Styrene Market is Estimated to Grow at a CAGR of 3.84% by 2030

Styrene Market witnessed a demand of around 16.46 million tons globally in 2020 and is anticipated to grow at a significant rate with a healthy CAGR of 3.84% until 2030
NEW YORK - Oct. 18, 2021 - PRLog -- According to ChemAnalyst report, "Styrene Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030". Styrene market witnessed a demand of around 16.46 million tons globally in 2020 and is anticipated to grow at a significant rate with a healthy CAGR of 3.84% until 2030 owing to its surging demand from the packaging industry.

Styrene is a colorless to pale yellowish in color and is flammable, highly volatile, oily liquid with a pleasant smell. Styrene is a derivative of Benzene and produced commercially by the alkylation of Benzene with Ethylene where Ethylbenzene is produced as an intermediate which is further dehydrogenated to form the chemical compound. The compound can also be produced by another method via Ethylbenzene Hyperoxide, in which it is produced as a coproduct by reacting Propylene Oxide (PO) within POSM (Propylene Oxide/Styrene Monomer) units. Styrene finds application in manufacturing latex, synthetic rubbers and polystyrene resins which are further utilized in making insulations, disposable cutlery, food containers, pipes, plastic packaging material, automobile units, electronics parts, printing cartridges, etc.

On the basis of the derivatives of Styrene, its market is segmented into several types such as Polystyrene (PS), Acrylonitrile-Butadiene-Styrene (ABS), Unsaturated Polyester Resins (UPR), Styrene-Butadiene Rubber (SBR), and Others. Polystyrene holds the major demand share of market, globally as Polystyrene is one of the most used thermoplastic resins prominently used in the packaging sector, Polystyrene is further classified into various types such as High Impact Polystyrene (HIPS), General Purpose Polystyrene (GPPS), Expandable Polystyrene (EPS), and Extruded Polystyrene (XPS) which are further utilized in numerous applications in major end use industries such as Packaging, Electronics, Building & Construction, Healthcare and Consumer goods. Surging demand for Polystyrene from the packaging industry is likely to drive the demand for the chemical compound in the forthcoming years.

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Major players for Styrene globally are Chevron Phillips Chemical Company, Bayer Material science, Royal Dutch Shell plc., Ashland Inc, Nova Chemicals Corporation, SABIC Co., Ineos Group AG, Alpek S.A.B. de C.V., Hanwha Group, Eni S.p.A., and TotalEnergies S.A.  among others

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