The styrene monomer market was valued at US$ 29,904.30 million in 2021 and is projected to reach US$ 42,558.55 million by 2028; it is expected to grow at a CAGR of 5.2% from 2021 to 2028.

Styrene is a clear, colorless aromatic liquid. Styrene monomer is used in the manufacture of materials, which are then used to produce different products across a wide range of industries. Styrene monomer is used primarily to produce polystyrene (PS). There is a high demand for styrene monomer in various industries such as packaging, automotive, construction, and consumer goods.

Based on application, the styrene monomer market is segmented into polystyrene, acrylonitrile-butadiene styrene (ABS), styrene-acrylonitrile (SAN), SB latex and rubber, and others. The polystyrene segment held the largest share of the global styrene monomer market in 2020. The packaging industry is the prime consumer of polystyrene. Expandable polystyrene (EPS) is used in home insulation systems, protective packaging materials, car interiors, road and bridge construction applications, etc.

In 2020, Asia Pacific held the largest revenue share of the global styrene monomer market. Styrene monomer market is anticipated to bolster its growth in Asia Pacific during the forecast period. The market's expected growth is speculated based on the rapid urbanization and ever-increasing demand for food packaging in the region. Moreover, the rapid urbanization is leading to more building construction work, which is further expected to accelerate the demand for styrene monomer.

The key players operating in the global styrene monomer market include Americas Styrenics LLC (AmSty); Asahi Kasei Corporation; BASF SE; Idemitsu Kosan Co., Ltd.; INEOS Styrolution Group GmbH; LG Chem; LOTTE Chemical CORPORATION; LyondellBasell Industries Holdings B.V.; Trinseo; and Westlake Chemical Corporation. Players operating in the market are highly focused on developing high-quality and innovative product offerings to fulfill the customer's requirements.

The overall global styrene monomer market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the styrene monomer market.