May 3, 2025
IndexBox has just published a new report: United Kingdom – Styrene – Market Analysis, Forecast, Size, Trends And Insights.
The UK styrene market is projected to see growth in consumption, with an anticipated CAGR of +1.5% for market volume and +3.0% for market value from 2024 to 2035. By the end of 2035, the market volume is expected to reach 26K tons with a value of $42M in nominal prices.
Market Forecast
Driven by rising demand for styrene in the UK, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.5% for the period from 2024 to 2035, which is projected to bring the market volume to 26K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +3.0% for the period from 2024 to 2035, which is projected to bring the market value to $42M (in nominal wholesale prices) by the end of 2035.
ConsumptionUnited Kingdom’s Consumption of Styrene
Styrene consumption in the UK declined to 22K tons in 2024, reducing by -13.2% on the previous year. In general, consumption saw a abrupt setback. Styrene consumption peaked at 68K tons in 2013; however, from 2014 to 2024, consumption stood at a somewhat lower figure.
The value of the styrene market in the UK reduced notably to $30M in 2024, falling by -16.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). Overall, consumption showed a abrupt decline. Over the period under review, the market hit record highs at $108M in 2013; however, from 2014 to 2024, consumption failed to regain momentum.
ImportsUnited Kingdom’s Imports of Styrene
For the third consecutive year, the UK recorded decline in purchases abroad of styrene, which decreased by -13.2% to 22K tons in 2024. Overall, imports saw a drastic downturn. The pace of growth appeared the most rapid in 2021 with an increase of 46%. Over the period under review, imports reached the maximum at 69K tons in 2013; however, from 2014 to 2024, imports failed to regain momentum.
In value terms, styrene imports reduced markedly to $31M in 2024. Over the period under review, imports saw a abrupt curtailment. The growth pace was the most rapid in 2021 when imports increased by 162% against the previous year. Over the period under review, imports attained the peak figure at $119M in 2013; however, from 2014 to 2024, imports failed to regain momentum.
Imports By Country
In 2024, the Netherlands (19K tons) constituted the largest styrene supplier to the UK, accounting for a 87% share of total imports. Moreover, styrene imports from the Netherlands exceeded the figures recorded by the second-largest supplier, the United States (1.3K tons), more than tenfold. France (584 tons) ranked third in terms of total imports with a 2.6% share.
From 2013 to 2024, the average annual growth rate of volume from the Netherlands stood at -1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+125.2% per year) and France (-30.8% per year).
In value terms, the Netherlands ($27M) constituted the largest supplier of styrene to the UK, comprising 88% of total imports. The second position in the ranking was held by the United States ($1.7M), with a 5.5% share of total imports. It was followed by France, with a 2.5% share.
From 2013 to 2024, the average annual rate of growth in terms of value from the Netherlands stood at -3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+83.3% per year) and France (-32.5% per year).
Import Prices By Country
In 2024, the average styrene import price amounted to $1,381 per ton, falling by -5.5% against the previous year. Over the period under review, the import price recorded a perceptible setback. The pace of growth appeared the most rapid in 2021 when the average import price increased by 80%. The import price peaked at $1,838 per ton in 2022; however, from 2023 to 2024, import prices stood at a somewhat lower figure.
Average prices varied somewhat amongst the major supplying countries. In 2024, amid the top importers, the highest price was recorded for prices from China ($1,594 per ton) and Germany ($1,536 per ton), while the price for the United States ($1,262 per ton) and France ($1,316 per ton) were amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Germany (-0.9%), while the prices for the other major suppliers experienced a decline.
ExportsUnited Kingdom’s Exports of Styrene
In 2024, the amount of styrene exported from the UK skyrocketed to 10 tons, surging by 30% against the previous year’s figure. Overall, exports, however, recorded a dramatic shrinkage. The pace of growth was the most pronounced in 2015 when exports increased by 1,020%. As a result, the exports attained the peak of 3.2K tons. From 2016 to 2024, the growth of the exports failed to regain momentum.
In value terms, styrene exports expanded sharply to $29K in 2024. Over the period under review, exports, however, recorded a precipitous descent. The pace of growth appeared the most rapid in 2015 when exports increased by 776%. As a result, the exports attained the peak of $4.7M. From 2016 to 2024, the growth of the exports failed to regain momentum.
Exports By Country
Ireland (9.3 tons) was the main destination for styrene exports from the UK, accounting for a 89% share of total exports. Moreover, styrene exports to Ireland exceeded the volume sent to the second major destination, France (604 kg), more than tenfold. The third position in this ranking was taken by the United States (293 kg), with a 2.8% share.
From 2013 to 2024, the average annual rate of growth in terms of volume to Ireland stood at -20.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-18.6% per year) and the United States (-8.2% per year).
In value terms, Ireland ($19K) remains the key foreign market for styrene exports from the UK, comprising 65% of total exports. The second position in the ranking was held by France ($4.3K), with a 15% share of total exports. It was followed by the United States, with an 11% share.
From 2013 to 2024, the average annual rate of growth in terms of value to Ireland totaled -20.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-14.1% per year) and the United States (+1.7% per year).
Export Prices By Country
In 2024, the average styrene export price amounted to $2,798 per ton, falling by -12.4% against the previous year. In general, the export price, however, continues to indicate a perceptible expansion. The most prominent rate of growth was recorded in 2021 when the average export price increased by 460%. As a result, the export price attained the peak level of $11,861 per ton. From 2022 to 2024, the average export prices remained at a somewhat lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($10,651 per ton), while the average price for exports to Ireland ($2,034 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to Sweden (+50.0%), while the prices for the other major destinations experienced more modest paces of growth.