Mar 2, 2022   SOURCE: BusinessWire

Global Styrene Monomer Markets, 2021-2028: Increasing Focus on Making Recycled Styrene Monomer & Rapid Growth in Automotive Industry - ResearchAndMarkets.com

The "Styrene Monomer Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application and End-Use Industry (Packaging, Automobile, Consumer Goods, Construction, and Others)" report has been added to ResearchAndMarkets.com's offering.

The styrene monomer market was valued at US$ 29,904.30 million in 2021 and is projected to reach US$ 42,558.55 million by 2028; it is expected to grow at a CAGR of 5.2% from 2021 to 2028.

Styrene is a clear, colorless aromatic liquid. Styrene monomer is used in the manufacture of materials, which are then used to produce different products across a wide range of industries. Styrene monomer is used primarily to produce polystyrene (PS). There is a high demand for styrene monomer in various industries such as packaging, automotive, construction, and consumer goods.

Based on application, the styrene monomer market is segmented into polystyrene, acrylonitrile-butadiene styrene (ABS), styrene-acrylonitrile (SAN), SB latex and rubber, and others. The polystyrene segment held the largest share of the global styrene monomer market in 2020. The packaging industry is the prime consumer of polystyrene. Expandable polystyrene (EPS) is used in home insulation systems, protective packaging materials, car interiors, road and bridge construction applications, etc.

In 2020, Asia Pacific held the largest revenue share of the global styrene monomer market. Styrene monomer market is anticipated to bolster its growth in Asia Pacific during the forecast period. The market's expected growth is speculated based on the rapid urbanization and ever-increasing demand for food packaging in the region. Moreover, the rapid urbanization is leading to more building construction work, which is further expected to accelerate the demand for styrene monomer.

Key Market Dynamics

Key Market Drivers

  • Increasing Demand from Various End-use Industries:
  • Growing Use of Expanded Polystyrene in Construction Industry

Key Market Restraints

  • Volatile Styrene Prices

Key Market Opportunities

  • Rapid Growth in Automotive Industry

Future Trends

  • Increasing Focus on Making Recycled Styrene Monomer

Company Profiles

  • Americas Styrenics LLC (AmSty)
  • Asahi Kasei Corporation
  • BASF SE
  • Idemitsu Kosan Co.,Ltd
  • INEOS Styrolution Group GmbH
  • LG Chem
  • LOTTE Chemical CORPORATION
  • LyondellBasell Industries Holdings B.V
  • Trinseo
  • Westlake Chemical Corporation

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