Report Overview

Increasing demand for styrene from various industries and technological advancements are expected to boost the growth of the United States styrene market during the forecast period between 2023 and 2029.

United States Styrene Market - Industry Trends & Forecast Report, 2029

United States styrene market size was estimated to be worth USD 19.63 billion in 2022. During the forecast period between 2023 and 2029, the United States styrene market size is projected to grow at a CAGR of 7.02%, reaching a value of USD 29.5 billion by 2029. Major growth factors for the United States styrene market include styrene’s rising application in the food packaging and automobile industries. Furthermore, a growing demand for general-purpose and high-impact polystyrene is anticipated to offer lucrative growth opportunities to the United States styrene market during the forecast period.

United States Styrene Market – Overview

Styrene is a flavorless, flammable liquid with a strong, volatile smell. Latex, synthetic rubber, and polystyrene resins are all made with styrene as a key ingredient. These resins are utilized in the production of insulation, disposable cups and containers, plastic packaging, and other goods. There are several applications for styrene in every industry. Styrene is still most frequently utilized in significant industries, including the automobile, construction, and packaging. It is emerging as a favorable substitute for packaging since it is inexpensive and lightweight.

United States Styrene Market

Growth Drivers

Rapid Adoption of Technological Advancements in Styrene Production

Styrene is conventionally produced through the alkylation of benzene with ethylene to make ethylbenzene, then dehydrogenation of ethylbenzene to styrene. However, the industry players are significantly investing in developing or advancing the styrene production process. One such is the Exelus process, which is reportedly based on improved catalyst technology that eliminates the need for a separate dehydrogenation step, resulting in a single-step process with high yields and high conversions. According to reports, the procedure uses much less energy overall since it runs at lower temperatures than the standard method. Such developments are anticipated to present lucrative growth opportunities to the United States styrene market during the forecast period.

Restraints

Negative Impact of Styrene on Health and Environment

According to the Centers for Disease Control and Prevention (.gov), high amounts of styrene in the air can alter color vision, make a person feel worn out or drowsy, slow down their response time, impair concentration, or affect their balance. Animals that were exposed to extremely high styrene concentrations showed signs of hearing loss. Styrene exposure might also be harmful to workers. As a result, the government is implementing stringent regulations surrounding the production and use of styrene, which may hinder the United States styrene market.

Impact of COVID-19 on the United States Styrene Market

The COVID-19 pandemic had a mixed impact on the United States styrene market. On the one hand, the demand for packaging food products spiked under the lockdown, implemented to curb the spread of novel Corona virus. As a result, the demand for polystyrene witnessed significant growth in its demand from the FMCG sector during the pandemic period. On the other hand, the disruptions in operations in the other major end-user industries, including automobiles and electrical and electronics, negatively affected market growth. However, the market is anticipated to flourish in the post-COVID-19 period as market operations resume.

United States Styrene Market

Segmental Coverage

United States Styrene Market – By Type

Based on type, the United States styrene market is segmented into polystyrene (PS), acrylonitrile butadiene styrene (ABS), styrene-butadiene rubber (SBR), and others. Due to its widespread use in the production and manufacturing of consumer goods, the polystyrene category holds the largest market share. Polystyrene is an extremely adaptable polymer that is used to make a broad variety of items, including packaging materials like cups, plates, and food containers, as well as covering various types of IT equipment, including televisions, computers, and others.

United States Styrene Market – By Application

Based on application, the United States styrene market is segmented into packaging, construction, consumer goods, automotive, electrical & electronics, and others. The packaging segment dominates the United States styrene market. Due to its lightweight and thermal insulation qualities, polystyrene is most frequently chosen by industry participants. Styrene may also be custom molded to fit, making it possible to swiftly develop a variety of package styles that meet requirements. The automotive sector also covers a substantial market share, as styrene is used to manufacture different automobile parts such as dashboard components and instrument panels.

Competitive Landscape

Major players operating in the United States styrene market include Americas Styrenics LLC, Chevron Phillips Chemical, Westlake, INEOS, Trinseo, RTP Company, and Ravago Manufacturing.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Type

• Polystyrene (PS)

• Acrylonitrile Butadiene Styrene (ABS)

• Styrene-Butadiene Rubber (SBR)

• Others

By Application

• Packaging

• Construction

• Consumer Goods

• Automotive

• Electrical & Electronics

• Others