Global Styrene Market: Overview
Styrene is an organic compound derived from benzene. A number of disposable items can be derived from this compound given its stability, water resistance and thermal efficiency. Hence utilitarian industries demand huge quantities of styrene. Given, the fast paced world that is today, disposables make life simpler. With the reduced hassles of cleaning and maintenance of day to day items comes the freedom to dedicate more time to higher pursuits. This is set to drive the global styrene market on an upward growth trajectory from 2024 to 2030, notes TMR.
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Global Styrene Market: Competitive Landscape
The global styrene market is dominated by few players, which makes the market scenario concentrated. With global demand for polystyrene set to rise, manufactures are striving to expand production by acquiring new facilities and merging them with existing infrastructure.
Key manufacturers of this product include:
- Chevron Phillips Chemical Company LLC
- INEOS AG
- SABIC
- Hanwha Group
- Royal Dutch Shell plc
- Total SA
- ENI S.p.A
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Global Styrene Market: Key Trends and Drivers
- The food packaging industry makes use of polystyrene in enormous quantities, right from packaging at source to unpacking and dispersal of food to the end user. The global food packaging industry is expected to grow at a notable pace over the next few years. As people turn to readymade food items from different corners of the world, the impetus to the styrene market is set to be substantial.
- The personal care industry makes use of disposable polystyrene items for either logistical solutions or direct consumption by the user. Disposable razors, cotton pads and containers for beauty enhancement products are a few examples of these and the demand for these is set to grow.
Global Styrene Market: Regional Analysis
The Asia Pacific region is currently the global leader in this market given the robust and growing food packaging industry here and the growth of a disposable culture. North America and Europe are the next two biggest markets for styrene.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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