The Styrenics Market is expected to grow from US$ 99.4 billion in 2024 to US$ 186.0 billion by 2034, with a 6.5% CAGR | Future Market Insights, Inc.

Increasing Utilization of Styrenics Polymers in Medical Industry for Production of High-performance and Compact Medical Equipment. The high demand for polystyrene drives the growth of the styrene market. Styrene is used to produce polystyrene through suspension polymerization

NEWARK, Del, Nov. 27, 2023 (GLOBE NEWSWIRE) — The global styrenics market has been estimated to be valued at US$ 99.4 billion in 2024. The market is predicted to grow at a CAGR of 6.5% from 2024 to 2034. The demand for items related to food processing, construction, and automobiles has significantly increased as both the global population and the economic condition of the people have improved. The demand for styrenics is directly driven by the necessity for these commodities.

Styrene, a versatile organic compound, is synthesized by polymerizing styrene monomers and other compounds like acrylonitrile and butadiene. Diverse industries, including automotive, construction, and electronics find wide applications of styrene polymers.

Market players are anticipated to explore and capitalize on novel properties of these materials, consequently creating new prospects over the coming decade. The growing demand for these products is compelling manufacturers to allocate more resources toward research and development, resulting in the development of advanced and versatile products.

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The styrenics market is being driven by the surging demand for thermoplastic elastomers in the medical and healthcare sectors. These materials exhibit exceptional properties, such as high tensile strength, excellent chemical resistance, and good dimensional stability, which makes them highly suitable for manufacturing medical devices. As the demand for hygienic and safe medical equipment rises, sales of styrene polymers are anticipated to grow over the forecast period.

The industry is expected to experience significant growth opportunities due to the rising use of styrenic polymers in the production of medical equipment like blood bags, IV fluid containers, tubes, and dialysis solutions.

The healthcare sector is moving away from PVC and increasingly utilizing styrene polymers due to safety concerns. Styrene polymers offer exceptional mechanical performance, easy disposability, design versatility, lightweight, and better aesthetics to create high-performance and compact medical equipment.

“The styrenics market is expected to be driven by key factors such as the growth of bio-based and recyclable styrenics and their increasing use in 3D printing. These aspects are expected to fuel demand for styrenics, creating more competition and resulting in the development of new products.” – Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

Key Takeaways from the Styrenics Market

• The global styrenics market is expected to register a CAGR of 6.5%, reaching a valuation of US$ 186.0 billion by 2034.
• The market grew at a CAGR of 8.0% during the historical period.
• South Korea is anticipated to dominate the global market by registering an 8.5% CAGR during the forecast period.
• With a CAGR of 7.6%, the United Kingdom is expected to drive the global market through 2034.
• The market in Japan is anticipated to secure a CAGR of 7.5% during the forecast period.

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Key Strategies

In the styrenics market, the competition among petrochemical companies is intense, making it challenging to maintain a competitive advantage. Price, innovation, operational cost, and product quality are all vital factors that companies prioritize.

To gain a competitive advantage, market players must implement various strategies such as restructuring their operations, expanding into new products or geographic markets, and reorganizing their corporate structure. It is imperative to note that maintaining a competitive position in this market requires a strategic approach, and businesses must be proactive in their efforts to remain competitive.

Recent Developments in the Styrenics Market

• In June 2023, SCS submitted a novel technology notification to utilize recycled polystyrene as a food contact material while ensuring its protection.
• In October 2022, Arkema launched new recyclable high-performance polyamides. The polymers are produced in Italy and are available under the Virtucycle program.

Key Companies in the Styrenics Market

• Arkema
• BASF SE
• Bayer Material Science
• ENI S.P.A
• INEOS Group AG
• Orthex
• Royal DSM
• Sabic
• The Dow Chemical Company
• Total SA
• Repsol SA
• Asahi Kasei Corporation

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Key Segments in the Styrenics Market

By Polymer Type:

• Polystyrene
• Styrene Butadiene Rubber
• Acrylonitrile Butadiene Styrene
• Unsaturated Polyester Resin
• Others

By Application:

• Automotive
• Electrical and Electronics
• Building and Construction
• Packaging
• Consumer products
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East & Africa

Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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