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Styrenics Market Size, Share & Trends Analysis - Global opportunity analysis and industry forecast 2030

Styrenics Market Size, Share & Trends Analysis - Global opportunity...

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Styrenics Market Size, Share & Trends Analysis - Global opportunity analysis and industry forecast 2030
Styrenics Market Size, Share &...
Report Code
RO13/107/1401

Publish Date
31/Dec/2021

Pages
200
PRICE
$ 4950/-
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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

  • Increasing population and rising demand for automobiles are driving the growth of the global styrenics market. In addition, growing awareness related to greenhouse gas emissions will benefit the global styrenics market during the study period. 
  • The increasing number of construction activities and growing food processing industries will fuel the demand for styrenics products. 
  • Favorable governments initiatives to promote the use of eco-friendly products are forecast to offer ample growth opportunities for the market. The styrenics market is forecast to grow rapidly due to rising energy consumption and growing government policies related to escalating the use of green energy. 
  • Growing urbanization and industrialization are the other significant factors prompting the growth of the market. In addition, rising disposable income and working population will offer favorable opportunities for the market players. 
  • Health issues related to styrene may hamper the growth of the global styrenics market during the forecast period. 

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

  • BASF SE
  • Bayer Material Science
  • ENI S.P.A
  • Ineos Group AG
  • Royal DSM
  • Sabic
  • The Dow Chemical Company
  • Total SA
  • Repsol SA
  • Asahi Kasei Corporation
  • Other prominent players

Market Segmentation

The global styrenics market segmentation focuses on Polymer, Application, and Region. 

By Polymer Type

  • Polystyrene
  • Styrene-Butadiene Rubber
  • Acrylonitrile Butadiene Styrene
  • Unsaturated Polyester Resin
  • Other types

By Application

  • Automotive
  • Electrical and Electronics
  • Building and Construction
  • Packaging
  • Consumer products
  • Others

Based on Region

  • North America
  • The U.S.
  • Canada
  • Mexico
  • Europe
  • Western Europe
  • The UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Western Europe
  • Eastern Europe
  • Poland
  • Russia
  • Rest of Eastern Europe
  • Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
  • Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
  • South America
  • Brazil
  • Argentina
  • Rest of South America

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