Global styrenics market is expected to witness robust growth owing to growing usage in the end-user markets such as automotive and construction. Major styrenics types include, polystyrene (PS), expanded polystyrene (EPS), styrene butadiene rubber (SBR), unsaturated polyester resin (UPR), and acrylonitrile butadiene styrene (ABS), among others. Major polystyrene and extended polystyrene use is in construction, packaging and consumer goods industry. SBR is used for tire production, while UPR are used in wind energy applications, manufacturing pipes & tanks, and marine accessories. Growth in the automotive, packaging and construction industries is anticipated to augment the global styrenics market. Growing renewable energy use and tire labeling regulations, especially in Europe, are presumed to further compliment the styrenics market growth. Adverse health & environmental effects are anticipated to hamper styrenics market growth and profitability over the next six years. Uncertain UPR availability may also challenge the global styrene market. Volatile raw material prices may further retard the market growth. Increasing application in various end-use industries such as construction, packaging and consumer goods in emerging economies presents itself as a major opportunity for the industry participants. New product development and innovation in styrenics application is expected to provide ample opportunities to market participants. The global styrenics market is characterized by diversified styrenic products and multiple applications. Opportunities for key industry participants lie in expanding their respective styrenic capacity and introducing new facilities with an aim to capture the growing market demand.
Asia Pacific was the leading styrenics consumer on account of high growth in construction and packaging industries. Emerging markets such as India, China and Brazil are expected to witness positive growth prospects over the forecast period on account of increasing construction projects, growing automotive and packaging industries is anticipated to aid the global styrene market growth. Government initiatives to promote wind energy in Asia Pacific are expected to positively influence the regional styrenics market. North America and Europe market are expected to register moderate growth over the forecast period due to market saturation.
Major companies operating in the global styrenics market include BASF, Royal DSM, Styron LIC, Ineos Group AG, Styrosolution Group GmbH, Ashland Inc., The Dow Chemical Company, Alpek SAB DE CV, SABIC, Lanxess and Nova Chemicals Corporation.
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