DUBLIN--(BUSINESS WIRE )--The "Styrene-Petrochemicals Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global styrene-petrochemicals market is expected to grow from $54.06 billion in 2021 to $57.75 billion in 2022 at a compound annual growth rate (CAGR) of 6.8%. The market is expected to grow to $74.52 billion in 2026 at a CAGR of 6.6%.
Major players in the styrene market are Alpek SAB DE CV, Ashland Inc, Ineos Group AG, Nova Chemicals Corporation, Bayer Material science, Chevron Phillips Chemical Company LLC, ENI S.p.A., INEOS Styrolution Holding Ltd., Saudi Basic Industries Corp. (SABIC), and Total S.A.
The styrene market consists of sales of styrene and related services used for making synthetic rubber, resins, and plastics and improving drying oils. Styrene is a colorless, gritty organic compound derived from benzene. Styrene is readily evaporated and is also used as a precursor to polystyrene and several other copolymers.
The main types of styrene petrochemicals are acrylonitrile butadiene styrene (abs), expanded polystyrene (eps), and other types. Acrylonitrile butadiene styrene is defined as an n engineering thermoplastic copolymer. It is made of styrene, acrylonitrile, and butadiene. The various applications of styrene include automotive, construction, packaging consumer goods, and other applications that are distributed offline and online channels.
Asia Pacific was the largest region in the styrene market in 2021. Middle East was the second-largest region in the styrene market. The regions covered in the styrene report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The high demand for polystyrene drives the growth of the styrene market. Styrene is used to produce polystyrene through suspension polymerization. Polystyrene is a versatile plastic used for the manufacturing of refrigerators, air conditioners, ovens, microwaves, vacuum cleaners.
Polystyrene is majorly used in the packaging industry as it keeps food fresher for a longer duration. The demand for polystyrene is high in the automobile industry where it is used in manufacturing car knobs, instrument panels, trim, energy absorbing door panels, and sound dampening foam. Thus, strong demand for polystyrene has resulted in rising in the demand.
For instance, India and Iran are expected to lead the capacity expansion in the forecast period to cater to the demand. In India, Supreme Petrochem and LG Polymers India are expected to add 0.15 mtpa and 0.03 mtpa (million tonnes per annum) respectively. Thus, the rising demand for polystyrene and its derivatives positively drives the growth of the styrene market.
3. Styrene Market Trends And Strategies
4. Impact Of COVID-19 On Styrene
5. Styrene Market Size And Growth
5.1. Global Styrene Historic Market, 2016-2021, $ Billion
5.2. Global Styrene Forecast Market, 2021-2026F, 2031F, $ Billion
6.1. Global Styrene Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.2. Global Styrene Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.3. Global Styrene Market, Segmentation By Distribution Channel, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7. Styrene Market Regional And Country Analysis
7.1. Global Styrene Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Styrene Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/wgj7t9.
ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T. Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T. Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900