India Styrene Market Analysis: Plant Capacity, Production, Technology, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, Foreign Trade, FY2015-FY2032

The India Styrene Market Has Reached Approximately 850 Thousand Tonnes in Fy2022 and is Expected to Further Grow at a Steady CAGR of 5.33% by Fy2032

The India Styrene market has reached approximately 850 thousand tonnes in FY2022 and is expected to further grow at a steady CAGR of 5.33% by FY2032. Styrene is a colorless liquid with a pleasant scent that is highly volatile in nature. Styrene is employed as a precursor to many polymers such as Polystyrene, Expanded Polystyrene (EPS), Acrylonitrile Butadiene Styrene (ABS), Styrene Butadiene Rubber (SBR), and Unsaturated Polystyrene Rubber (UPR). Although, manufacturing of polystyrene is the largest application of styrene.

The market for styrene is primarily being driven by an increase in demand of polystyrene from the packaging industry across the nation. Due to its water-resistance, light weight, and flexibility, polystyrene is widely used to package consumer goods like dairy, vegetables, poultry, and other processed food items. The need for ready-to-eat meals and the rise of the cold storage industry is driving up demand for packaging materials, which is driving up demand for styrene. Expanded Polystyrene possess excellent thermal resistance and high compressive strength due to which it is used in beam and brick construction, underfloor heaters, and under concrete floor slabs, walls, roofs, and floors. Also, Acrylonitrile Butadiene Styrene, Styrene Butadiene Rubber, and Unsaturated Polystyrene Rubber finds applications in various industries like polymer processing, foam, automobile, footwear, plastic, building & construction, and others. Owing to rapid industrialization and increased funding by government towards development of public infrastructure like flyovers, bridges, metros, highways, the demand of polymers, plastics, paints & coatings is anticipated to rise which will most likely expand the styrene market. The Styrene market volume is estimated to reach approximately 1400 thousand tonnes by FY2032.

Based on the region, in the historic period of FY2015-FY2022, West India has been dominating the market accounted about 65% of the Styrene market in FY2022. Western states like Gujarat and Maharashtra have been the key consumer of styrene due to presence of leading industries of paints & coatings, packaging and automotives located in these regions. By FY2023, imports meet all of India's styrene requirement. Although India Oil Corporation Limited (IOCL), one of the biggest refineries for refining, transportation and marketing of petroleum products is aiming for a greenfield expansion at Panipat, Haryana, which is estimated to be operational by FY2027.

• Based on end-use, the India Styrene market is segregated into Polystyrene, Expanded Polystyrene (EPS), Paints and Coatings, Acrylonitrile Butadiene Styrene (ABS), Styrene Butadiene Rubber (SBR), Unsaturated Polystyrene Rubber (UPR), and Others. Among these industries, the Polystyrene industry is dominating the Styrene market. In FY2022, this industry consumed roughly 37% of the Styrene market. Polystyrene is classified into two kinds: General-Purpose Polystyrene (GPPS) and High-Impact Polystyrene (HIPS). GPPS finds application in the food & beverage sector for packaging materials, cutlery, spoons, cups, etc. HIPS is prominently employed in the electronic industry, shelves, kiosks, and more. Both the kinds are easy to thermoform, manufacture and are lightweight in nature.

Major exporting players fulfilling the Styrene demand in India are Shell Eastern Petroleum, Tricon Energy Inc., The Kuwait Styrene Company, Samsung C&T Corporation, and Others.

Years considered for this report:

• Historical Period: FY2015-FY2022
• Base Year: FY2022
• Estimated Year: FY2023
• Forecast Period: FY2024- FY2032

Objective of the Study:

• To assess the demand-supply scenario of Styrene which covers production, demand and supply of Styrene market in India.
• To analyse and forecast the market size of Styrene in India.
• To classify and forecast India Styrene market based on end-use and regional distribution.
• To examine competitive developments such as expansions, green field projects/ brown field expansions. mergers & acquisitions, etc., of Styrene market in India.

To extract data for India Styrene market, primary research surveys were conducted with Styrene manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, the publisher was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, the report analyzes various segments and projected a positive outlook for India Styrene market over the coming years.

The publisher calculated Styrene demand in India by analyzing the historical data and demand forecast which was carried out considering the imports and domestic production coupled with demand from end user industry. The publisher sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data / import data of Styrene to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by the publisher.

Key Target Audience:

• Styrene manufacturers and other stakeholders
• Organizations, forums and alliances related to Styrene distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies

The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Styrene manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.

Report Scope:

In this report, India Styrene market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• Market, by End-use: Polystyrene, Expanded Polystyrene (EPS), Paints and Coatings, Acrylonitrile Butadiene Styrene (ABS), Styrene Butadiene Rubber (SBR), Unsaturated Polystyrene Rubber (UPR), and Others
• Market, by Sales Channel: Direct Sale and Indirect Sale
• Market, by Region: Northern India, Southern India, Eastern India, Western India

Available Customizations:

With the given market data, the publisher offers customizations according to a company’s specific needs.