Global Styrene/ Market Outlook on Size, Trends And 2020 Key Player Analysis Report

LONDON, Feb. 18, 2020 /PRNewswire/ -- TheBusinessResearchCompany.com offers Styrene Global Market Report 2020 from its research database. The report is segmented by types (Acrylonitrile butadiene styrene (ABS) and Expanded polystyrene (EPS) and By applications.  Read More On Styrene Market Report @ https://www.thebusinessresearchcompany.com/report/styrene-global-market-report

The $43 Billion Styrene Market Is Developing Recycled Styrene

Companies in the global styrene market are working towards developing techniques to recycle styrene. In order to increase the efficiency and popularity of styrene, companies are investing towards developing methods to recycle styrene. In 2018, a joint industry initiative called Styrenics Circular Solutions, launched its dedicated website as part of its commitment to lead a new and comprehensive approach to the recycling of styrene. The website provides details on the efficient uses of styrene-based products and Styrenics Circular Solutions initiatives to transform the styrenics industry. In 2019, Trinseo, a synthetic rubber manufacturer, joined Styrenic Circular Solutions, to drive the recycling of polystyrene- a product produced from styrene, which is used in the manufacturing of tires- back into new styrene monomer in the future of the industry.

Styrene is a colorless, gritty organic compound derived from benzene. Styrene is readily evaporated and also used as a precursor to polystyrene and several other copolymers. Styrene is a fragrant liquid used for making synthetic rubber, resins, and plastics, and improving drying oils.

Health And Environmental Concerns Of Styrene Will Inhibit Market Growth

The global styrene market reached a value of nearly $43.3 billion in 2019, having declined at a compound annual growth rate (CAGR) of -1.29% since 2015, and is expected to decline further at a CAGR of -5.8% to nearly $34.1 billion by 2023. The increasing health and environmental concerns due to the usage of styrene limits the demand for styrene. Styrene is primarily used in the production of plastics and other resins. Short-term exposure to styrene in humans is known to result in mucous membrane and eye irritation, and gastrointestinal effects, whereas long-term exposure to styrene results in effects on the central nervous system (CNS), such as headache, fatigue, weakness, and depression, CSN dysfunction, hearing loss, and peripheral neuropathy. In animals, oral exposure to styrene affects the liver, blood, kidney, and stomach. In 2017, a person died due to the leak of styrene gas from the liner of a pipe. The exposure of styrene gas due to the leak crippled him to death. Thus, the ill effects of styrene on health and environment restricts the growth of the styrene market.

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High Demand For Polystyrene Drives Growth Of The Styrene Market

Styrene is used to produce polystyrene through suspension polymerization. Polystyrene is a versatile plastic used for the manufacturing of refrigerators, air conditioners, ovens, microwaves, and vacuum cleaners. Polystyrene is majorly used in the packaging industry as it keeps food fresher for a longer duration. The demand for polystyrene is high in the automobile industry where it is used in manufacturing car knobs, instrument panels, trim, energy absorbing door panels and sound dampening foam. Thus, strong demand for polystyrene has resulted in rise in the demand. For instance, India and Iran are expected to lead the capacity expansion in the forecast period in order to cater to the demand. In India, Supreme Petrochem and LG Polymers India are expected to add 0.15 mtpa and 0.03 mtpa (million tonnes per annum) respectively. Thus, the rising demand for polystyrene and its derivatives positively drives the growth of the styrene market.

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Competitive Landscape And Segments Of The Styrene Market

Major players in the styrene market are Alpek SAB DE CV, Ashland Inc, Ineos Group AG, Nova Chemicals Corporation, Bayer Material science, Chevron Phillips Chemical Company LLC, ENI S.p.A.,, INEOS Styrolution Holding Ltd., Saudi Basic Industries Corp. (SABIC) and Total S.A. companies in the market are investing in mergers and acquisitions to strengthen their styrene business. In 2018, SABIC, a Saudi based petrochemical manufacturing company, acquired 83 million shares in Clariant AG. Through the acquisition, SABIC aims to expand its product portfolio by including specialty chemicals. Clariant AG is a Swiss based provider of specialty chemicals, care chemicals and catalysis.

The styrene market is segmented by type into acrylonitrile butadiene styrene, expanded polystyrene, and others. It is also segmented by application into automotive, construction, packaging consumer goods and others.

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