Industrial Grade Styrene Market size is estimated to be USD 10.5 Billion in 2024 and is expected to reach USD 15.2 Billion by 2033 at a CAGR of 4.8% from 2026 to 2033.
The Industrial Grade Styrene Market in South Korea has been significantly influenced by the nation's robust petrochemical infrastructure and strategic industry demands. As of 2022, South Korea exported $3.93 billion worth of styrene polymers, with major destinations including China, the United States, and Mexico. This export strength underscores the country's pivotal role in the global styrene market.
Styrene Monomer (SM): A fundamental building block for various polymers, SM is produced extensively in South Korea. Hanwha Total Petrochemicals, for instance, expanded its capacity by 600,000 mt/year in 2018, making it the largest SM producer in Asia with over 1.6 million mt/year.
Polystyrene (PS): Widely used in packaging, construction, and electronics, the South Korean PS market generated $2.18 billion in revenue in 2022 and is projected to reach $3.18 billion by 2030, growing at a CAGR of 4.8%.
Acrylonitrile Butadiene Styrene (ABS): Known for its strength and durability, ABS is crucial in automotive and electronics industries. The South Korean ABS market was valued at $577.2 million in 2022, with expectations to reach $851.7 million by 2030, growing at a CAGR of 5%.
South Korea's industrial sectors demand high-quality styrene products to meet diverse applications:
Automotive: Requires ABS for its toughness and resistance, essential for manufacturing various vehicle components.
Electronics: Demands both PS and ABS for producing durable and heat-resistant parts.
Construction: Utilizes PS for insulation materials, benefiting from its lightweight and thermal properties.
Packaging: Relies on PS for its clarity and rigidity, ideal for food containers and other packaging solutions.
Moreover, environmental regulations are steering the market towards sustainable practices. Companies like SK picglobal and INEOS Styrolution are collaborating to produce renewable styrene monomer, aiming to create a circular economy for PS and ABS in Asia.
Having observed the South Korean petrochemical landscape, it's evident that the country's commitment to innovation and sustainability is reshaping the Industrial Grade Styrene Market. The strategic expansions by key players and the shift towards eco-friendly production methods reflect a proactive approach to global market demands and environmental responsibilities.
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INEOS Styrolution
LyondellBasell
SABIC
TotalEnergies
Shell
Chevron Phillips Chemical
Americas Styrenics
Asahi Kasei
Trinseo
Versalis
LG Chem
Lotte Chemical
NIPPON STEEL Chemical & Material
Idemitsu Kosan
Westlake Corporation
Sinopec
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Industrial Grade Styrene Market
Polystyrene
Expanded Polystyrene (EPS)
Styrene-Acrylonitrile (SAN)
High Impact Polystyrene (HIPS)
Styrene-Butadiene Rubber (SBR)
Automotive
Construction
Consumer Goods
Electronics
Packaging
Healthcare
Batch Polymerization
Continuous Polymerization
Suspension Polymerization
Emulsion Polymerization
Building & Construction
Automotive & Transportation
Healthcare & Pharmaceuticals
Consumer Electronics
Packaging & Containers
Solid Formulations
Liquid Formulations
Aerosol Formulations
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Industrial Grade Styrene Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Industrial Grade Styrene Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Industrial Grade Styrene Market, By Type
6. South Korea Industrial Grade Styrene Market, By Application
7. South Korea Industrial Grade Styrene Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Industrial Grade Styrene Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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