[FURL=https://www.industryarc.com/Research/Styrenics-Market-Research-500209?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]Styrenics Market [/FURL] size is expected to be valued at $150.1 billion by the end of 2026 after growing at a CAGR of 4.6% during 2021-2026. The main advantage of styrenics such as cost advantage and high performance are the main factors driving the market. The increase in demand for styrenics can also be associated to the increase in growth of wind energy applications of unsaturated polyester resins. Styrenics is also hugely used in the manufacture of products made from plastics. There has been an increase in the use of plastics in the present years across the globe, which has paved way for styrenics into the market. Amid the Covid-19 crisis, the styrenics market has taken a huge loss and is expected to slow down in the year 2020. This has led to a drastic increase in the prices of styrene from around US$770/tons in the start of June 2020 to US$1060M/T in December 2020. However, the market is expected to improve in the year 2021.
Key Takeaways
Asia-Pacific market held the highest share in the styrenics market owing to the increase in growth in construction and packaging industry in countries like China and India.
One of the significant factors which has contributed to the increase in demand for styrenics is due to the increase in construction projects, growth in automotive and packaging industries.
Government initiatives to promote wind energy, especially in the Asia Pacific region is expected to drive the styrenics market in a positive direction.
Some of the unique properties of styrenics such as high chemical resistance and high formability is one of the major reasons which makes the styrencis and related products stand out from the rest.
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Styrenics Market Drivers
Rapid expansion in various projects
The rapid growth and expansion in various projects such as Metro Rail Projects, Smart Cities, and Electrification in Railway Line has surged the increase in consumption of styrene used in the plastic products for such projects. These kinds of projects require quality and high resistance chemical substance which can be provided by Acrylonitrile Butadiene Styrene (ABS).
Styrenics Market are The Dow Chemical Company, LyondellBasell Industries Holdings, Ashland Inc., Nova Chemicals Corporation, SABIC, Lanxess AG, Total S.A, BASF, Ineos Group AG and Ashland Inc. among others.
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