The Styrene Global Market Report 2023 by The Business Research Company, provides styrene market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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In accordance with The Business Research Company's Styrene Global Market Report 2023, the market is poised for a robust expansion, with the anticipated size soaring from $49.3 billion in 2021 to a projected $52.28 billion in 2022, representing a commendable compound annual growth rate (CAGR) of 6.0%. However, the landscape has encountered headwinds due to the Russia-Ukraine conflict, disrupting global economic recovery from the COVID-19 pandemic in the short term. The conflict has prompted economic sanctions, a surge in commodity prices, and supply chain disruptions, causing inflation across various sectors globally. Projections indicate a sustained growth trajectory for the global styrene market, reaching an estimated $62.81 billion in 2026, boasting a CAGR of 4.7%.

One of the key drivers of this growth is the soaring demand for polystyrene, a derivative of styrene produced through suspension polymerization. Polystyrene, a versatile plastic, finds widespread applications in the manufacturing of essential appliances such as refrigerators, air conditioners, ovens, microwaves, and vacuum cleaners. The packaging industry benefits significantly from polystyrene, ensuring prolonged freshness of food items. Additionally, the automobile sector witnesses a surge in polystyrene demand, utilizing it in the production of car components like knobs, instrument panels, trim, energy-absorbing door panels, and sound-dampening foam. Consequently, the robust demand for polystyrene stands as a driving force behind the escalated demand within the styrene market.

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The styrene market is segmented:

1) Styrene Market By Type: Acrylonitrile butadiene styrene (ABS), Expanded polystyrene (EPS), Other Types

2) Styrene Market By Application: Automotive, Construction, Packaging consumer goods, Other Applications

3) Styrene Market By Distribution Channel: Offline, Online

The companies in the styrene market are working towards developing techniques to recycle styrene. In order to increase the efficiency and popularity of styrene, companies are investing in developing methods to recycle styrene. In January 2022, Agilyx, a Norway-based chemical recycling firm and Toyo Styrene, a Japanese chemicals firm partnered and commenced the construction of Toyo Styrene Co Ltd polystyrene (PS) chemical recycling plant in Chiba, Japan. The plant will boast the per day capacity to recycle 10 tons of post-use polystyrene, a product produced from styrene and used in the manufacturing of tires, back into new styrene monomer for the future of the industry.

The styrene market report table of contents includes:

1. Executive Summary

2. Styrene Market Characteristics

3. Styrene Market – Macro Economic Scenario

4. Styrene Market Size And Growth

5. Styrene Market Segmentation

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26. Styrene Market Competitive Landscape And Company Profiles

27. Key Mergers And Acquisitions In The Styrene Market

28. Styrene Market Trends And Strategies

29. Styrene Market Future Outlook and Potential Analysis

30. Appendix

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