The smell is fresh crushed, peeled wet bark. It will age and dry into something masculine and delicate, more lingering fragrance than injured plant material. This material has less styrene smell than others I have come across. That hot-plastic smell is present, but the styrene should ploymerize and become odorless.
It is classically balsam sweet, slightly floral and spicy. The floral quality is dry, like Violets and Carnations. The spicy-ness is mild, the Cinnamic acid is low.

Used in perfumery for Oriental and Fougere perfumes and to create those fleeting and hard to capture scents like narcissus and lilac and hyacinth.

Used to treat acne, abscesses, to close wounds. Used to treat psoriasis and eczema, long term use can result in overly sensitive skin. I suspect this is from the Cinnamic acid, steam distilled Liquidambar has much more Cinnamic acid than solvent extracted.
Calms coughs and bronchial irritations.
There are many plant materials named Styrax, the name doesn't mean much.
The gum of Liquid Amber trees is a pathological product that accumulates in older trees. It is steam distilled to produce this thick yellow oil.
May be called Balm of Gilead.
  • Liquidambar Styraciflua 
  • France 
  • Steam Distilled