Styrene (C₆H₅CH=CH₂) is a colorless organic compound derived from benzene (C₆H₆). It can be readily evaporated and a monomer for polystyrene polymer and several other copolymers. Styrene is used for making synthetic rubber, resins, and plastics and improving drying oils.

According to Researcher, the global Styrene market is expected to witness a significant growth rate during the forecast period. The high demand for polystyrene drives the growth of the styrene market. Styrene is used to produce polystyrene through a process called suspension polymerization. Polystyrene is a plastic that is used for the manufacturing of air conditioners, ovens, refrigerators, microwaves, vacuum cleaners, etc.

The major factors responsible for the growth of the global Styrene market areincreasing demand from the construction, automotive, and packaging industries. However, the increasing health and environmental concerns due to the usage of styrene limits the demand for styrene and is a major restraint. In May 2020, Visakhapatnam witnessed a Styrene gas leak in the LG Polymers plant which led to the death of a dozen people (approx) and around 50 people were in serious condition.

The Asia Pacific region was found to be the major region accounting for the largest share ofthe global Styrene market due to the robust and growing food packaging industry. This is followed by North America and Europe.

The global Styrene market is highly fragmented. The major players in the global styrene market are Chevron Phillips Chemical Company LLC, Saudi Basic Industries Corp. (SABIC), Royal Dutch Shell PLC, INEOS Styrolution Holding Ltd, among others.

On October 5, 2020, Shrieve Chemical Company announced the acquisition of the Styrene business unit from CLP Chemical (a market-leading industrial chemical distributor based in the USA).

In December 2018, a joint industry initiative was launched that was called Styrenics Circular Solutions, which has a common goal i.e. to transform the styrenics industry by unleashing polystyrene’s value as a fully and infinitely recyclable material.

Global Styrene Market report provides deep insight into the current and future state of the Styrene market across various regions. The study comprehensively analyzes the Styrene market by segmenting based on type (Polystyrene, ABS, SAN & SBR), application (automotive, construction, consumer foods, electrical and electronics, packaging, and other applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints, along with the impact of Covid-19 on the market growth in detail. The study covers & includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with profiles of major companies, including their market shares and projects.