Global Styrene Market - Segmented by Product Type, End-user Industry, and Geography - Growth, Trends and Forecast (2018-2023)
The styrene market is expected to register a CAGR of 4.9% between 2018 and 2023. The market is likely to be fueled by increasing demand for expanded polystyrene in the construction industry. Furthermore, increase in consumption of styrene in the automotive industry is projected to boost the demand during the forecast period.
Increasing Demand for Expanded Polystyrene from the United States & Canadian Construction Industry
Expanded polystyrene (EPS) is one of the most popular materials used in the construction industry. One of the major reasons is its cost-effectiveness, along with its ideal physical and mechanical properties for insulation needs. EPS is used as insulation in roofs, walls, and foundations, and serves as an integral component of insulated concrete forms (ICFs), structural insulated panels (SIPs), and exterior insulation and finish systems (EIFS). The United States construction sector is expected to grow at a rapid rate, primarily driven by the residential and infrastructure sector. Few upcoming bridge projects are located at Adams, Beaver, Bedford & Bradford, Clearfield, Clinton, Franklin, Greene, Lancaster, etc., which are scheduled for completion in 2018. This trend is expected to augment the usage of EPS in the country. With the rapid rise of construction activities in the United States and Canada, the demand for expanded polystyrene (EPS) is set to increase during the forecast period.
Packaging is the Dominating Segment
Styrene is widely used in the packaging industry, owing to its properties, such as light weight, durability, flexibility, thermal efficiency, and moisture resistivity. Styrene is used for packing food products, such as fish, meat, fruits, milk products, processed foods, consumer durables, electronics, horticulture, heavy products, and fragile pharmaceutical products, among others. Furthermore, styrene also provides a cost-effective and environment-friendly packaging solution that does not emit chlorofluorocarbons (CFC) or hydro-chlorofluorocarbons (HCFC). Additionally, changing lifestyles and increasing popularity of packaged food are augmenting the growth of the market. Thus, with the growing packaging needs across the globe, the usage of styrene is projected to grow rapidly during the forecast period.
United States is the Largest Market
The United States is also the world’s second largest market for vehicle sales and production. It contributes around 3-3.5% to the country’s GDP. The production of light vehicles in the United States reached 11 million units in 2017. Honda, Ford Motors, and General Motors are some of the major manufacturers in the country. The sales of light vehicles reached 17.5 million units. Moreover, the production of electric vehicles in the country is expected to get a boost. Tesla, an electric vehicle manufacturer, was aiming to manufacture 5,000 units per week by the end of 2017 and increase the same to 10,000 units per week by 2018. Thus, with the rising demand from the end-user industries, the demand for styrene is set to grow rapidly during the forecast period.
Major Players: INEOS Styrolution Group GmbH, BASF SE, Bayer AG, LG Chem, and Ashland Inc., among others.
January 2018: SABIC decided to acquire approximately 24.9% stake in Clariant AG, a global specialty chemical company, from 40 North and Corvex Management.
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