Styrene-Petrochemicals Global Market Report 2023

NEW YORK, Feb. 14, 2023 /PRNewswire/ -- Major players in the styrene petrochemicals 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.

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The global styrene-petrochemicals market will grow from $61.66 billion in 2022 to $64.76 billion in 2023 at a compound annual growth rate (CAGR) of 5.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The styrene-petrochemicals market is expected to grow from $77.56 billion in 2027 at a CAGR of 4.6%.

The styrene petrochemical market consists of the sales of styrene petrochemicals that are used for making synthetic rubber, resins, and plastics and improving drying oils.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Styrene petrochemical refers to a colorless, gritty organic compound derived from benzene. Styrene is readily evaporated and is also used as a precursor to polystyrene and several other copolymers.

Asia Pacific was the largest region in the styrene petrochemicals market in 2022.Middle East was the second-largest region in the styrene market.

The regions covered in the styrene market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main types of styrene petrochemicals are acrylonitrile butadiene styrene (abs), expanded polystyrene (EPS), and other types.Acrylonitrile butadiene styrene is defined as an engineering thermoplastic copolymer.

It is made of styrene, acrylonitrile, and butadiene. The various applications of styrene include automotive, construction, packaging of consumer goods, and other applications that are distributed through offline and online channels.

The high demand for polystyrene drives the growth of the styrene petrochemicals 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 a rise in demand.

For instance, India and Iran are expected to lead the capacity expansion in the forecast period 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 tons per annum) respectively. Thus, the rising demand for polystyrene and its derivatives positively drives the growth of the styrene market.

The increasing health and environmental concerns due to the use of styrene limits the demand for styrene petrochemicals.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, depression, CSN dysfunction, hearing loss, and peripheral neuropathy.In animals, oral exposure to styrene affects the liver, blood, kidneys, and stomach.

In May 2020, a styrene chemical leak from the LG Polymers plant in Visakhapatnam killed seven people and triggered fear in the industrial coastal city. Thus, the ill effects of styrene on health and the environment restrict the growth of the styrene market.

The companies in the styrene petrochemicals market are working towards developing techniques to recycle styrene.To increase the efficiency and popularity of styrene, companies are investing in developing methods to recycle styrene.

In January 2022, Agilyx, a Norway-based chemical recycling firm and Toyo Styrene, a Japanese chemicals firm partnered and commenced the construction of Toyo Styrene Co Ltd polystyrene (PS) chemical recycling plant in Chiba, Japan. The plant will boast the per day capacity to recycle 10 tons of post-use polystyrene, a product produced from styrene and used in the manufacturing of tires, back into new styrene monomer for the future of the industry.

In October 2020, Trinseo, a US-based manufacturer of plastics and latex binders, acquired Heathland B.V. for an undisclosed amount. Trinseo aims at embedding sustainability in its product portfolio, promoting supplier and operational stewardship, and tackling climate change. Heathland B.V is a Netherlands-based chemical recycling company.

The countries covered in the styrene petrochemicals market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The styrene petrochemicals market research report is one of a series of new reports that provides styrene market statistics, including styrene industry global market size, regional shares, competitors with a styrene market share, detailed styrene market segments, market trends and opportunities, and any further data you may need to thrive in the styrene industry. This styrene market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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