The food and beverage industry is growing at a rapid pace across the globe, mostly because of the changing habits of people. As the work pressure is increasing, people everywhere are looking for options that may provide them with instant solutions to their food-related problems. Owing to this, the demand for ready-to-eat and packaged food items has risen considerably.
In addition to this, an increasing number of people these days are eating meat, which is why, the cold storage sector has also been expanding. All these factors are leading to the rising need for innovating packaging solutions for packaging consumer products, including meat, milk, and fruits.
The material is further used for the production of resins, plastics, and elastomers, including styrene-acrylonitrile, acrylonitrile-butadiene styrene, styrene-butadiene rubber, and styrene-butadiene elastomers. Among all the applications of styrene, a significant demand for the material is expected to be created for the polystyrene application in the years to come. This is because of the surging demand for polystyrene for different applications, such as automotive body parts, home appliances, food packaging, and insulation.
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Furthermore, the rapid expansion of the end-use industries in developing countries, including Thailand, China, Brazil, and India, is also driving the demand for polystyrene, and ,in turn, of styrene.
Geographically, Asia-Pacific is projected to emerge as a major styrene market in the years to come, which can be ascribed to the swift industrialization and growth of the construction, textile, and automotive industries. The industries are creating demand for styrene for industrial applications. Other than this, the demand for styrene is also expected to rise considerably in Europe and North America in the near future, owing to the rising adoption of expanded polystyrene (EPS) in construction and automotive industries. EPS finds applications in heavy and high-value product packaging, packaging of food products, and insulation panels for buildings.
Furthermore, the rising number of construction and renovation activities are also creating high demand for styrene in these regions.
In conclusion, the demand for styrene is growing due to the expansion of the food and beverages and other end-use industries across the globe.