Styrene Market: By Product Type (Polystyrene, Acrylonitrile Butadiene Styrene, Styrene Butadiene Rubber, Others), End-user Industry (Packaging, Construction, Consumer Goods, Automotive and Transportation, Electrical, and Electronics, Others), and Geography

Styrene Market was valued at USD 52,916.8 million in 2022 and is poised to grow at a CAGR of 5.1% over 2023-2029. Styrene is a colorless, flammable liquid with a strong volatile smell that is frequently used to create plastics and rubber, which are then utilized to create a wide range of goods, including carpet backing, pipes, printing cartridges, and insulation. Heavy consumption of styrene by the packaging industry in disposable containers, electronics packaging, and food packaging is expected to drive the styrene market. For instance, in February 2023, Pactiv Evergreen and AmSty launched circular polystyrene food packaging products. Furthermore, styrene is utilized in insulation, paints, coatings, and other building-related goods. The demand for styrene is driven by the demand for construction materials as urbanization and infrastructure development spread around the globe. Moreover, opportunities in the styrene market have increased as a result of improvements in recycling technology and the development of a circular economy. Styrene-based products can be recycled more effectively to cut waste and expand the market for recovered resources. For instance, in August 2022, Technip Energies and Agilyx announced the launch of the TruStyrenyx brand for the chemical recycling of polystyrene. Additionally, Styrene made from biomaterials has grown popular in the market and is more environmentally benign because it is made from renewable feedstocks like biomass or agricultural waste. But, increased awareness of environmental issues and stringent regulations on emissions and waste disposal have negatively impacted the growth of the styrene market. However, its chemical stability, resistance to bacteria, superior heat insulation, and increased use in consumer electronics as a result of rapid urbanization, technological developments, and value pricing rates are anticipated to heighten the overall growth of the market.

Styrene Market Key Developments:

• In April 2023, Hainan Baling Chemical New Material Co., Ltd., a subsidiary of China Petroleum & Chemical Corporation launched production of its styrene-butadiene copolymer project in Hainan, China, for an annual production capacity of 170,000 tons.
• In January 2023, NexKemia, a Canada-based expandable polystyrene (EPS) manufacturer acquired Prevost, Quebec-based polystyrene scrap collection and recycling company Eco-Captation.
• In January 2021, China Petroleum and Chemical Corporation announced the signing of the agreement to form a joint venture. This venture will be operated by Ningbo ZRCC LyondellBasell