Styrene is an organic compound that is used to produce a wide array of significantly strong, light weight, and flexible products. It is a liquid material that evaporates easily and has a sweet smell. The styrene monomer, also referred as ethynylbenzene, vinylbenzene, or phenylethane, is the precursor of the polystyrene, unsaturated polyester, and other copolymers. Polystyrene is widely used to manufacture plastics for the application of various products in automotive, construction, and food processing industries. So, huge demand for plastics in end use industries is directly driving the demand for styrene.
Moreover, the production of styrene for multiple applications worldwide represents an important part of the global economy. It offers products with an improved energy, lesser cost, and efficient performance, thereby, contribute to the quality of life across the globe. INEOS Styrolution is the leading styrenics supplier, owing to its world class production facilities. This enterprise is having a business experience for more than ninety years. It offers the following products with best possible solution to its customers –
According to a report published by Allied Market Research, the global styrenics market size is projected to reach $134.9 billion with a considerable CAGR from 2020 to 2030. Currently, the Asia-Pacific region is holding the highest market share, owing to surge in urbanization in emerging countries of this region like China, India, and others.
However, the emergence of the COVID-19 pandemic led to the implementation of lockdown, which resulted to temporary closure of styrenics manufacturing hubs, thereby negatively impacted the growth of the global styrenics market. Also, the demand of styrene decreased from its end use industries, as the construction, household, and automotive industries were forced to shut down, especially in the initial period. On the other hand, increase in demand for styrene in medical sector for production of medical equipment positively impacted the market.
Furthermore, in the modern world, where global warming is such a big issue, styrene based products contribute to a significant amount of reduction of greenhouse gas emissions. These products provide energy efficient insulation during construction activities and increase fuel efficiency through strengthening automobile components. Governments are promoting more sustainable ways to reduce greenhouse gas emission through styrene based products, which is turn, is boosting the growth of the styrenics market in more than one way. Also, the fact that styrene based products reduce dependency on costly natural resources, such as marble & granite used in buildings and tropical hardwoods used in boats, these are gaining a huge popularity across the globe
Chief editor of review team at FinancesOnline
Chief editor of review team at FinancesOnline Alex Hillsberg is an expert in the area of B2B and SaaS related products. He has worked for several B2B startups in the past and gathered a lot of first hand knowledge about the industry during that time.
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