North America 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 North America styrene monomer market is expected to reach US$ 6512.73 million by 2028 from US$ 4576.41 million in 2021; it is estimated to grow at a CAGR of 5.2% from 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 North America. However, volatility in the prices of styrene monomers restrains the styrene monomer market growth in the region.

Various products manufactured from styrene monomers are used in a wide range of industries, such as packaging and automotive. Styrene monomers are primarily used to produce polystyrene (PS) that is utilized in the production of everyday goods. The use of polystyrene in packaging, consumer electronics, toys, recreational equipment, and safety helmets has increased lately. A styrene monomer is also used to produce expanded polystyrene (EPS), styrene-acrylonitrile (SAN), and acrylonitrile-butadiene styrene (ABS). Expandable polystyrene is capable of enhancing buildings' design and structural integrity, while expanded polystyrene beads are being used mainly in the insulation and packaging industries. Styrene acrylonitrile is used in many consumer goods, packaging, and automotive applications, and acrylonitrile-butadiene styrene finds application in the automobile and electronics industries. There is a high demand for styrene-butadiene rubber in car tires and various household items. In the automotive industry, acrylonitrile-butadiene styrene is used in the production of auto parts, dashboards, and wheel covers. It is also well-suited for heavy-duty applications. Hence, the flourishing automotive industry in various North American countries is fueling the growth of the styrene monomer market in the region.

The unprecedented rise in the number of COVID-19 cases across the US and Canada, and the subsequent shuttering of manufacturing facilities have hindered the growth of various markets in North America.  A significant disruption in manufacturing has lowered the demand for styrene monomers in the region. The COVID-19 pandemic has also limited the progress of the construction industry due to disrupted supply chains of construction materials. The pandemic has also impacted the automotive industry, as major automotive and tire plants temporarily discontinued their production in 2020. However, the North America styrene monomer market is reviving on the account of significant measures taken by governments and the rapid progress of vaccination. Many players are resuming pre-COVID investment plans with the gain in confidence with restabilizing economies. These factors are anticipated to increase the demand for styrene monomer in North America in the coming years.

Key Market Segments

Based on application, the North America 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 North America 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 the North America styrene monomer market are Americas Styrenics LLC (AmSty), Asahi Kasei Corporation, BASF SE, and Idemitsu Kosan Co., Ltd.

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NORTH AMERICA 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

• US
• Canada
• Mexico

Company Profiles

• 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
• Westlake Chemical Corporation

North America Styrene Monomer Market Strategic Insights

North America Styrene Monomer Market Segmentation Analysis

North America Styrene Monomer Market Report Highlights

North America Styrene Monomer Report Scope

North America Styrene Monomer Market Country and Regional Insights