The polystyrene segment by application is estimated to lead the market growth during the forecast period.

According to a new market research study of “Asia Pacific Styrene Monomer Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Application, End-User Industry and Country.” The Asia Pacific styrene monomer market is expected to reach US$ 26,069.52 million by 2028 from US$ 18,124.66 million in 2021; it is estimated to grow at a CAGR of 5.3% from 2021-2028. The report highlights trends prevailing in the Asia Pacific mobile styrene monomer market and the factors driving market along with those that act as hindrances.

The styrene monomer market players are increasingly focusing on the recycling of polystyrene back into styrene monomers. Polystyrene can be unzipped back to its original liquid form of styrene monomer. Various market players are partnering with each other, paving the way for closed-loop recycling to keep polystyrene out of landfills. For instance, in September 2020, INEOS Styrolution and AmSty announced plans to construct a joint facility in Channahon, Illinois. The new facility will utilize the Agilyx advanced recycling technology to recycle post-use polystyrene products back into virgin-equivalent styrene monomers. In November 2020, AmSty and Agilyx announced the successful completion of a fully circular pathway for polystyrene recycling. Polystyrene waste is transformed from a solid form of recycled styrene monomer at the joint-venture facility in Tigard. Thus, an increasing focus on making recycled styrene monomers would emerge as a significant trend in the styrene monomer market during the forecast period. There is a high demand for styrene-butadiene rubber in making tires and automotive parts. In the automotive industry, acrylonitrile-butadiene styrene is used in wheel covers and dashboards; it is also well-suited for heavy-duty applications. The automotive industry is one of the most rapidly growing industries in the world, and the demand for various products manufactured from styrene monomer is increasing with the proliferation of this industry.

In the automotive industry, acrylonitrile-butadiene styrene is used in wheel covers and dashboards. Acrylonitrile-butadiene styrene is also well-suited for heavy-duty applications and is extensively used in manufacturing auto parts. The automotive industry is one of the most rapidly growing industries worldwide. The demand for various products manufactured from styrene monomer is also increasing with the growing automotive industry. Hence, the growing automotive industry in various economies across the globe will offer more opportunities for the growth of the styrene monomer market.

The COVID-19 pandemic is anticipated to cause a significant economic loss in Asia Pacific. The Asian economies have been hit hard due to the pandemic. Many styrene monomer producers were operating their plants with decreased employee strength in the early phases of the COVID-19 pandemic. Various end-user industries, such as construction, automotive, and consumer goods, have been hit hard by the pandemic, which has hampered the consumption of styrene monomers in the region. Many construction projects were temporarily suspended amid this crisis. However, the construction sector began overcoming the challenges posed by labor shortage and supply chain disruptions in 2021. Moreover, the demand for derivatives such as polystyrene and acrylonitrile-butadiene-styrene also recovered marginally in APAC with the resurgence of their business activities.

Based on application, the Asia Pacific styrene monomer market is segmented into polystyrene, acrylonitrile-butadiene styrene (ABS), styrene-acrylonitrile (SAN), SB latex and rubber, and others. Based on end-user industry, the Asia Pacific styrene monomer market has been segmented into packaging, automobile, consumer goods, construction, and other end-user industries. Geographically, the Asia Pacific styrene monomer market is sub-segmented into Australia, China, India, Japan, South Korea and Rest of Asia Pacific.

Americas Styrenics LLC (AmSty), Asahi Kasei Corporation, BASF SE, Idemitsu Kosan Co., Ltd., INEOS Styrolution Group GmbH, LG Chem, LOTTE Chemical CORPORATION, LyondellBasell Industries Holdings B.V., Trinseo and Westlake Chemical Corporation are among the leading companies operating in the Asia Pacific styrene monomer market.

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