Saudi Arabia Styrene Market (2019-2025) | Size, Share, revenue, Analysis, Forecast, Trends, industry, Outlook, Growth

Latest 2023 Development of the Saudi Arabia Styrene Market

Saudi Arabia National Petrochemical Company (Petrochem) announced plans to expand its styrene production capacity by 30% at its plant in Jubail. The expansion is expected to increase the plant's styrene production capacity to 720,000 tonnes per year, up from the current capacity of 550,000 tonnes per year. The project is expected to be completed in 2023 and will help meet the growing demand for styrene in the region. In addition to Petrochem's expansion plans, Saudi Basic Industries Corporation (SABIC) announced that it had successfully produced commercial quantities of certified circular polymers using a feedstock derived from mixed plastic waste. The company's new polystyrene products, made using its proprietary technology, are designed to meet the growing demand for sustainable materials in the packaging industry.

Styrene is an important chemical used in the production of a wide range of materials such as polystyrene, acrylonitrile-butadiene-styrene (ABS) plastic, and synthetic rubber. The Saudi Arabia styrene market is dominated by the petrochemical giant, Sabic, which is one of the world's largest producers of styrene. Additionally, the Saudi Arabia styrene market has faced some challenges due to the decline in oil prices, which has affected the profitability of the petrochemical industry. However, the market is expected to recover in the coming years due to the increasing demand for styrene-based products in various industries such as automotive, construction, and packaging. Further, one of the latest developments in the Saudi Arabia styrene market is the joint venture between Sabic and Shell Chemicals Arabia. The two companies have formed a joint venture, called Sadaf Chemicals Company, to produce styrene monomer and propylene oxide in Jubail Industrial City. The project is expected to boost the production capacity of the Saudi Arabia styrene industry and increase the country's competitiveness in the global petrochemical market.

Saudi Arabia Styrene Market Synopsis

The emerging packaging industry due to an increase in demand for consumer goods and packaged food products has propelled the demand for the styrene market in Saudi Arabia. Moreover, the growing construction of mega projects such as Neom, Amaala, Qiddiya entertainment city project, Jeddah tower, the ministry of housing’s Sakani homes, Riyadh metro, King Fahd Medical City expansion, King Abdullah Bin Abdulaziz medical complexes would complement the growth of styrene market over the coming years.  However, increasing health awareness and growing environmental concerns due to the usage of styrene and acceptance of other resins as a substitute to unsaturated polyester resin (UPR) are anticipated to the restrain growth of the market.

According to 6Wresearch, the Saudi Arabia Styrene Market size is anticipated to register growth during 2019-2025. Overall Saudi Arabia, Central Region is projected to experience substantial growth during the forecast period on account of increasing investments in technological development in the automotive industry. Further, the rising popularity of electric vehicles would spur the demand for SBR over the coming years.

Amongst all the consumption, the polystyrene segment is expected to lead the market during the forecast period owing to vast product applications in various industries including construction, automotive and consumer goods packaging. However, the expanded polystyrene (EPS) along with Styrene Butadiene Rubber (SBR) segment is expected to lead the market revenues over the next six years due to the growing demand for insulation in the construction industry coupled with the strengthening tire manufacturing industry.

The Saudi Arabia Styrene market report thoroughly covers the market by consumption, production process, and regions including Central Region, Western Region, Eastern Region, and Southern Region. The Saudi Arabia Styrene market outlook report provides an unbiased and detailed analysis of the ongoing Saudi Arabia Styrene market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Key Highlights of the Report:

• Saudi Arabia Styrene Market Overview
• Saudi Arabia Styrene Market Outlook
• Saudi Arabia Styrene Market Forecast
• Historical Data of Saudi Arabia Styrene Market Revenues for the Period 2015-2018
• Saudi Arabia Styrene Market Size and Saudi Arabia Styrene Market Forecast of Revenues, Until 2025
• Historical Data of Saudi Arabia Styrene Market Revenues, by Consumption, for the Period 2015-2018
• Market Size & Forecast of Saudi Arabia Styrene Market Revenues, by Consumption, Until 2025
• Historical Data of Saudi Arabia Styrene Market Revenues, by the Production process, for the Period 2015-2018
• Market Size & Forecast of Saudi Arabia Styrene Market Revenues, by the Production Process, Until 2025
• Historical Data of Central Region Styrene Market Revenues, for the Period 2015-2018
• Market Size & Forecast of Central Region Styrene Market Revenues, Until 2025
• Historical Data of Western Region Styrene Market Revenues, for the Period 2015-2018
• Market Size & Forecast of Western Region Styrene Market Revenues, Until 2025
• Historical Data of Eastern Region Styrene Market Revenues, for the Period 2015-2018
• Market Size & Forecast of Eastern Region Styrene Market Revenues, Until 2025
• Historical Data of Southern Region Styrene Market Revenues, for the Period 2015-2018
• Market Size & Forecast of Southern Region Styrene Market Revenues, Until 2025
• Market Drivers and Restraints
• Saudi Arabia Styrene Market Price Trends
• Saudi Arabia Styrene Market Trends and Production Process Life Cycle
• Porter’s Five Force Analysis
• Market Opportunity Assessment
• Saudi Arabia Styrene Market Share, By Players
• Saudi Arabia Styrene Market Share, By Regions
• Saudi Arabia Styrene Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Markets Covered

The Saudi Arabia Styrene Market report provides a detailed analysis of the following market segments:

By Production Process:

• Ethylbenzene dehydrogenation
• Propylene oxide coproduct (PO/SM)
• Others

By Consumption:

• Polystyrene
• Expanded Polystyrene
• Acrylonitrile Butadiene Styrene (ABS)
• Styrene Butadiene Rubber
• Styrene Butadiene Latex
• Unsaturated Polyester Resins (UPR)
• Others

By Regions:

• Central Region
• Western Region
• Eastern Region
• Southern Region

Saudi Arabia Styrene Market: FAQs