The 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 the construction, packaging, and consumer goods industries. SBR is used for tire production, while unsaturated polyester resin (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 market.
Growing renewable energy use and tire labeling regulations, especially in Europe, are presumed to further compliment the 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 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 the 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. Government initiatives to promote wind energy in Asia Pacific are expected to positively influence the regional styrenics market. North America and Europe markets 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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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.