Styrene Monomer (SM) Market Size, Share, Growth and Industry Analysis, By Type (Ethylbenzene Dehydrogenation Method, and Ethylbenzene Oxidation Method) By Application (PS, ABS/SAN, UPR, and SBR), Regional Insights and Forecast From 2025 To 2033

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STYRENE MONOMER (SM) MARKET REPORT OVERVIEW

The global styrene monomer (sm) market size was USD 62.9 billion in 2024 and market is projected to touch USD 101.84 billion by 2033, exhibiting a CAGR of 5.5% during the forecast period from 2025 To 2033.

Styrene Monomer (SM) is an organic compound and an important derivative of benzene. It is colourless, has an oily texture and smells sweet and it is extremely volatile. This chemical is also known by names such as phenylethane, ethynylbenzene, and vinylbenzene. It is considered as a very crucial organic synthesis intermediate. It is also used for SBR, PS, ABS/SAN and UPR.

The slow supply of raw materials and the halt in construction industry during COVID-19 slowed down the market growth. Many influential companies forming joint ventures to make huge projects possible is the latest trend in the market. However, increasing demand for electric vehicles and increased usage of SM in the automotive industry act as driving factors to increase market growth.

COVID-19 IMPACT

"Disruption in Supply Networks for Raw Materials Reduced the Market Growth"

COVID-19 pandemic has negatively impacted almost every economy and industry across the world, including the Styrene Monomer (SM) market. The market growth became stagnant and many producers were seen operating their factories and industries at a very low rates during the lockdowns.

Product demand was also disrupted due to the halt in many construction projects. The supply network for raw materials was also affected which furthermore, added to the downfall of the Styrene Monomer (SM) market growth. Automotive production was impacted significantly, impacting the market dynamics. However, post-COVID-19, the market exhibited strong signs of recovery as industrial and commercial activity resumed.

LATEST TRENDS

"Growing Number of Joint Ventures among Leading Companies to Strengthen the Market Outlook"

Many leading companies in the industry are forming joint ventures to carry out major projects. Growing number of collaborations, partnerships, and joint ventures among industry giants is opportunities for high investments, improved research, and better outputs. This has now become the latest trend in the market.

LyondellBasell, China Petroleum, and Chemical Corporation have together entered into a joint venture. The outcome of this union was the production of Propylene Oxide (PO) and Styrene Monomer (SM) which was to be brought out in the domestic market of China.

Another notable collaboration was among INEOS Styrolution, Trinseo, and Americas Styrenics LLC. This joint venture was formed to explore and research more on advanced recycling technologies for materials that are made up of polystyrene.

STYRENE MONOMER (SM) MARKET SEGMENTATION

By Type

The market is divided on the basis of type into ethylbenzene dehydrogenation method and ethylbenzene oxidation method. Ethylbenzene dehydrogenation method segment is predicted to dominate the market during the forecast period.

By Application

The market is classified based on application into PS, ABS/SAN, UPR, and SBR. The PS segment will dominate the market during upcoming years.

DRIVING FACTORS

"Surging Use of Styrene Monomer (SM) and Polyurethane (PU) sin Automotive Industry to Drive the Market Development"

Using polymer foam and monomer-based products comes with many advantages and perks. They are corrosion-resistant, highly durable, adaptable, lightweight, recyclable and mildew resistant. Apart from this they are used by many end-use industries that include medical, automotive, maritime, construction and food and beverages.

Automotive industry is completely dependent on products such as instrument panels, airbags, car seat cushions arm and headrests which are derivatives of Styrene and polyurethane. Therefore, expansion of the global automotive industry and increasing vehicle production will create significant demand for SM in the forthcoming years.

"Increasing Demand for Electric Vehicles Globally to Propel Market Growth"

People all over the world are now opting for electric vehicles instead of conventional vehicles because of various reasons. Electric vehicles are pollution-free, do not run on fuel, which is an exhaustible source of energy, and are much more efficient and environmental-friendly. Because of all these reasons there has been an increase in the demand for electric vehicles.

Increased demand for electric vehicles is in turn increasing the demand for Styrene Monomer (SM) as it is a very crucial component in the automotive industry. It is also predicted that SM might have an increased demand in the Asia Pacific because of the rapidly expanding electric vehicle landscape.

RESTRAINING FACTOR

"Emission of Harmful Chemicals and Gases during Production to Affect the Market Development"

The major restraining factor of the industry is the pollution is created during the manufacturing process. The emission of harmful chemicals and gases is a key factor that can slow down the growth of market.

If styrene is present in the indoor air, it can have deadly effects on human health. Styrene products give out different gases at different temperatures and all of them can create a lot of pollution and become a threat to the environment. According to International Agency for Risk on Cancer, styrene can possibly create carcinogenic risks to human beings. Subclinical effects on colour vision is another major side effect.

As people are growing more and more conscious about their health and becoming environment friendly, they are shifting to sustainable clean products. This, in turn, can affect SM demand in the coming years.

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STYRENE MONOMER (SM) MARKET REGIONAL INSIGHTS

"Asia Pacific Being a Major Chemical Producer to Dominate the Global Market"

Due to the increased demand for building and packaging activities in the recent years, Asia-Pacific is expected to be the largest Styrene Monomer (SM) market share holder during the forecast period. The prime factors that make Asia-Pacific the largest market in the upcoming years are industrialization, urbanization, rising population, as well the increasing disposable incomes.

China being a major chemical producer will hold a significant share of the market in Asia Pacific. China is also predicted to be the fastest growing market in the Asia Pacific region. Japan, Thailand, and India are also the major countries contributing to the region’s market growth.

KEY INDUSTRY PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.

List of Top Styrene Monomer (SM) Companies

• Styrolution (Germany)
• Lyondell Basell (Netherlands)
• Total (France)
• Shell (U.K.)
• Americas Styrenics (U.S.)
• Trinseo (U.S.)
• Jubail Chevron (U.S.)
• LG Chemical (South Korea)
• Pars Petrochemical (Ukraine)
• NIPPON STEEL & SUMIKIN CHEMICAL (China)
• Westlake Chemical (U.S.)
• Denka (Japan)
• Sinopec (China)
• CNPC (Chian)
• CSPC (China)
• Tianjin Dagu Chemical (China)
• Shuangliang Leasty Chemical (China)
• New Solar (India)
• Huajin Chemical (China)
• Donghao Chemical (China)
• Yuhuang Chemical (China)

REPORT COVERAGE

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