The Styrene Global Market Report 2023 by The Business Research Company, provides styrene market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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As per The Business Research Company's illuminating Styrene Global Market Report 2023, the market is poised for expansion, projecting an increase from $49.3 billion in 2021 to a robust $52.28 billion in 2022, reflecting a noteworthy compound annual growth rate (CAGR) of 6.0%. However, the Russia-Ukraine conflict has cast a shadow over global economic recovery post the COVID-19 pandemic, introducing challenges in the short term. The geopolitical tensions have triggered economic sanctions, amplified commodity prices, and introduced disruptions in the supply chain, instigating inflation in goods and services and reverberating across global markets. Anticipated growth projections indicate that the global styrene market will ascend to $62.81 billion by 2026, boasting a CAGR of 4.7%.
The driving force behind the buoyancy in the styrene market lies in the heightened demand for polystyrene, a derivative of styrene produced through suspension polymerization. Polystyrene stands out as a versatile plastic with diverse applications in the manufacturing of essential household appliances such as refrigerators, air conditioners, ovens, microwaves, and vacuum cleaners. Its pivotal role extends to the packaging industry, where it preserves the freshness of food over extended periods. The automobile sector also witnesses a surge in polystyrene demand, employed in crafting car components like knobs, instrument panels, trim, energy-absorbing door panels, and sound-dampening foam. Consequently, the robust demand for polystyrene emerges as a catalyst propelling the overall growth in the styrene market.
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The styrene market is segmented:
1) Styrene Market By Type: Acrylonitrile butadiene styrene (ABS), Expanded polystyrene (EPS), Other Types
2) Styrene Market By Application: Automotive, Construction, Packaging consumer goods, Other Applications
3) Styrene Market By Distribution Channel: Offline, Online
The companies in the styrene market are working towards developing techniques to recycle styrene. In order to increase the efficiency and popularity of styrene, companies are investing in developing methods to recycle styrene. In January 2022, Agilyx, a Norway-based chemical recycling firm and Toyo Styrene, a Japanese chemicals firm partnered and commenced the construction of Toyo Styrene Co Ltd polystyrene (PS) chemical recycling plant in Chiba, Japan. The plant will boast the per day capacity to recycle 10 tons of post-use polystyrene, a product produced from styrene and used in the manufacturing of tires, back into new styrene monomer for the future of the industry.
The styrene market report table of contents includes:
1. Executive Summary
2. Styrene Market Characteristics
3. Styrene Market – Macro Economic Scenario
4. Styrene Market Size And Growth
5. Styrene Market Segmentation
........
26. Styrene Market Competitive Landscape And Company Profiles
27. Key Mergers And Acquisitions In The Styrene Market
28. Styrene Market Trends And Strategies
29. Styrene Market Future Outlook and Potential Analysis
30. Appendix
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The report encompasses data regarding market share and recent developments by key players.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the styrene market include Chevron Phillips Chemical Company LLC, ENI S.p.A., INEOS Styrolution Holding Ltd., Saudi Basic Industries Corp. (SABIC), Total S.A., Alpek SAB DE CV, Nova Chemicals Corporation, Chevron Phillips Chemical Company LLC, LyondellBasell Industries Holdings B.V., Covestro AG, and Hanwha Group.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Styrene Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/styrene-market/download-sampleMarket DynamicsThe key factors driving the styrene market are the growing demand for polystyrene in the food packaging and personal care industry.
Polystyrene is extensively used in the food packaging industry, starting from packaging to dispersal food items.
However, health issues and environmental concerns associated with styrene may restrict its market growth.The report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis.
