Historic and Forecasted Market Size By End-Use Industry
8.7.6.1 Automotive
8.7.6.2 Packaging
8.7.6.3 Building and Construction
8.7.6.4 Electrical and Electronics
8.7.6.5 Consumer Goods
8.7.6.6 Healthcare
8.7.6.7 Others
8.7.7 Historic and Forecast Market Size by Country
8.7.7.1 Brazil
8.7.7.2 Argentina
8.7.7.3 Rest of SA
Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies
Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research
Styrene Market Scope:
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Styrene Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
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Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 35.49 Billion |
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Forecast Period 2024-32 CAGR: |
5.34% |
Market Size in 2032: |
USD 56.68 Billion |
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Segments Covered: |
By Type |
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By Application |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Frequently Asked Questions :
The forecast period in the Styrene Market research report is 2024-2032.
BASF SE (Germany), LyondellBasell Industries N.V. (Netherlands), SABIC (Saudi Arabia), TotalEnergies (France), INEOS Styrolution Group GmbH (Germany), Trinseo (United States), LG Chem Ltd. (South Korea), Chevron, Phillips Chemical Company LLC (United States), and Other Active Players.
The Styrene Market is segmented into Type, Application, End User and region By Type, the market is categorized into Polystyrene, Acrylonitrile Butadiene Styrene (ABS), Styrene-Butadiene Rubber (SBR), Expanded Polystyrene (EPS), Others. By Application, the market is categorized into Automotive, Packaging, Construction, Electronics, Consumer Goods, Industrial, Others. By End-Use Industry, the market is categorized into Automotive, Packaging, Building and Construction, Electrical and Electronics, Consumer Goods, Healthcare, Others. By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
Styrene is a synthetic, flexible, aromatic hydrocarbon and is obtained from benzene and ethylene. It is extensively used as the monomer for making diverse polymers and copolymers like polystyrene, ABS and SBR. These derivatives have their uses in a wide range of industries including automotive, construction, packaging, electronics, and consumer durables, which makes styrene an important constituent of the global petrochemical business.
Styrene Market Size Was Valued at USD 35.49 Billion in 2023, and is Projected to Reach USD 56.68 Billion by 2032, Growing at a CAGR of 5.34% From 2024-2032.
