Global Styrene-Petrochemicals Market Growth Rate 2024, Forecast To 2033
19 Jan, 2024
The styrene-petrochemicals market has witnessed robust growth, increasing from $65.12 billion in 2023 to $70.17 billion in 2024, displaying a 7.8% CAGR. Historical drivers include the growing demand for polystyrene, construction and building sector demand, packaging materials, consumer goods manufacturing, and rising population and urbanization. Forecasts indicate continued strength, projecting a size of $93.63 billion in 2028, with a 7.5% CAGR. Growth drivers encompass automotive industry needs, the growing pharmaceutical and healthcare sector, expanding industrialization, awareness of styrene-petrochemicals benefits, and the consumer electronics industry. Key trends involve sustainable styrene production, biobased styrene, specialized styrene derivatives, digitalization and Industry 4.0, advanced styrene-based polymers, and a shift to green packaging.
Global Styrene-Petrochemicals Market Key Driver
High demand for polystyrene drives the styrene-petrochemicals market. Styrene, used in polystyrene production, finds applications in refrigerators, air conditioners, and the automobile industry. The demand surge leads to capacity expansion, with India and Iran expected to contribute significantly, meeting the rising demand for polystyrene and its derivatives.
Get A Free Sample Of The Global Styrene-Petrochemicals Market ReportGlobal Styrene-Petrochemicals Market Segments
The market covered in this report 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: The regions covered in the styrene-petrochemicals market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
Asia-Pacific was the largest region in the styrene-petrochemicals market in 2023. Middle East was the second-largest region in the styrene-petrochemicals market report. The regions covered in the styrene-petrochemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Major Styrene-Petrochemicals Industry Players
Alpek SAB DE CV, Ashland Inc, Ineos Group AG, Nova Chemicals Corporation, Bayer Material Science LLC, Chevron Phillips Chemical Company LLC, ENI SpA, INEOS Styrolution Holding Ltd., Saudi Arabia's Basic Industries Corporation, TotalEnergies SE, Dow Chemical Company, INEOS Styrolution Group GmbH, Koninklijke DSM NV, DuPont de Nemours Inc., Covestro AG, Trinseo PLC, LyondellBasell Industries NV, China National Petroleum Corporation, Formosa Plastics Corporation, BASF SE, LG Chem Ltd., Mitsubishi Chemical Corporation, Sumitomo Chemical Co. Ltd., Asahi Kasei Corporation, Versalis SpA, Lotte Chemical Corporation, Toray Industries Inc., Mitsui Chemicals Inc., Idemitsu Kosan Co. Ltd., Kumho Petrochemical Co. Ltd., Chi Mei Corporation, Grand Pacific Petrochemical Corp., Taiwan Styrene Monomer Corporation, Indian Oil Corporation Limited, Reliance Industries Limited
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Styrene-Petrochemicals Market Overview
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.
Styrene-Petrochemicals Global Market Report 2023 provides data on the global styrene-petrochemicals market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The styrene-petrochemicals market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.