Rapid advancements in the automotive sector and increasing usage of styrene in various end-use verticals are some key factors driving global styrene market revenue growth
NEW YORK, Aug. 24, 2021 /PRNewswire/ -- Reports and Data has published its latest report titled, "Styrene Market By Application (Polystyrene, Styrene Copolymers, SB (Styrene-Butadiene) Latex, SB (Styrene-Butadiene) Rubber, Composites, and Others), By Industry Vertical (Packaging, Construction, Consumer Goods, Automotive, Electrical & Electronics, and Others), By Distribution Channel (Offline and Online), and By Region, Forecast to 2028."
According to most recent analysis by Reports and Data, the global styrene market size was USD 53.11 Billion in 2020 and is expected to reach USD 73.81 Billion in 2028, and register a revenue CAGR of 4.2% over the forecast period, 2021–2028.
Rising demand for plastics in various end-use applications and in a variety of industries and increasing demand for food containers and drinking cups, expanding food and beverage industry, rising demand for electronic devices and items that require more efficient packaging materials, increasing need for medical kits and related products and resulting need for resilient and lightweight packaging solutions, rapid growth across residential and commercial building sectors, and increasing manufacture and sales of passenger vehicles globally are some key factors expected to positively impact market revenue growth going ahead.
Styrene is a natural derivative of benzene and is a sweet smelling, water-soluble, and colorless oily liquid, although aged samples can appear yellowish. Styrene is used to produce latex, synthetic rubber, and polystyrene resins. Styrene can be chemically linked to produce polystyrene, which is a solid plastic with varying properties. Polystyrene is used to produce a variety of widely used consumer products such as foodservice containers, cushioning for packing or shipping delicate electronic devices and items, and for insulation. Styrene resins are also used in the manufacture of products such as plastic packaging, disposable cups, solvent and crosslinking agent in polyester resins with fiberglass, automobile interior and exterior components, tires, Extruded Polystyrene (XPS) tubes and pipes, in building applications such as lighting and plumbing fixtures, insulation foam, bath and shower units, and panels, among others. In addition, styrene is widely used as binder for interior and exterior paints and coatings. Polystyrene is also used to manufacture medical items such as plasma treated polystyrene, or Tissue Culture Plastic (TCP) for tissue culture trays, petri dishes, diagnostic components, and housing for test kits.
Around 50% of car tires are made from various types of Styrene Butadiene Rubber (SBR) and latex. Rising disposable income among consumers in developing countries is driving steady demand for passenger vehicles and rising need for styrene and polystyrene to manufacture more components and parts used in vehicles, including tires. SBR latex is a carboxylated styrene butadiene copolymer latex admixture designed as an integral adhesive for various products used in building applications. SBR latex improves bond strength and chemical resistance in cement bond coats and mortars and concrete. Furthermore, polystyrene, which is a type of plastic, and at 98% air, is among the lightest packaging materials available.
Polystyrene packaging offers outstanding shock absorbency of expanded ensures maximum protection of products, and increasing demand for various electronic devices and gadgets and delicate equipment that requires more efficient and safe packaging materials and solutions during storing and transportation is expected to continue to support market revenue growth over the forecast period. Additionally, preference towards online ordering and shopping has increased significantly over the recent past owing to ease of payment, convenience or ordering anywhere-anytime, discounts associated with online shopping, return and/or replacement of products, and availability and visibility of a variety of products through these channels are some factors driving rapid demand for more efficient packaging materials. This is especially pertinent to increasing demand for and sales of electronic devices and other delicate products and items that require lightweight, but high-impact absorbing packaging materials.
The US Food and Drug Administration (FDA) approved polystyrene as safe for use in foodservice products and food contact applications over 50 years ago. Increasing demand for various food products and rising trends of take-away orders, increasing use of cups at coffee shops, juice and hot and cold beverage outlets, and for home delivery orders are factors expected to continue to support demand for food containers going ahead.
Rising product demand globally has prompted major players to invest in development of more efficient manufacturing techniques and deployment of more advanced technologies in production lines and for automation of manufacturing facilities to enhance quality and output and increase revenue potential.
Some major factors negatively impacting market revenue growth include stringent regulations regarding the usage of styrene globally and availability of substitutes in the market. Adverse health effects due to occupational proximity to styrene environmental impacts due to inappropriate disposal practices and resultant global warming are resulting in deployment of increasingly stringent government regulations and norms. Moreover, exposure to styrene over extended periods of time or duration could cause 'styrene sickness'. Styrene has been understood to induce neurotoxicity among some workers in the reinforced plastics industry, and especially effects the Central Nervous System (CNS).
The virus outbreak and social distancing norms and restrictions severely disrupted the overall business landscape and operations worldwide.
COVID-19 pandemic and lockdowns have resulted in several countries shutting down airports, ports, and commercial and domestic transportation. This had impacted manufacturing activities and operations globally and took a toll on the economy of various countries.
Sudden and drastic downturn in economic activity caused a slowdown in manufacturing, production, agriculture, fisheries, dairy, and other sectors and also resulted in employment loss to a major extent.
Supply impacts were further compounded due to challenges on the demand-side owing to reduced disposable income, depleting savings, and increased concerns and uncertainties.
Emergence of variants of the virus and rise in infection rates during the initial waves and subsequent lockdowns has severely impacted operations and disrupted supply chains.
Polystyrene dominates other applications in market:
Polystyrene segment accounted for majority revenue share compared to other application segments in 2020. Factors such as increasing demand for more efficient electrical insulation and rising adoption in the packaging industry are factors expected to positively impact revenue growth of this segment. In addition, styrene is considered safe for packaging of food products and also has beneficial properties such as lightweight, high moisture resistance and high tensile strength. Rising usage for packaging of electronics, glassware, healthcare, and chemical products is further expected to contribute significantly to revenue growth of this segment.
Styrene-Butadiene latex segment accounted for second-largest revenue share:
Styrene-Butadiene latex segment accounted for second-largest revenue share, and growth of this segment is primarily driven by increasing adoption of SB rubber in tire production in the automotive sector globally. Besides, rising adoption of SB latex in various industrial applications is expected to propel demand over the forecast period. For instance, 90% of broadloom carpeting used to attach carpet fibers to backing material is produced from SB latex in the United States.
Asia Pacific to maintain its dominance among regions:
Asia Pacific styrene market accounted for significantly larger revenue share and is projected to continue to dominate other regional markets during the forecast period. Growth of the region is attributed to rapid industrialization, rapidly growing automotive sector in developing countries such as India and China, favorable government initiatives to support end-use industries with tax rebates, and flourishing packaging sector. High demand for polystyrene in the automotive and packaging industries in countries such as China is expected to continue to boost growth of the market in this region.
Europe market registers steady growth:
Presence of major players in the automotive industry in countries in the region is a key factor resulting in Europe accounting for second-largest revenue share in the global market. Robust growth of e-Commerce industry is a key factor driving rising demand for packaging materials, including polystyrene. Increasing usage of plastics across various end-use industries such as healthcare and food and beverages is expected to boost styrene demand in the region over the forecast period.
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