Styrene Monomer Market, By Type (SBS, SIS, and SEBS), By Application (PS, ABS/SAN, UPR, and SBR), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

Report Code: PMI115719 | Publish Date: May 2024 | No. of Pages: 180

Global Styrene Monomer Market By Overview

Styrene Monomer Market was valued at US$ 34.0 billion in 2024 and is projected to grow at a CAGR of 5.2% to reach US$ 53.9 billion by 2034.

Styrene monomer is used as a basic component in the production of a wide range of plastic and rubber goods. In order to make polystyrene (PS), styrene monomer is largely used as a raw material. Polystyrene is employed in a variety of sectors to produce products like toys, electronic goods, packaging, and recreational items. Styrene monomer is an important raw ingredient used in the creation of different polymers and plastics. SBR, SBL, unsaturated polyester resins (UPR), expanded polystyrene (EPS), styrene-butadiene rubber (SBR), styrene-acrylonitrile (SAN), and acrylonitrile-butadiene styrene (ABS) are other products which are made from styrene monomer.

Styrene monomer is an essential component to many polymers and plastics which require desirable qualities like toughness, resilience, minimal weight, and adaptability. As a result, the styrene monomer market is significantly driven by the growing need for strong, lightweight materials in the building and automotive sectors. Consequently, manufacturers can now lower vehicle weight in an effort to achieve more efficient fuel consumption by using styrene monomer. SM-derived plastics reduce overall vehicle weight without compromising strength and also provides a lightweight substitute for conventional metals. Automotive parts can therefore have complicated shapes and detailed designs due to the greater moulding characteristics of ABS, SAN, and other SM-derived polymers.

Innovation in SM-based polymer production is spurred by the need for lighter and more durable products. Because of the ongoing requirement for cutting-edge materials in these industries, the market for styrene monomers is expected to rise steadily. Despite the benefits, there are issues regarding the disposal of polymers created from SM and their possible environmental impact. As a result, increased capacity for recycling and sustainable production practices would lead to market growth over the forecast period.

Styrene Monomer Market Size

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Global Styrene Monomer Market By Dynamics

Styrene Monomer Market Key Drivers:

  • Growing Need in Construction Sector

For infrastructure, and construction projects to be structurally sound and to last for a long time, strong components are necessary. A common material used for thermal insulation in buildings to lower energy usage for cooling and heating purposes is expanded polystyrene (EPS), which is developed from styrene monomer. By minimizing transportation weight and increasing energy efficiency, lightweight polymers generated from styrene monomer can, in some cases, can help reduce a building's overall ecological impact.

  • Increasing End-Use Industry Needs

The growing need for styrene-based polymers and plastics in end-use sectors such as consumer products, electronics, automotive, packaging, and construction favors the styrene monomer industry. The polystyrene industry is the biggest user of styrene monomer. PS is a common plastic which is used in construction, appliances, consumer products, and packaging industry, which continuously drives up sales of styrene monomer.

Styrene Monomer Market Restrains:

  • Pollution caused by hazardous chemicals & gases in surroundings

The primary obstacle impeding the industry's growth is the pollution generated during the manufacturing process. Another significant factor that can impede the market's growth is the release of hazardous chemicals and gases. Styrene monomer can have lethal consequences for human health if it is found in indoor air. Products made of styrene monomer release various gases at different temperatures, and all of them have the potential to pollute the surroundings and harm it. Sustainable clean products are becoming more popular as people become more environmentally conscious and health sensitive. Thus, the demand for styrene monomer in the upcoming years may be impacted due to these factors.

Styrene Monomer Market Opportunities:

Every industry employs styrene monomer to different extents. Yet, styrene monomer finds its greatest application in large-scale sectors such as packaging, construction, and automotive. It is an affordable and lightweight substitute that works well, particularly for food packaging. These materials are frequently employed in the production of vehicle components in the automotive industry.  In addition, as the demand for electrical devices expands over the time period, so does the use of styrene monomer and its derivatives would increase in the electronics industry.

Global Styrene Monomer Market By Segmentation

Styrene Monomer Market is segmented based on type, application, and region.

Type Insights

  • SBS: Styrene-Butadiene-Styrene (SBS) is made up of linearly organized styrene and butadiene monomers. This thermoplastic polymer is utilized in adhesives, footwear, and asphalt modification because it is flexible and shows resistance to damage.
  • SIS: Styrene-Isoprene-Styrene (SIS) consists of a linearly organized styrene and isoprene monomers. It has better resistance to heat and oxidation than SBS. It is utilized in medicinal applications, sealing compounds, and in adhesives.
  • SEBS: Styrene-Ethylene/Butylene-Styrene (SEBS) is a thermoplastic elastomer made of butylene, ethylene, and styrene monomers. It is a hydrogenated SBS with improved properties like softness, resistance to chemicals, and has better thermal integrity. It is used in different sectors for production of components like automotive parts, toys, and medical gadgets.

Application Insights

  • PS: Polystyrene (PS) is a dominating segment for the focused market. Due to its affordability and ability to adapt, polystyrene is used in various fields like consumer goods, construction, packaging, toys, and disposable items.  Recycled polystyrene can also be used to make foam packaging, light switches, and insulating plates.
  • ABS/SAN: Acrylonitrile Butadiene Styrene/Styrene Acrylonitrile (ABS/SAN) is a segment that impacts strength, hardness, and surface quality of technical plastics which are widely recognized. It is used in the production of pipelines, appliances, and automobile parts.
  • UPR:  Unsaturated Polyester Resin (UPR) employ styrene monomer as a crosslinking agent, and is utilized in various sectors like in building materials, bathtubs, and boat components.
  • SBR: Styrene-Butadiene Rubber (SBR) consists of styrene and butadiene monomers which are copolymerized to create synthetic rubber, or SBR. It is extensively used in the manufacturing of tires and rubber goods.

Regional Insights:

Styrene Monomer Market Regional Insights

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Styrene Monomer Market Regional Insights

  • North America market is estimated to witness fastest revenue share due to increasing growth and demand in the automotive, construction, packaging, and electronics sectors. Styrene monomer demand is strong in the region due to the market conditions which are influenced by environmental programs, strict laws, and technological improvements.  
  • Asia Pacific market is estimated to witness a significantly high revenue share over the forecast period, owing to increasing urbanization, and rise in requirement of consumer goods in developing nations. Products with styrene chemical bases are widely used as building supplies in the construction sector. A common ingredient employed in the production of paints is styrene monomer. The market in the region is also anticipated to benefit from the growing strategic alliances and joint ventures among industrial participants.
  • Europe has a well-established styrene monomer market due to a significant number of polymer producers and manufacturers present in the region. The growth can be credited to the emphasis given on development and sustainability, with a view to move towards bio-based styrene along with tighter controls.
  • Latin America has an expanding styrene monomer market which is driven by rise in manufacturing and construction operations in the region.
  • Middle East & Africa market is in its developmental stages and would rise steadily due to increasing prospects for construction and infrastructural development.

Styrene Monomer Market Report Scope:

Attribute

Details

Market Size 2024

US$ 34.0 billion

Projected Market Size 2034

US$ 53.9 billion

CAGR Growth Rate

5.2%

Base year for estimation

2023

Forecast period        

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Market Segmentation

By Type - SBS, SIS, and SEBS

By Application - PS, ABS/SAN, UPR, and SBR

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Styrene Monomer Market report based on type, application and region:

Styrene Monomer Market, By Type:

  • SBS
  • SIS
  • SEBS

Styrene Monomer Market, By Application:

  • PS
  • ABS/SAN
  • UPR
  • SBR

Styrene Monomer Market, By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa

Global Styrene Monomer Market By Key Players

The key players operating the Styrene Monomer Market includes, Styrolution GmbH, Lyondell Basell Industries N.V, SADAF Agencies Ltd., Shell Oil Co., Americas Styrenics LLC, Trinseo S.A, Jubail Chevron Corp., Asahi Kasei Corp., Total Deutschland GmbH, and LG Chemical Ltd.

Global Styrene Monomer Market By Key Issues Addressed

  • In September 2023, Ineos Styrolution unveiled a novel method for producing bio-based styrene monomer from renewable feedstocks. Furthermore, a number of businesses are looking at recycling polystyrene, a significant derivative of styrene monomer.
  • In November 2022, LyondellBasell announced the debottlenecking project, which has planned to raise capacity by 250,000 metric tons annually by 2024 at its styrene monomer plant in Channelview, Texas.
  • In January 2021, Lotte Chemical declared that it will increase the amount of styrene monomer it can produce in Yeosu, South Korea, by 300,000 metric tons annually by 2025.

Global Styrene Monomer Market By Company Profile

  • Styrolution GmbH*
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Lyondell Basell Industries N.V
  • SADAF Agencies Ltd.
  • Shell Oil Co.
  • Americas Styrenics LLC
  • Trinseo S.A
  • Jubail Chevron Corp.
  • Asahi Kasei Corp.
  • Total Deutschland GmbH
  • LG Chemical Ltd.

“*” marked represents similar segmentation in other categories in the respective section.

FAQs

Styrene Monomer Market was valued at US$ 34.0 billion in 2024 and is projected to grow at a CAGR of 5.2% to reach US$ 53.9 billion by 2034.

Styrene Monomer Market is segmented based on Type, Application and Region.

Factors driving the Styrene Monomer Market include its extensive use in the production of various polymers and plastics, especially in the packaging and construction industries, and the growing demand for lightweight materials.

By region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The North America market is estimated to witness a significantly high revenue share over the forecast period.

The prominent players operating in the Styrene Monomer Market includes, Styrolution GmbH, Lyondell Basell Industries N.V, SADAF Agencies Ltd., Shell Oil Co., Americas Styrenics LLC, Trinseo S.A, Jubail Chevron Corp., Asahi Kasei Corp., Total Deutschland GmbH, LG Chemical Ltd., and Pars Petrochemical Co and others.