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 colourless, gritty organic compound derived from benzene. Styrene is readily evaporated and also used as a precursor to polystyrene and several other copolymers. Styrene is a fragrant liquid used for making synthetic rubber, resins, and plastics and improving drying oils.
Global Styrene-Petrochemicals Market Size And Drivers:
The global styrene-petrochemicals market is expected to grow from $31.31 billion in 2020 to $34.22 billion in 2021 at a compound annual growth rate (CAGR) of 9.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $26.96 billion in 2025 at a CAGR of -6%. The high demand for polystyrene drives the growth of styrene market.
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Trends In The Global Styrene-Petrochemicals Market
The companies in styrene market are working towards developing techniques to recycle styrene. In order to increase the efficiency and popularity of styrene, companies are investing towards developing methods to recycle styrene. In 2018, a joint industry initiative called Styrenics Circular Solutions, launched its dedicated website as part of its commitment to lead a new and comprehensive approach to the recycling of styrene. The website provides details on the efficient uses of styrene-based products and Styrenics Circular Solutions' initiatives to transform the styrenics industry. In 2019, Trinseo, a synthetic rubber manufacturer, joined Styrenic Circular Solutions, to drive the recycling of polystyrene, a product produced from styrene and is used in manufacturing of tires, back into new styrene monomer in the future of the industry.
Global Styrene-Petrochemicals Market Segments:
The global styrene-petrochemicals market is further segmented –
By Type: Acrylonitrile butadiene styrene (ABS), Expanded polystyrene (EPS), Others
By Application: Automotive, Construction, Packaging Consumer Goods, Others
By Geography: The global styrene-petrochemicals market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Styrene-Petrochemicals Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides styrene-petrochemicals market overviews, analyzes and forecasts market size and growth for the global styrene-petrochemicals market, styrene-petrochemicals market share, styrene-petrochemicals market players, styrene-petrochemicals market segments and geographies, styrene-petrochemicals market’s leading competitors’ revenues, profiles and market shares. The styrene-petrochemicals market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
