Styrene Market

The global styrene market is anticipated to see continued growth in consumption, production, imports, and exports over the next decade. With forecasts predicting a rise in market volume and value, key players such as the United States, China, and India are leading the way. Despite fluctuations in trends, the market remains resilient with notable growth rates in various countries. Dive into the data to understand the dynamics and opportunities in the global styrene market.

Market Forecast

Driven by increasing demand for styrene worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.3% for the period from 2022 to 2030, which is projected to bring the market volume to 29M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.6% for the period from 2022 to 2030, which is projected to bring the market value to $42.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Styrene

In 2022, consumption of styrene decreased by -2.6% to 22M tons for the first time since 2015, thus ending a six-year rising trend. The total consumption volume increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of 9.8% against the previous year. Global consumption peaked at 23M tons in 2021, and then dropped in the following year.

The global styrene market revenue fell to $27.1B in 2022, shrinking by -3.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. As a result, consumption attained the peak level of $28B, and then reduced slightly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (3.6M tons), China (2.1M tons) and India (2.1M tons), together accounting for 35% of global consumption. The Netherlands, Indonesia, Japan, Brazil, Russia, Canada, Turkey, Saudi Arabia, Italy and South Korea lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +25.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest styrene markets worldwide were the United States ($3.4B), China ($2.6B) and India ($2.3B), with a combined 31% share of the global market. The Netherlands, Brazil, Turkey, Russia, Indonesia, Japan, South Korea, Canada, Italy and Saudi Arabia lagged somewhat behind, together comprising a further 30%.

Among the main consuming countries, the Netherlands, with a CAGR of +24.6%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of styrene per capita consumption was registered in the Netherlands (65 kg per person), followed by Canada (16 kg per person), Saudi Arabia (15 kg per person) and the United States (11 kg per person), while the world average per capita consumption of styrene was estimated at 2.8 kg per person.

In the Netherlands, styrene per capita consumption expanded at an average annual rate of +24.7% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Canada (+5.4% per year) and Saudi Arabia (+7.1% per year).

Production

World Production of Styrene

In 2022, after five years of growth, there was decline in production of styrene, when its volume decreased by -1.5% to 23M tons. The total output volume increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 when the production volume increased by 6.9%. Over the period under review, global production hit record highs at 23M tons in 2021, and then reduced modestly in the following year.

In value terms, styrene production fell modestly to $25.1B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 18%. As a result, production reached the peak level of $26.3B. From 2014 to 2022, global production growth failed to regain momentum.

Production By Country

The United States (4.5M tons) remains the largest styrene producing country worldwide, comprising approx. 20% of total volume. Moreover, styrene production in the United States exceeded the figures recorded by the second-largest producer, Saudi Arabia (2M tons), twofold. The third position in this ranking was held by the Netherlands (1.9M tons), with an 8.5% share.

In the United States, styrene production expanded at an average annual rate of +10.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (+1.6% per year) and the Netherlands (+0.6% per year).

Imports

World Imports of Styrene

In 2022, purchases abroad of styrene decreased by -10.9% to 8.5M tons, falling for the second year in a row after two years of growth. In general, imports saw a mild slump. The pace of growth was the most pronounced in 2016 when imports increased by 7% against the previous year. Over the period under review, global imports hit record highs at 11M tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, styrene imports dropped modestly to $11.8B in 2022. Overall, imports recorded a perceptible shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of 56%. Over the period under review, global imports reached the maximum at $18.6B in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports By Country

The purchases of the twelve major importers of styrene, namely China, India, Belgium, the Netherlands, Turkey, Mexico, South Korea, the United States, Germany, Hong Kong SAR, Taiwan (Chinese) and France, represented more than two-thirds of total import. Brazil (185K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +11.3%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, China ($1.4B), India ($1.2B) and Belgium ($1.2B) constituted the countries with the highest levels of imports in 2022, together accounting for 32% of global imports. Turkey, the Netherlands, Mexico, South Korea, Germany, the United States, France, Hong Kong SAR, Taiwan (Chinese) and Brazil lagged somewhat behind, together comprising a further 47%.

Turkey, with a CAGR of +11.9%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average styrene import price amounted to $1,387 per ton, picking up by 9.6% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 70% against the previous year. Global import price peaked at $1,691 per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Turkey ($1,628 per ton) and Germany ($1,617 per ton), while India ($1,155 per ton) and China ($1,185 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+1.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Styrene

In 2022, shipments abroad of styrene decreased by -8.2% to 8.8M tons, falling for the second consecutive year after two years of growth. Overall, exports showed a perceptible curtailment. The growth pace was the most rapid in 2019 with an increase of 4.6%. Over the period under review, the global exports attained the peak figure at 11M tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, styrene exports fell modestly to $11.3B in 2022. Over the period under review, exports showed a perceptible reduction. The most prominent rate of growth was recorded in 2021 with an increase of 59%. The global exports peaked at $18.3B in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports By Country

The biggest shipments were from Saudi Arabia (1.5M tons), the Netherlands (1.4M tons) and the United States (1.3M tons), together amounting to 47% of total export. Singapore (615K tons) took a 7% share (based on physical terms) of total exports, which put it in second place, followed by China (6.4%), South Korea (6.3%), Taiwan (Chinese) (4.7%), Belgium (4.7%) and Canada (4.5%).

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +32.4%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest styrene supplying countries worldwide were the Netherlands ($2B), the United States ($1.8B) and Saudi Arabia ($1.3B), together accounting for 45% of global exports. China, Singapore, Belgium, South Korea, Canada and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 35%.

In terms of the main exporting countries, China, with a CAGR of +31.6%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average styrene export price amounted to $1,278 per ton, surging by 7.1% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 70%. The global export price peaked at $1,629 per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Belgium ($1,621 per ton), while Saudi Arabia ($859 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+0.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform