Styrene is an organic compound derived from benzene. A number of disposable items can be derived from this compound given its stability, water resistance and thermal efficiency. Hence utilitarian industries demand huge quantities of styrene. Given, the fast paced world that is today, disposables make life simpler. With the reduced hassles of cleaning and maintenance of day to day items comes the freedom to dedicate more time to higher pursuits. This is set to drive the global styrene market on an upward growth trajectory from 2020 to 2030, notes TMR.
The global styrene market is dominated by few players, which makes the market scenario concentrated. With global demand for polystyrene set to rise, manufactures are striving to expand production by acquiring new facilities and merging them with existing infrastructure.
Key manufacturers of this product include:
The Asia Pacific region is currently the global leader in this market given the robust and growing food packaging industry here and the growth of a disposable culture. North America and Europe are the next two biggest markets for styrene.
The global styrene market is projected to expand due to the growing demand for polystyrene. Polystyrene is made from styrene via suspension polymerization. Polystyrene is a flexible plastic that is used to make air conditioners, refrigerators, vacuum cleaners, microwaves, and ovens. Polystyrene is in significant demand in the automotive sector, where it is used to make instrument panels, car knobs, trim, sound dampening foam, and energy absorbing door panels. As a result of the high demand for polystyrene, the global styrene market is anticipated to grow.
Polystyrene is widely used in the packaging of food and beverage items to avoid damage, extend shelf life, reduce product weight, and preserve product color, taste, and texture. Furthermore, the low cost of polystyrene is boosting its demand among consumers, which is helping the global styrene market thrive. Styrene is also utilized in the construction sector to insulate building roofs, floors, and walls to increase overall effectiveness. It is frequently utilized in numerous consumer electronics, such as coffee machines, televisions, and refrigerators, among others, to improve durability and functionality while adding aesthetic appeal to the items, hence boosting the sales of styrene market.
Asia Pacific is likely to provide revenue-generation opportunities in styrene market during the projected period. This is due to the increased industrialization and expansion of the textile, automotive, and construction sectors, increasing the demand for chemicals in industrial applications. Moreover, the styrene market in North America is expected to rise significantly due to the presence of major important players. The increased consumption of styrene is expected to drive the region's styrene market expansion in the upcoming years. Furthermore, The United States is expected to contribute substantially to the styrene market in North America.
Leading players in the styrene market are attempting to develop styrene recycling solutions. Players are investing in researching technologies to recycle styrene in order to boost its popularity and efficiency. On November 25, 2021, INEOS Styrolution invested in a recycling pilot plant for improved polystyrene recycling.