According to ChemAnalyst report, “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 Indian India Styrene Market is likely to reach around 1400 thousand tonnes by FY2032, at a CAGR of 5.33% during the forecasted period. The end-use industries like Polystyrene, Expanded Polystyrene (EPS), Paints and Coatings, Acrylonitrile Butadiene Styrene (ABS), Styrene Butadiene Rubber (SBR), Unsaturated Polystyrene Rubber (UPR), and Others are anticipated to grow the India Styrene Market in the upcoming years.
Styrene is a colourless and combustible gas with chemical formula C3H6. Styrene, which also known as propene, is derived from petroleum. Commercially, Styrene is made by thermally or catalytically cracking hydrocarbons. Additionally, propane can be catalytically dehydrated to produce Styrene (C3H8). It is widely utilised in the production of epoxies, resins, fibres, and other chemical products. Primarily, Styrene is used to make polyStyrene polymers for injection moulding, fibres, and cumene (used in phenol production). Additionally, isopropanol, acrylic acid, oxo alcohols, and Styrene oxide are all made from Styrene. PolyStyrene, a significant member of the polyolefin resin family, is moulded or extruded into a wide variety of plastic goods and parts. Styrene oxide has various application such as for manufacturing furnishings, automotive components, boats and other watercraft, appliances, and resins.

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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.

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. The need for polystyrene for producing these plastic commodities along with the demand of polystyrene for food-packaging for ready-to-eat items along with rising per capita income with improving lifestyle is anticipated to result in the increased consumption of 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. The growing need for thermal insulation in the building and construction industry in India, a developing country, is anticipated to increase the demand for high-quality polymers.

The India Styrene Market is segmented based on end-use, sales channel, and region. Based on the end-uses, 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 and is estimated to maintain its position over the forecast period.

India Styrene market is segregated into four regions based on regional consumption: West, South, North, and South. Based on the region, in the historic period of FY2015-FY2022, West India has been dominating the market. 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 petroleum refineries in India is aiming for a greenfield expansion at Panipat, Haryana, and is expected to be completed by FY2027.

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Styrene Market Analysis Report

“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” 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.



“The rapidly increasing demand for Styrene to manufacture industrially significant polymers such as Polystyrene, Expanded Polystyrene (EPS), Acrylonitrile Butadiene Styrene (ABS), Styrene Butadiene Rubber (SBR), and Unsaturated Polystyrene Rubber (UPR) which is employed by various downstream industries is expected to drive the India Styrene Market in the forecast period until FY2032. West India is the major consumer of Styrene due to the leading paints & coatings, packaging and automotives manufacturers located in this region. As of FY2023, there are no domestic producers of Styrene. To fulfil the expanding Styrene consumption in the nation, India Oil Corporation Limited (IOCL), is aiming for a new plant at Panipat, Haryana, projected to be operational by FY2027. ”Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.

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