Report : Europe Styrene Monomer Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application [Polystyrene, Acrylonitrile-Butadiene Styrene (ABS), Styrene-Acrylonitrile (SAN), SB Latex and Rubber, and Others] and End-User Industry (Packaging, Automobile, Consumer Goods, Construction, and Others)

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

According to a new market research study of “Europe Styrene Monomer Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Application, End-User Industry and Country.” The Europe styrene monomer market is expected to reach US$ 7056.20 million by 2028 from US$ 5042.41 million in 2021; it is estimated to grow at a CAGR of 4.9% from 2021 to2028. The report highlights trends prevailing in the Europe mobile styrene monomer market and the factors driving market along with those that act as hindrances.

Expanded polystyrene is capable of enhancing the design and structural integrity of the building. The use of expanded polystyrene in the construction industry has increased in recent years. The material is used in the construction industry in applications such as lightweight concrete and panels, decorative tiles and molding, and embankment backfilling. Expanded polystyrene is used as insulation in roofs, walls, and foundations. It benefits the construction work through sustainability, energy efficiency, and durability. One of the main trends in the construction industry is the use of prefabricated structural insulated panels (SIPs). Expanded polystyrene serves as a significant component of structural insulated panels. Prefabricated systems are often made from a series of interconnecting panels, each of which is essentially a sandwich of grey expanded polystyrene bonded between outer and inner board materials. The rise in the use of such prefabricated systems is creating demand for expanded polystyrene. Further, there is a high demand for styrene-butadiene rubber in automotive parts and tire manufacturing. 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 Europe, France, the UK, and Russia are the worst-affected countries by the COVID-19 pandemic. The massive outbreak has led to a temporary distortions in operation efficiencies of industrial bases in the region, and disruptions in the supply chain, which has hindered the growth of the styrene monomer market in Europe. The European construction industry has faced also faced serious challenges in terms of the availability of construction materials due to disruptions in the supply networks. The temporary discontinuation of automotive production amid the pandemic led to decreased styrene monomer demand. However, with the rapid pace of vaccination, various industries are overcoming the ill effects of the pandemic. Thus, the demand for styrene monomers has begun to rise again across diverse industrial applications, which is expected to drive the styrene monomers market growth in Europe in the coming years.

Based on application, the Europe 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 Europe styrene monomer market has been segmented into packaging, automobile, consumer goods, construction, and other end-user industries. Geographically, the Europe styrene monomer market is sub-segmented into Germany, Italy, UK, France, Russia and Rest of Europe.

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 Europe styrene monomer market.

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