Report Ocean recently released a research report on the Styrenics Market, which covers the market’s historical growth, cost structure, revenue, trends, and potential prospects for the period 2023-2031. The report provides an extensive coverage of the market across various categories and includes a detailed analysis at the national level, along with an evaluation of the key drivers, restraints, trends, and opportunities in the market.
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.
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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.
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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
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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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Table of Content
Chapter 1: Global Styrenics Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Styrenics market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Styrenics Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Styrenics market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Styrenics market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Styrenics market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Styrenics market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Styrenics business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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