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Styrenics Market Trend, Business Opportunities and Growth Prospect 2031
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Market Overview:
The growth of the global styrenics market is driven by increasing demand in wind energy applications, automobile industry, and various consumer plastic products. However, concerns regarding environmental and healthcare impacts pose challenges to market growth. Nevertheless, the rapid infrastructure development in emerging economies presents new opportunities for market expansion.
Styrene, an essential organic compound, serves as a precursor to various copolymers such as polystyrene and unsaturated polyester. Polystyrene, a synthetic aromatic hydrocarbon derived from styrene monomers, finds extensive use in plastics due to its versatility. The surge in population and income levels has led to increased demand for products in automotive, construction, and food processing industries, consequently driving the demand for styrenics. Additionally, rising awareness about greenhouse gas emissions has spurred the adoption of sustainable practices like wind energy, further fueling market growth.
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Segment Analysis:
The polystyrene segment dominated the market in 2020 and is expected to maintain its lead position throughout the forecast period. The demand for polystyrene is driven by its use in disposable household products, electronic gadgets, and automobiles.
However, the styrene butadiene rubber (SBR) segment is projected to witness the highest CAGR of 6.5% from 2021 to 2030. SBR finds applications in the automotive industry for pneumatic tires, waterproofing, sealing, and binding agents.
Application Insights:
The automotive segment held the highest share in terms of revenue in 2020 and is anticipated to maintain its dominant position during the forecast period. Increased demand for various transportation vehicles, especially personal vehicles and industrial trucks, drives the segment's growth.
Conversely, the building and construction segment is projected to exhibit the largest CAGR of 7.5% from 2021 to 2030, fueled by rapid population growth and increased demand for construction activities worldwide.
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Regional Outlook:
Asia-Pacific, followed by North America, is expected to witness the fastest CAGR of 6.7% during the forecast period. Asia-Pacific accounted for the highest market share in 2020 and is poised to maintain its leadership status by 2030. The region's growth is attributed to investments in infrastructure development, including transport, smart cities, and food storage.
Leading Players:
Key market players in the global styrenics market include Royal DSM, Sabic, The Dow Chemical Company, Total SA, Repsol SA, Asahi Kasei Corporation, BASF SE, Bayer Material Science, ENI S.P.A, and Ineos Group AG.
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