The global styrenics market size was US$ 83.5 billion in 2021. The global styrenics market is forecast to grow to US$ 131 billion by 2030, registering a compound annual growth rate (CAGR) of 5.3% during the forecast period from 2022 to 2030.
Styrene is an essential element for the production of various consumer and industrial products. They are used in electronics, kitchen appliances, packaging, medical and optical devices, rigid foodservice containers, toys, household items, and other products.
Factors Influencing the Market
Regional Analysis
Asia-Pacific styrenics market is forecast to hold dominance during the study period due to the growing packaging industry in the region. In addition, the growth of the automotive industry in emerging countries like China and India will benefit the regional styrenics market. Moreover, rising population, growing urbanization, and industrialization will fuel the growth of the regional styrenics market. Furthermore, the healthcare segment in the region is growing rapidly. Governments in the region are also focusing on increasing healthcare expenditure. Thus, it will accelerate the growth of the Asia-pacific styrenics market.
COVID-19 Impact Analysis
The COVID-19 pandemic negatively impacted the global styrenics market, owing to the halt in manufacturing and packaging activities. In addition, the demand for automotive and various consumer goods decreased drastically, which ultimately impacted the global styrenics market.
In addition, the sudden shutdown of construction activities hampered the revenue growth of the market players. On the contrary, the COVID-19 outbreak surged the styrenics compounds demand in the medical sector. Styrenics compounds are being used for the production of medical equipment in the medical segment. Thus, the market witnessed significant growth in the medical segment during the pandemic.
Competitors in the Market
Market Segmentation
The global styrenics market segmentation focuses on Polymer, Application, and Region.
By Polymer Type
By Application
Based on Region