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Styrene-Petrochemicals Market Growth, Industry Trends, Size, Key Drivers, Top Players And Forecast To 2033
Styrene-Petrochemicals Market Analysis
The Business Research Company's Styrene-Petrochemicals Global Market Report 2024 identifies high demand for polystyrene as the major driver for the styrene-petrochemicals market's growth in the forecast period. 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.
The styrene-petrochemicals market size has grown strongly in recent years. It will grow from $65.12 billion in 2023 to $70.17 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to growing demand for polystyrene, growing demand for construction and building sector, demand for packaging materials, consumer goods manufacturing, growing population and urbanization, rising disposable incomes.
The styrene-petrochemicals market size is expected to see strong growth in the next few years. It will grow to $93.63 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to automotive industry needs, growing pharmaceutical and healthcare sector, expanding industrialization, increasing awareness of the benefits of styrene-petrochemicals, growing consumer electronics industry. Major trends in the forecast period include sustainable styrene production, biobased styrene, specialized styrene derivatives, digitalization and industry 4.0, advanced styrene-based polymers, shift to green packaging, innovation in styrene derivatives.
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Major competitors in the styrene-petrochemicals market are Alpek SAB DE CV, Ashland Inc., Ineos Group AG, Nova Chemicals Corporation, Bayer Material Science LLC, Chevron Phillips Chemical Company LLC.
A key trend in the styrene-petrochemicals market includes increasing focus on product innovations to provide reliable services to their customers. Major companies operating in the styrene butadiene rubber (SBR) market are focusing on developing innovative products such as expanded polystyrene (EPS) made from 50% PCR content to drive revenues in their market. Post-consumer recycled (PCR) content in EPS contributes to sustainability efforts by reducing the demand for new raw materials, conserving resources, and diverting plastic waste from landfills. For instance, in April 2023, Epsilyte LLC, a US-based company that provides advanced materials for construction launched 124LR expandable polystyrene (EPS). 124LR is created for moulded pieces needing a smooth finish and the product is specifically made for packing. Epsilyte is created with at least 50% post-consumer recycled material (PCR) which performs at least as well as a reactor-made virgin product .
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The styrene-petrochemicals market is segmented -
1) By Type: Acrylonitrile butadiene styrene (ABS), Expanded polystyrene (EPS), Other Types
2) By Application: Automotive, Construction, Packaging consumer goods, Other Applications
3) By Distribution Channel: Offline, Online
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the styrene-petrochemicals market.
The Business Research Company's "Global Styrene-Petrochemicals Market Report 2024" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Styrene-Petrochemicals Market Include:
1. Executive Summary
2. Styrene-Petrochemicals Market Characteristics
3. Styrene-Petrochemicals Market Trends And Strategies
4. Styrene-Petrochemicals Market - Macro Economic Scenario
5. Global Styrene-Petrochemicals Market Size and Growth
………
31. Global Styrene-Petrochemicals Market Competitive Benchmarking
32. Global Styrene-Petrochemicals Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Styrene-Petrochemicals Market
34. Styrene-Petrochemicals Market Future Outlook and Potential Analysis
35. Appendix
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