Styrenics Market to Witness an Outstanding Growth by 2030
Author : yuvansh lele | Published On : 24 Apr 2024
According to a report titled "Styrenics Market" by Allied Market Research, the global styrenics industry achieved a value of $76.6 billion in 2020 and is projected to reach $134.9 billion by 2030, with a compound annual growth rate (CAGR) of 5.9% from 2021 to 2030.
Key Growth Drivers
The market's growth is fueled by increasing demand in wind energy applications, a surge in automotive industry usage, and growing demand for various plastics in the consumer sector. However, concerns regarding environmental and healthcare impacts pose challenges to market growth. Conversely, rapid infrastructure development in emerging economies presents new growth opportunities in the coming years.
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Styrene, an organic compound with a sweet smell that evaporates easily, serves as a precursor to several copolymers including polystyrene and unsaturated polyester. Polystyrene, a synthetic aromatic hydrocarbon derived from styrene monomer, finds extensive use in plastics due to its versatility. Factors such as population growth, rising income levels, and increased awareness of environmental issues contribute to the demand for styrenics. Governments worldwide are also promoting sustainable practices like wind energy to reduce greenhouse gas emissions.
Dominance of Polystyrene Segment
In terms of polymer type, the polystyrene segment led the market in 2020, capturing nearly one-third of the global share and is expected to maintain its dominance throughout the forecast period. The increased demand for disposable household products, electronic devices, and automobiles drives the demand for polystyrene. However, the styrene butadiene rubber segment is anticipated to register the highest CAGR of 6.5% from 2021 to 2030, owing to its various applications in the automotive and construction industries.
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Continued Dominance of the Automotive Segment
In the application segment, automotive held the highest revenue share in 2020 and is forecasted to maintain its dominant position during the forecast period. This is attributed to the rising demand for various transportation vehicles, especially personal vehicles and industrial trucks. Conversely, the building and construction segment is expected to exhibit the largest CAGR of 7.5% from 2021 to 2030 due to rapid population growth and increased demand for construction activities worldwide.
Fastest Growth in Asia-Pacific
Regionally, 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 projected to maintain its leadership status by 2030. This growth is driven by investments in various infrastructure developments such as transportation, smart cities, and food storage.
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Key Market Players
Leading players in the 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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