Styrene Monomer Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application [Polystyrene, Acrylonitrile-Butadiene Styrene (ABS), Styrene-Acrylonitrile (SAN), SB Latex and Rubber, and Others] and End-Use Industry (Packaging, Automobile, Consumer Goods, Construction, and Others)

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 monomer is used as a building block to produce a variety of plastic and rubber products. Styrene monomer is used primarily to produce polystyrene (PS). Polystyrene is used in various applications, including packaging, consumer electronics, toys, and recreational equipment. Styrene monomer is also used to produce expanded polystyrene (EPS), styrene-acrylonitrile (SAN), acrylonitrile-butadiene styrene (ABS), unsaturated polyester resins (UPR), styrene-butadiene rubber (SBR), and styrene butadiene latex (SBL).
In 2020, Asia Pacific held the largest revenue share of the global styrene monomer market. In Asia Pacific, the growing urbanization is fueling the demand for styrene monomer. The construction industry extensively uses styrene chemical-based products for building materials. In addition to this, styrene monomer chemical is widely used to manufacture paints. Furthermore, the rising strategic partnership and joint ventures among market players is expected to positively influence the market in the Asia Pacific region.

Impact of COVID-19 Pandemic on Styrene Monomer Market

The COVID-19 pandemic has drastically altered the status of the chemicals & materials sector and negatively impacted the growth of the styrene monomer market.The significant decline in the growth of several industrial sectors has impacted the demand for styrene monomers in the global market. Various industries have faced supply chain disruption due to the COVID-19 pandemic. The demand for styrene monomer has been negatively affected due to the total shutdown of construction activities. The pandemic has also caused fluctuations in the prices of styrene monomers. However, as the economies are planning to revive their operations, the demand for styrene monomers is expected to rise globally. The previously postponed construction projects are ready to resume, which would further provide an opportunity for the styrene monomer market players to regain normalcy.

Global Styrene Monomer Market Breakdown – by Region

Market Insights
Increasing Demand from Various End-Use Industries

Styrene monomer is primarily used to produce polystyrene (PS), utilized in various everyday products. The growing demand for polystyrene for various applications such as packaging and consumer electronics is creating the demand for styrene monomers. Expandable polystyrene beads are mainly used in the insulation and packaging industry, while expanded polystyrene can enhance buildings' design and structural integrity. The increasing demand for these materials from various end-use industries is driving this market substantially.

End-use Industry Insights

Based on end-use industry, the global styrene monomer market has been segmented into packaging, automobile, consumer goods, construction, and others. The packaging segment held the largest share of the global styrene monomer market in 2020. Solid polystyrene finds applications in packaging products and rigid foodservice containers. Polystyrene foam is used in lightweight protective packaging and foodservice containers.

Styrene Monomer Market, by End-Use Industry – 2020 and 2028

The key players operating in the global styrene monomer market include 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; and Westlake Chemical Corporation. Players operating in the market are highly focused on developing high-quality and innovative product offerings to fulfill the customer's requirements.

Report Spotlights

• Progressive industry trends in the styrene monomer market to help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the styrene monomer market from 2019 to 2028
• Estimation of global demand for styrene monomer
• Porter's Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
• Recent developments to understand the competitive market scenario
• Market trends and outlook, as well as factors driving and restraining the growth of the styrene monomer market
• Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
• The size of the styrene monomer market size at various nodes
• Detailed overview and segmentation of the market, as well as the styrene monomer industry dynamics
• Size of the styrene monomer market in various regions with promising growth opportunities

Global Styrene Monomer Market

By Application

• Polystyrene
• Acrylonitrile-Butadiene Styrene (ABS)
• Styrene-Acrylonitrile (SAN)
• SB Latex and Rubber
• Others

End-Use Industry

• Packaging
• Automobile
• Consumer Goods
• Construction
• Others

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

Report Scope

Styrene Monomer Market Regional Insights

The regional trends and factors influencing the Styrene Monomer Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Styrene Monomer Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Styrene Monomer Market Report Scope

Styrene Monomer Market Players Density: Understanding Its Impact on Business Dynamics

The Styrene Monomer Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Styrene Monomer Market are:

1. Americas Styrenics LLC (AmSty)
2. Asahi Kasei Corporation
3. BASF SE
4. Idemitsu Kosan Co.,Ltd
5. INEOS Styrolution Group GmbH

Disclaimer: The companies listed above are not ranked in any particular order.

The List of Companies - Styrene Monomer Market

1. Americas Styrenics LLC (AmSty)
2. Asahi Kasei Corporation
3. BASF SE
4. Idemitsu Kosan Co.,Ltd
5. INEOS Styrolution Group GmbH
6. LG Chem
7. LOTTE Chemical CORPORATION
8. LyondellBasell Industries Holdings B.V
9. Trinseo
10. Westlake Chemical Corporation

• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the global styrene monomer market, thereby allowing players to develop effective long-term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.