Global styrenic polymer demand is expected to witness considerable growth over the forecast period on account of its widespread use in numerous end-use industries including automotive, construction, consumer goods and packaging. Growth in automotive industry over the past few years particularly in emerging markets of China and India has triggered demand for styrenic polymers. This is expected to have a positive impact on styrenic market over the next seven years. Furthermore, increasing demand for light weight materials in consumer goods industry is anticipated to positively influence market growth. Increasing application scope of styrenic polymers in manufacturing of medical devices and pharmaceutical packaging is likely to propel demand over the next seven years. However, high cost of styrenic polymers as compared to its substitutes including PVC and polyethylene is expected to restrain market growth.
Market for styrenic polymers is segmented on the basis of products into polystyrene (PS), expandable polystyrene (EPS), acrylonitrile butadiene styrene (ABS), unsaturated polyester resins (UPR) and styrene butadiene rubber (SBR). Styrenic polymers are used in various end-use industries owing to their superior chemical and physical properties including light weight, chemical inertness, heat resistance, electrical insulation and rigidity. Growing use of UPR in marine accessories, pipes & tanks and wind energy devices including wind blades and rotors is expected to augment growth of styrenic polymers over the next seven years. In addition the market is segmented on the basis of end-use industries into automotive, building & construction, consumer goods, medical, wind energy and marine accessories. Automotive was the largest end-use industry in 2014 owing to the proliferation of automobile manufacturing units particularly in emerging economies of Asia Pacific and CSA.
Asia Pacific was the largest styrenic polymers market in 2014 accounting for more than half of the global consumption and is expected to be the fastest growing market owing to rapid industrialization and urbanization in emerging economies of China and India. North America and Europe are expected to witness moderate growth on account of slowdown in automobile manufacturing industry. Additionally, Central & South America are anticipated to have strong growth prospects on account of surge in construction and automotive industry in Brazil and Mexico.
Major market participants include Total SA, BASF SE, Lanxess AG, SABIC, Dow Chemical Company, Chi Mei Corporation, LG Chem. Limited, Chevron Philips Chemical Company and Styron LLC.
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