The worldwide styrene monomer industry expected to grow remarkably in the next several years, driven by expanding use-cases in the chemicals sector. Organic chemical and a significant benzene derivative, styrene monomer (SM) is a substance. It has an oily texture, a pleasant aroma, is colorless, and is quite volatile. The names phenylethane, ethynylbenzene, and vinylbenzene are other names for this substance. It is regarded as a highly important intermediary in the synthesis of organic molecules. For SBR, PS, ABS/SAN, and UPR, it is also employed.
According to a research study by Business Research Insights, the global market for styrene monomer is projected to rise at a CAGR of 5.5% during 2022-2028. In 2022, the market value stood at USD 56.510 billion.
Business Research Insights Presents the Top 10 Prominent Players in the Styrene Monomer Industry
- Styrolution (Germany)
The headquarters of the international provider of styrenics INEOS Styrolution are in Germany. It is a division of INEOS and offers styrenics applications for a variety of commonplace items across a wide range of sectors, including automotive, electronics, home, construction, healthcare, packaging, and toys/sports/leisure.
- Trinseo (U.S.)
Trinseo is a producer of speciality material solutions with a global reach, specializing in the production of plastics and latex binders. Prior to Dow grouping a number of its companies for possible sale in 2009, Trinseo (formerly known as Styron) was a subsidiary of the Dow Chemical Company. These holdings were sold to the private equity company Bain Capital in 2010 under the name Styron for $1.63 billion. Trinseo achieved "complete independence as a public business" as of 2016 when Bain sold all of its interests in the company for a profit of $1.69 billion on 37,269,567 shares.
- Sinopec (China)
Sinopec, also known as China Petroleum & Chemical Corporation, is an oil and gas company with its headquarters in Beijing. In addition to trading in Shanghai, it is listed in Hong Kong. The parent company of Sinopec Limited, Sinopec Group, is the largest oil refining, gas, and petrochemical conglomerate in the world with headquarters in Beijing's Chaoyang District.
- Total (France)
Total Energies was founded in 1924 with the goal of enabling France to play a significant role in the big oil and gas adventure, and it has always been inspired by a true pioneering spirit. Some of the world's most productive fields have been found by it. With the help of its modern refineries and vast distribution network, it has been able to offer an ever-expanding range of services.
- Shell (UK.)
A global British oil and gas corporation with its main office in London, England is called Shell plc. Shell is a publicly traded business having secondary listings on the New York Stock Exchange and Euronext Amsterdam in addition to its principal listing on the London Stock Exchange.
Major Challenges Posed by COVID-19 Pandemic
The COVID-19 epidemic has had a detrimental effect on practically every economy and business in the world, including the market for styrene monomer (SM). As a result of the lockdowns, market growth grew stagnate, and many producers were seen running their factories and businesses at extremely low rates.
Due to the stoppage of several construction projects, product demand was also hampered. Additionally, the raw material supply chain was impacted, which further contributed to the decline in the market growth for styrene monomer (SM). The dynamics of the market were dramatically altered, including automotive production. After COVID-19, however, the market began to show strong indications of recovery as business and industrial activity picked up.
Major Upcoming Trends in the Industry
To complete significant projects, several top corporations in the sector are establishing joint ventures. The increasing number of partnerships, joint ventures, and collaborations amongst major players in the business presents prospects for significant financial outlays as well as for greater research and outputs. Currently, this is the market's newest trend.
An alliance has been formed between LyondellBasell and China Petroleum and Chemical Corporation. Propylene Oxide (PO) and Styrene Monomer (SM), which were to be released on the Chinese domestic market, were the products of this marriage.
INEOS Styrolution, Trinseo, and Americas Styrenics LLC worked together in another noteworthy project. The purpose of this joint venture is to investigate and conduct further research on cutting-edge recycling techniques for polystyrene-based products.