Styrene Monomer Market

Styrene Monomer Market Overview

The global Styrene Monomer Market size was valued at USD 41.64 billion in 2023 and is predicted to reach USD 59.99 billion by 2030 with a CAGR of 5.3% from 2024-2030. The styrene monomer also known as phenylethylene monomer market is an important part of petrochemical industry, dealing with the production and supply of styrene monomer. It is mainly used to manufacture polystyrene that is used in provincial packaging material, synthetic products and the isolation material among others, synthetic rubber and resins applied in car production, construction processes, and the electronics industry correspondingly. Some of the advantages of the styrene monomer include its versatility in creating diverse products, its contribution to cost-effective production processes, and its ability to meet the demands of multiple sectors. The market supports a broad range of industrial and consumer applications, highlighting its importance in daily life.

Market Dynamics and Trends

The rising demand for consumer electronics such as mobile phones and laptops drives the demand for styrene monomer that are essential for producing durable and thermally conductive plastics, ensuring the reliability and performance of these devices. As per Mobile Economy report, smartphone adoption in Latin America and the Middle East & North Africa (MENA) was approximately 80% and 81% in 2023, respectively. This adoption rate is projected to increase to 92% in Latin America and 90% in MENA by 2030. This surge in the usage of smartphones highlights the increasing demand for durable and high-performance plastics, thereby driving the growth of the market.

Moreover, the growth of the automotive industry and the increasing preference for durable, lightweight vehicles is driving the demand for styrene monomer. This rise is attributed to the essential role of phenylethylene monomer, that are important for manufacturing advanced automotive components that enhance vehicle performance and fuel efficiency.

According to the reports published by European Automobile Manufacturers Association, in 2023, the production of car across the globe is growing at a significant rate, car manufacturing reached 76 million units.  This surge in vehicle production across the globe drives the styrene monomer market demand for lightweight and efficient vehicles, thereby fuelling the growth of the market.

Furthermore, the expanding packaging industry, fuelled by the rising global demand for packaged foods, is boosting the need for styrene monomer. As consumers increasingly seek convenience and extended shelf life in food products, the demand for styrene monomer, a crucial component in the packaging industry, is on the rise.

According to the report published by Sapien Labs, in 2023 approximately 60% of population in Philippines, 58% in U.K. and 55% in Australia consume packaged foods.  This increased consumption of packaged foods requires the necessary packaging driving the market growth.

However, the environmental concerns, such as the potential carcinogenic effects of styrene and its contribution to air and water pollution, hinder the growth of the market.

On the contrary, introduction of sustainable and eco-friendly solutions such as Styrolution PS ECO is expected to create future opportunities in the market. Styrolution PS ECO offers a viable solution for reducing the environmental impact of plastic production by utilizing recycled polystyrene. As industries continue to prioritize green practices, the adoption of products such as Styrolution PS ECO is posed to drive in the styrene monomer market growth. 

Market Segmentations and Scope of the Study

The styrene monomer market report is segmented on the basis of application, end-user, and region. On the basis of application, the market is classified into polystyrene production, synthetic rubber, resins, and others. On the basis of end-user, the market is divided into packaging, construction, automotive, electronics, and others. Regional breakdown and analysis of each of the aforesaid segments include regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

Asia-Pacific holds the dominant in styrene monomer market share and is expected to continue its dominance during the forecast period due to the growing middle-class population, increasing disposable income, and rapid urbanization, that are driving the consumption of electronic devices such as smartphones, televisions, and home appliances in this region, boosting the growth of the market.

According to the report published by Shanghai Municipal People’s Government, consumer electronics sales in China reached approximately USD 305 billion in 2023 and it is projected to grow to USD 320 billion in 2024. Such a high growth rate in consumer electronics encourages its use in the production of quality plastics that propel the growth of the market.

Moreover, the expanding automotive industry in the countries such as China, India and Japan further drive the demand for styrene monomer. As these countries continue to experience growth in vehicle production and sales, the demand for materials such as styrene monomer, which is essential in manufacturing automotive components such as dashboards, panels, and other interior parts, is on the rise.

According to the report published by the International Organization of Motor Vehicle Manufacturers (OICA), vehicle production in 2023 reached to 30.17 million units in China, 5.85 million units in India, and 9 million units in Japan. This increased production of vehicles drives the demand for phenylethylene monomers to meet the growing demand of automotive industry for the light weight and efficient vehicles.

On the other hand, North America shows a steady rise in the phenylethylene monomer industry due to the rising packaging industry in this region. As consumer demand for packaged goods continues to increase, particularly in the food and beverage sector, the need for phenylethylene monomer, a key component in the production of various packaging materials, is also on the rise in this region.

According to the Flexible Packaging Association, the flexible packaging industry in the U.S. reached USD 41.5 billion in sales in 2022. This sector is the second largest in the U.S. packaging market, capturing approximately 21% of the total USD 180.3 billion market.

Moreover, the growth of the construction industry in this region further drives the demand for materials such as insulation, pipes, and other essential construction components. According to Associated General Contractors of America (AGC), around 919,000 construction establishment were done in the first quarter of 2023, and this industry creates nearly USD 2.1 trillion structures every year. As the construction sector expands, fuelled by urbanization and infrastructure development, the need for durable and versatile materials including those derived from styrene monomer continues to grow, further propelling the market in this region.  

Competitive Landscape

Various key players operating in the styrene monomer industry include BASF SE, The Dow Chemical Company, LyondellBasell Industries Holdings B.V., INEOS Styrolution Group GmbH, Saudi Basic Industries Corporation, Lotte Chemical Corporation, Kraton Corporation, Idemitsu Kosan Co., Ltd, Asahi Kasei Corporation, Trinseo, and others. These companies are adopting various strategies such as product launches, acquisition and partnership to remain dominant in the market.

For instance, in May 2024, INEOS Styrolution Group GmbH launched Luran 2555 to enhance performance in applications requiring high-quality surface finishes and improved mechanical properties. The launch reflects INEOS Styrolution’s commitment to provide advanced solutions for the plastics industry, catering to the evolving needs of their customers.

Additionally, in April 2024, INEOS Styrolution Group GmbH acquired TotalEnergies' petrochemical assets in France. This strategic move enhances INEOS's production capabilities and strengthens its position in the European petrochemical market. Moreover, in March 2023, SABIC partnered with SINOPEC SABIC Tianjin Petrochemical Co. Ltd. (SSTPC) to develop a new polycarbonate plant in China. This partnership aims to develop innovative materials and meet the growing demand of polycarbonates. 

Key Benefits

• The styrene monomer market report provides the quantitative analysis of the current market and estimations from 2024 to 2030. This analysis assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises of a detailed analysis of the current and future styrene monomer market trends for depicting the prevalent investment pockets in the industry.

• The information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report.

• The competitive analysis of the market players along with their market share in the styrene monomer market is mentioned.

• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.

• The value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

Styrene Monomer Market Key Segments

By Application 

• Polystyrene Production

• Synthetic Rubber

• Resins

• Others

By End-User

• Packaging

• Construction

• Automotive

• Electronics

• Others

By Region

• North America

  • The U.S

  • Canada

  • Mexico

• Europe

  • The U.K.

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia

  • Rest of Europe 

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

Key Players

• BASF SE

• The Dow Chemical Company

• LyondellBasell Industries Holdings B.V.

• INEOS Styrolution Group GmbH

• Saudi Basic Industries Corporation

• Lotte Chemical Corporation

• Kraton Corporation

• Idemitsu Kosan Co., Ltd

• Asahi Kasei Corporation

• Trinseo

REPORT SCOPE AND SEGMENTATION

Parameters	Details
Market Size in 2023	USD 41.64 billion
Revenue Forecast in 2030	USD 59.99 billion
Growth Rate	CAGR of 5.3% from 2024 to 2030
Analysis Period	2024–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Growth Factors	The increasing demand for consumer electronics fuels the growth of the market. The expansion of automotive industry drives the growth of the market. The growth of packaging industry further fuels the market growth.
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent to up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.