Asia Pacific Styrene Monomer Market

Market Introduction

Styrene is a clear, colorless aromatic liquid. Styrene monomer is used as a building block for the production of variety of plastic and rubber products.  It is used in the manufacture of materials which are then used to produce different products across a wide range of industries. Styrene monomer is used primarily to produce polystyrene (PS). Polystyrene is used in various applications including, packaging, consumer electronics, toys, recreational equipment, etc.

Asia Pacific Styrene Monomer Strategic Insights

Strategic insights for the Asia Pacific Styrene Monomer provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

Asia Pacific Styrene Monomer Report Scope

Asia Pacific Styrene Monomer Regional Insights

The geographic scope of the Asia Pacific Styrene Monomer refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

The Asia Pacific styrene monomer market is expected to reach US$ 26,069.52 million by 2028 from US$ 18,124.66 million in 2021; it is estimated to grow at a CAGR of 5.3% from 2021-2028. The key factors propelling the styrene monomer market are rapid growth in automotive industry and increasing focus on making recycled styrene monomers. However, the volatility in prices of styrene monomer acts as a restraining factor for the styrene monomer market.

The styrene monomer market players are increasingly focusing on the recycling of polystyrene back into styrene monomers. Polystyrene can be unzipped back to its original liquid form of styrene monomer. Various market players are partnering with each other, paving the way for closed-loop recycling to keep polystyrene out of landfills. For instance, in September 2020, INEOS Styrolution and AmSty announced plans to construct a joint facility in Channahon, Illinois. The new facility will utilize the Agilyx advanced recycling technology to recycle post-use polystyrene products back into virgin-equivalent styrene monomers. In November 2020, AmSty and Agilyx announced the successful completion of a fully circular pathway for polystyrene recycling. Polystyrene waste is transformed from a solid form of recycled styrene monomer at the joint-venture facility in Tigard. Thus, an increasing focus on making recycled styrene monomers would emerge as a significant trend in the styrene monomer market during the forecast period. There is a high demand for styrene-butadiene rubber in making tires and automotive parts. In the automotive industry, acrylonitrile-butadiene styrene is used in wheel covers and dashboards; it is also well-suited for heavy-duty applications. The automotive industry is one of the most rapidly growing industries in the world, and the demand for various products manufactured from styrene monomer is increasing with the proliferation of this industry.

In the automotive industry, acrylonitrile-butadiene styrene is used in wheel covers and dashboards. Acrylonitrile-butadiene styrene is also well-suited for heavy-duty applications and is extensively used in manufacturing auto parts. The automotive industry is one of the most rapidly growing industries worldwide. The demand for various products manufactured from styrene monomer is also increasing with the growing automotive industry. Hence, the growing automotive industry in various economies across the globe will offer more opportunities for the growth of the styrene monomer market.

The COVID-19 pandemic is anticipated to cause a significant economic loss in Asia Pacific. The Asian economies have been hit hard due to the pandemic. Many styrene monomer producers were operating their plants with decreased employee strength in the early phases of the COVID-19 pandemic. Various end-user industries, such as construction, automotive, and consumer goods, have been hit hard by the pandemic, which has hampered the consumption of styrene monomers in the region. Many construction projects were temporarily suspended amid this crisis. However, the construction sector began overcoming the challenges posed by labor shortage and supply chain disruptions in 2021. Moreover, the demand for derivatives such as polystyrene and acrylonitrile-butadiene-styrene also recovered marginally in APAC with the resurgence of their business activities.

Key Market Segments

Based on application, the Asia Pacific styrene monomer market is segmented into polystyrene, acrylonitrile-butadiene styrene (ABS), styrene-acrylonitrile (SAN), SB latex and rubber, and others. The polystyrene segment led the market with the largest market share in 2020 and is expected to register the highest CAGR during the forecast period.

Based on end-user industry, the Asia Pacific styrene monomer market has been segmented into packaging, automobile, consumer goods, construction, and other end-user industries. In 2020, the packaging segment held the largest market share, and it is expected to register highest CAGR in the market during 2021–2028.

Major Sources and Companies Listed

A few of the companies profiled while preparing this report on the report on the Asia Pacific styrene monomer market are Americas Styrenics LLC (AmSty), Asahi Kasei Corporation, BASF SE, and Idemitsu Kosan Co., Ltd.

Reasons to buy the report

• Determine prospective investment areas based on a detailed trend analysis of Asia Pacific styrene monomer market over the next years.
• Gain an in-depth understanding of the underlying factors driving demand for different addictions therapeutics segments in the top spending countries and identify the opportunities offered by each of them.
• Strengthen your knowledge of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
• Identify the major channels driving the Asia Pacific styrene monomer market, providing a clear picture of future opportunities that will help analyze, resulting in revenue expansion.
• Channelize resources by focusing on the ongoing programs undertaken by the different countries within the Asia Pacific styrene monomer market.

ASIA PACIFIC STYRENE MONOMER MARKET SEGMENTATION

By Application

• Polystyrene
• Acrylonitrile-Butadiene Styrene (ABS)
• Styrene-Acrylonitrile (SAN)
• SB Latex and Rubber
• Others

By End-User Industry

• Packaging
• Automobile
• Consumer Goods
• Construction
• Others

By Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of Asia Pacific

Company Profiles

• Americas Styrenics LLC (AmSty)
• Asahi Kasei Corporation
• BASF SE
• Idemitsu Kosan Co.,Ltd.
• INEOS Styrolution Group GmbH
• LG Chem
• LOTTE Chemical CORPORATION
• LyondellBasell Industries Holdings B.V.
• Trinseo
• Westlake Chemical Corporation