May 04, 2022 10:38 ET | Source: The Insight Partners The Insight Partners
New York, May 04, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published the latest research study on 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], End-Use Industry (Packaging, Automobile, Consumer Goods, Construction, and Others), and Geography. The market's projected growth during the forecast period is attributed to increasing demand from various end-use industries and the growing use of expanded polystyrene in the construction industry. The report highlights key factors driving the styrene monomer market growth, and the prominent players and their developments in the market.
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Styrene Monomer Market: Competition Landscape and Key Developments
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.
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In 2020, Asia Pacific held the largest share of the global styrene monomer market. Rapid urbanization and ever-increasing demand for food packaging in the region are the driving factors for the market in the region. The construction industry uses styrene chemical-based products for building materials. Additionally, styrene monomer is widely used to manufacture paints. Hence, the growing urbanization in the region is expected to fuel the demand for styrene monomer. Moreover, market players are focusing on various strategies, which is expected to positively affect market growth. For instance, in July 2021, INEOS Styrolution formed a strategic partnership with GER to produce high-quality virgin-like ABS grade recycled materials for the Chinese market.
Growing Use of Expanded Polystyrene in the Construction Industry
Expanded polystyrene is used in the construction industry for various applications, such as lightweight concrete, panel application, decorative tiles and molding, and embankment backfilling. Expanded polystyrene is used as insulation in roofs, walls, and foundations. Its sustainability benefits, energy efficiency, and durability make it suitable for use in the construction industry.
One of the main trends in the construction industry is the use of prefabricated structural insulated panels (SIPs). The rise in the use of such prefabricated systems is creating a demand for expanded polystyrene. All these factors establish that the increasing use of expanded polystyrene in the construction industry is driving the styrene monomer market substantially.
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Styrene Monomer Market: Segmental Overview
Based on application, the styrene monomer market is segmented into polystyrene, acrylonitrile-butadiene-styrene (ABS), styrene-acrylonitrile (SAN), SB latex and rubber, and others. The polystyrene segment held the largest share of the global styrene monomer market in 2020. Styrene is mainly used in the production of polystyrene. Polystyrene finds application in packaging, consumer electronics, toys, recreational equipment, and refrigerator door liners. Composite expandable polystyrene products are used in automotive body panels, boats and wind turbines, and bath and shower enclosures.
Based on end-use industries, 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. Polystyrene foam is used in lightweight protective packaging and food service containers. Additionally, styrene-acrylonitrile is used to produce food containers and cosmetic packaging products. With the shifting consumer preference for packaged food products, the demand for high-quality food packaging products is rising.
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Impact of COVID-19 Pandemic on Styrene Monomer Market
The COVID-19 pandemic has affected economies and industries in various countries. The unprecedented rise in the number of COVID-19 cases and the subsequent lockdown of numerous manufacturing facilities have negatively influenced the growth of the various markets. Many styrene monomer producers were operating their plants at reduced rates amid the COVID-19 pandemic. The supply networks for construction materials have also been disrupted. Many construction projects were temporarily halted due to the COVID-19 pandemic, thus impacting expandable polystyrene demand. Automotive production was temporarily halted due to the pandemic, which impacted the styrene monomer demand. However, as various industries are overcoming the challenges and restarting their business activities, the demand for derivatives like polystyrene and acrylonitrile-butadiene-styrene is improving.
In 2021, Asia Pacific held the largest share of the global styrene monomer market. The food industry is one of the major end-users of the styrene monomer as it is extensively utilized in food packaging. Moreover, in the Asia Pacific region, growing construction work is expected to accelerate the demand for styrene monomers.
The polystyrene segment held the largest share of the global styrene monomer market in 2021. Styrene is mainly used in the production of polystyrene, which is a major material used in applications such as packaging, consumer electronics, toys, recreational equipment, and refrigerator door liners.
Ans. The packaging segment held the largest share of the styrene monomer market in 2021. Styrene monomers are extensively utilized in food packaging. Polystyrene foam is used in lightweight protective packaging and food service containers.
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The Acrylonitrile-Butadiene-Styrene (ABS) segment is the fastest-growing segment in the global styrene monomer market during the forecasted period. Various properties of acrylonitrile-butadiene-styrene plastic make it a suitable material for applications such as automotive, sports equipment, electrical appliances, and toys.
The automobile segment is the fastest-growing segment in the global styrene monomer market during the forecasted period. Acrylonitrile-butadiene styrene (as a thermoplastic resin) and styrene-acrylonitrile are used in automotive applications.
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