Styrene Monomer Market Size, Share and Growth Analysis

Styrene Monomer Market Analysis Size, Growth rate and Overview:

Styrene Monomer Market was valued at USD 41,690 million in 2018 and is expected to reach almost USD 45,280 million by the end of 2023, growing at a CAGR of around 1.25% over the predicted period.

The demand for styrene has been on a high growth on account of the emerging packaging and construction industry, which has led to an increasing demand for infrastructure facilities and consumer goods, especially in emerging regions. Recent jump in benzene prices have led to increasing cost of styrene product, which has hindered growth. The hindrance of seasonally strong demand and low inventories with reduced styrene supply from propylene oxide/styrene monomer (POSM) facilities has further propelled styrene prices. 

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Styrene Monomer Market Key Drivers, Challenges, and Opportunities:

Occurring naturally in small quantities in different foods and plants, styrene monomer is also found in coal tar. Various types of styrene products such as acrylonitrile butadiene styrene, expanded polystyrene and polystyrene are used for a wide range of applications including automotive, construction, packaging and consumer goods amongst others. The styrene market is highly branched, which includes various types of derivatives, each having a wide range of applications across various sectors of the market. 

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Styrene Monomer Market – Regional Presence:

The major markets for this segment are North America, Asia Pacific, Europe and Latin America. The overall production of styrene has been relocating to emerging economies while developed industrialized regions such as Western Europe and the U.S. have substantially reduced their production capacities over the past few years. Asia Pacific was the largest consumer for styrene monomer, closely followed by Europe. Future market growth is expected to be from Asia Pacific on account of the growth in wind energy applications. 

Some of the Key Players Profiled in this Styrene Monomer Market Report are:

Alpek SAB DE CV, Ashland Inc., Bayer Materialscience, Ineos Group AG, Nova Chemicals Corporation, Royal DSM, Styron LIC, Styrolution Group GmbH, The Dow Chemical Company etc.

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