November 19, 2021
According to the research report titled, ‘Global Styrenics Market Size study, by Polymer Type (Polystyrene, Styrene Butadiene Rubber, Acrylonitrile Butadiene Styrene, Unsaturated Polyester Resin and Others), by Application (Automotive, Electrical and Electronics, Building and Construction, Packaging, Consumer Products and Others), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global styrenics market is anticipated to amass notable gains during 2021-2027.
Increasing usage of renewable energy sources, growing tire labelling regulations, and surging adoption of styrenics across various end-users are propelling the growth of global styrenics market.
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For the unversed, styrenics polymers are economical plastics constituting a family of major plastic products with styrene as the principal building block. Styrene is basically an organic compound that can easily evaporate and is used across industries like food processing, automotive, construction, among others.
In addition, rapid infrastructural development in emerging economies coupled with swift industrialization are further augmenting industry outlook. According to the data released by Statista, global light vehicle production is slated to jump from 70 million units in 2020 to around 93 million units in 2025.
On the flipside, rising environmental and health concerns related to the application of styrenics is likely to hamper the remuneration scope of global styrenics market in the ensuing years.
Considering the geographical ambit, regions like North America, Europe, Latin America, and Asia Pacific are the major benefactors to the overall market progression. Asia Pacific presently holds a major share in terms of market revenue and is anticipated to amplify notably over 2021-2027. This is creditable to high paced growth in packaging and construction industries and rising construction projects.
Besides, increasing number of automotive industries in nations like China and India along with favorable government initiatives to promote wind and other sustainable energy sources are aiding APAC market expansion.
Leading players defining the competitive arena of global styrenics market Asahi Kasei Corporation, Repsol S.A., TotalEnergies SE, The Dow Chemical Company, Saudi Basic Industries Corporation, Koninklijke DSM NV, Ineos Group Ltd., Eni S.p.A, Bayer AG, and BASF SE.
These aforementioned companies are undertaking various effective strategies like new product launches, R&D investments, collaboration deals, and mergers & acquisitions to strengthen their foothold in the overall market.