Global Styrene Market - Size, Share, and Forecast (2017 - 2022)
The global styrene market is majorly driven by polystyrene and expandable polystyrene consumption. The market for styrene is highly diversified, which includes various types of derivatives each having a wide range of applications across various sectors of the market.
Styrene occurs naturally in small quantities in plants, as well as, a variety of foods, such as vegetables, fruits, nuts, beverages, and meat. Moreover, it is also found in coal tar. Styrene is industrially produced by dehydrogenation of ethyl benzene. Due to its high tendency to polymerize, it is used as a precursor in the production of polymers and copolymers, such as polystyrene, ABS, SBR, EPS, and ‘others’.
Demand for expanded polystyrene (EPS) is expected to drive the global styrene market. EPS is the fastest growing styrene derivative and accounts for 25% of the global consumption. The EPS market continues to grow due to demand from the construction sector, however, the same demand is not reflected in the packaging sector. General purpose polystyrene (PS) market is the largest consumer of styrene accounting for nearly 35% of the global styrene consumption. Yet, the PS market growth is expected to be steady, due to the influence of substitutes like PET. Excess supply and mature markets in the developed countries are expected to restrain polystyrene market, however, there is a better demand from construction and packaging industries in developing markets. Styrene consumption for EPS, SBR and ABR are expected to witness high growths. Healthy growth of appliance market is expected to benefit the ABS market. Styrene is a hazardous chemical and possibly carcinogenic. Instability in crude oil prices, decreasing demand from developing countries and reduced supply from POSM facilities are expected to challenge the styrene market.
Areas with Scope for Styrene
In terms of consumption, Asia-Pacific accounted for the largest market size in 2016. In this region, EPS has the largest market share and healthy growth of polystyrene is expected to drive the market, during 2017-2022 (the forecast period). Western Europe and North America are the next two largest markets. There is a high demand for EPS and ABS but low for polystyrene in these mature markets. Middle East & Africa is expected to increase at a high rate, due to the growing demand from construction and packaging sectors.
Notable Developments in the Market
• Ineos Styrolution planned to increase acrylonitrile styrene acrylate and acrylonitrile butadiene styrene capacity in the United States and Mexico. The plan includes constructing a new acrylonitrile styrene acrylate plant of 100 kiloton in Texas and focus on ABS production capacity in Mexico.
• In Korea, LG Chem Ltd. invested USD 100 million in China to expand the output of acrylonitrile butadiene styrene production.
Why Purchase the Global Styrene Market Report
• Know about: the latest News and innovations of global styrene market manufacturers
• Analyzing various market perspectives with the help of Porter’s five forces analysis
• Which end-user industry will dominate the global styrene market
• Identify the latest developments, market shares, and strategies employed by the major market players, such as:
• Ineos Styrolution
• LG Chem Ltd.
• Shuangliang Leasty Chemical
• Americas Styrenics
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