- Acrylonitrile Butadiene Styrene
- Styrene Butadiene Rubber
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.
Fastest Growing Market
The market is expected to rise as polystyrene is widely used in a variety of applications which makes it one of the most popular derivatives of styrene. Excellent transparency, rigidity, and thermal insulation qualities make polystyrene the material of choice for applications that call for these qualities. It is inexpensive and simple to form into various shapes. Polystyrene is commonly used in packaging materials, food containers, disposable cutlery, CD and DVD cases, and various consumer goods. It is also used in the construction industry for insulation materials and in the production of toys and other household items. For instance, in August 2020, Versalis launched new polystyrene-based compounds under the Versalis Revive PS - Series Forever brand name that contains up to 75% of recycled solid polystyrene and are suitable for multiple applications, including thermal insulation, non-food packaging, and household items.
The styrene market valued at USD 52,916.8 Million in 2022 and is expected to grow at 5.1% CAGR over the forecast period 2023 – 2029.
The opportunities in the styrene market have increased as a result of improvements in recycling technology and the development of a circular economy
SABIC, Repsol, INEOS, Chevron Phillips Chemical Company LLC., Alpek SAB DE CV, Ineos Group AG, Nova Chemicals Corporation, Shell plc, LG Chem Ltd, Dynasol Group, Kraton Corporation, Trinseo and Elevate are a few companies operating in styrene market.