United States Styrene Market
United States Styrene Market, By Type (Polystyrene (PS), Acrylonitrile butadiene styrene (ABS), Styrene-Butadiene Rubber (SBR), Others); By Application (Packaging, Construction, Consumer Goods, Automotive, Electrical And Electronics, Others), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
- Published Date: September 2023
- Report ID: BWC23779
- Available Format: PDF
- Page: 200
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
Attributes |
Details |
Years Considered |
Historical Data – 2019–2022 |
Base Year – 2022 |
|
Estimated Year – 2023 |
|
Forecast Period– 2023–2029 |
|
Facts Covered |
Revenue in USD Billion |
Product/ Service Segmentation |
Type, Application |
Key Players |
Americas Styrenics LLC, Chevron Phillips Chemical, WESTLAKE, INEOS, Trinseo, RTP Company, and Ravago Manufacturing |
By Type
-
Polystyrene (PS)
-
Acrylonitrile Butadiene Styrene (ABS)
-
Styrene-Butadiene Rubber (SBR)
-
Others
By Application
-
Packaging
-
Construction
-
Consumer Goods
-
Automotive
-
Electrical & Electronics
-
Others
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- United States Styrene Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Increasing Demand for Styrene from Various Industries
- Technological Advancements
- Restraints
- Availability of Substitutes
- Fluctuations in the Prices of Raw Materials
- Opportunities
- Development of New and Innovative Applications for Styrene
- Expansion into New Markets
- Challenges
- Competition
- Health Concerns
- Growth Drivers
- Technological Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- United States Styrene Market Overview
- Market Type & Forecast, 2019–2029
- By Value (USD Billion)
- Market Share and Forecast
- By Type
- Polystyrene (PS)
- Acrylonitrile Butadiene Styrene (ABS)
- Styrene-Butadiene Rubber (SBR)
- Others
- By Application
- Packaging
- Construction
- Consumer Goods
- Automotive
- Electrical & Electronics
- Others
- By Type
- Market Type & Forecast, 2019–2029
- Competitive Landscape
- List of Key Players and Their Offerings
- United States Styrene Market Share Analysis, 2022
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- Impact of Covid-19 on United States Styrene Market
- Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- Americas Styrenics LLC
- Chevron Phillips Chemical
- WESTLAKE
- INEOS
- Trinseo
- RTP Company
- Ravago Manufacturing
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Distribution Channel
- Assumptions & Limitations
- Qualitative Research
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
List of Figures
Figure 1 United States Styrene Segmentation
Figure 2 United States Styrene Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2022
Figure 4 United States Styrene Market Type, By Value (USD Billion), 2019–2029
Figure 5 United States Styrene Market Share, By Type, By Value, 2019–2029
Figure 6 United States Styrene Market Share, By Application, By Value, 2019–2029
List of Tables
Table 1 United States Styrene Market Type, By Value (USD Billion), 2019–2029
Table 2 United States Styrene Market Share, By Type, By Value, 2019–2029
Table 3 United States Styrene Market Share, By Application, By Value, 2019–2029
Table 4 Americas Styrenics LLC Company Overview
Table 5 Americas Styrenics LLC Financial Overview
Table 6 Chevron Phillips Chemical Company Overview
Table 7 Chevron Phillips Chemical Financial Overview
Table 8 WESTLAKE Company Overview
Table 9 WESTLAKE Financial Overview
Table 10 INEOS Company Overview
Table 11 INEOS Financial Overview
Table 12 Trinseo Company Overview
Table 13 Trinseo Financial Overview
Table 14 RTP Company: Company Overview
Table 15 RTP Company Financial Overview
Table 16 Ravago Manufacturing Company Overview
Table 17 Ravago Manufacturing Financial Overview
Market Segmentation
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Frequently Asked Questions (FAQs):
5. Which segment accounted for the highest share in the United States Styrene Market by application?
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