Middle East and Africa Styrene Monomer Market

Market Introduction

Styrene is a clear, colorless aromatic liquid. Styrene monomer is used as a building block for the production of variety of plastic and rubber products.  It is used in the manufacture of materials which are then used to produce different products across a wide range of industries. Styrene monomer is used primarily to produce polystyrene (PS). Polystyrene is used in various applications including, packaging, consumer electronics, toys, recreational equipment, etc.

Market Overview and Dynamics

The Middle East and Africa styrene monomer market is expected to reach US$ 1693.23 million by 2028 from US$ 1242.73 million in 2021; it is estimated to grow at a CAGR of 4.5% 2021 to 2028. Key factors contributing to the market growth are the increasing demand from the packaging and other industries, and rapid growth in the automotive industry across Middle East and Africa. However, volatility in the prices of styrene monomers restrains the styrene monomer market growth in the region.

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 the Middle East and Africa, South Africa has reported a high number of COVID-19 cases. The COVID-19 pandemic has had a severe impact on the overall economy of the region. The pandemic has significantly slowed down the growth of the styrene monomer market in the region due to the restricted growth of construction and other industries. The construction industry faced challenges due to delays in raw material supply, availability of less number of projects, and new restrictions on how laborers could operate on a construction site. However, with many construction projects in the pipeline, and with the rapid progress of vaccination and economic recoveries, the construction industry in the region is expected to revive in the coming years, which will boost demand for styrene monomers during the forecast period.

Key Market Segments

Based on application, the Middle East and Africa styrene monomer market is segmented into polystyrene, acrylonitrile-butadiene styrene (ABS), styrene-acrylonitrile (SAN), SB latex and rubber, and others. The polystyrene segment led the market with the largest market share in 2020 and is expected to register the highest CAGR during the forecast period.

Based on end-user industry, the Middle East and Africa styrene monomer market has been segmented into packaging, automobile, consumer goods, construction, and other end-user industries. In 2020, the packaging segment held the largest market share, and it is expected to register highest CAGR in the market during 2021–2028.

Major Sources and Companies Listed

A few of the companies profiled while preparing this report on report on the Middle East and Africa styrene monomer market are Asahi Kasei Corporation, BASF SE, and Idemitsu Kosan Co., Ltd.

Reasons to buy the report

• Determine prospective investment areas based on a detailed trend analysis of Middle East and Africa styrene monomer market over the next years.
• Gain an in-depth understanding of the underlying factors driving demand for different addictions therapeutics segments in the top spending countries and identify the opportunities offered by each of them.
• Strengthen your knowledge of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
• Identify the major channels driving the Middle East and Africa styrene monomer market, providing a clear picture of future opportunities that will help analyze, resulting in revenue expansion.
• Channelize resources by focusing on the ongoing programs undertaken by the different countries within the Middle East and Africa styrene monomer market.

MIDDLE EAST AND AFRICA STYRENE MONOMER MARKET SEGMENTATION

By Application

• Polystyrene
• Acrylonitrile-Butadiene Styrene (ABS)
• Styrene-Acrylonitrile (SAN)
• SB Latex and Rubber
• Others

By End-User Industry

• Packaging
• Automobile
• Consumer Goods
• Construction
• Others

By Country

• South Africa
• Saudi Arabia
• UAE
• Rest of Middle East and Africa

Company Profiles

• Asahi Kasei Corporation
• BASF SE
• Idemitsu Kosan Co.,Ltd.
• INEOS Styrolution Group GmbH
• LG Chem
• LOTTE Chemical CORPORATION
• LyondellBasell Industries Holdings B.V.
• Trinseo

Middle East and Africa Styrene Monomer Market Strategic Insights

Middle East and Africa Styrene Monomer Market Segmentation Analysis

Middle East and Africa Styrene Monomer Market Report Highlights

Middle East and Africa Styrene Monomer Report Scope

Middle East and Africa Styrene Monomer Market Country and Regional Insights