Global styrenics market is projected to exhibit significant growth owing to growth of end-use industries such as automotive, construction and packaging. The market is characterized by multiple styrenics types such as polystyrene (PS), styrene butadiene rubber (SBR), expanded polystyrene (EPS), acrylonitrile butadiene styrene (ABS) and unsaturated polyester resins (UPR). These myriad styrenics have wide range of applications across multiple industries. PS & EPS is used in construction & packaging, SBR in tire production and UPR in wind energy applications. Growing automobile demand and massive infrastructure initiatives in the emerging markets such as China, India and Brazil are expected to fuel styrenics demand over the forecast period.
Growing styrenics usage in renewable energy applications, such as wind energy, coupled with stringent tire labeling regulations are expected to further aid the global market growth. Rising concerns regarding biodegradability and carcinogenicity associated with styrenics is expected to challenge the market growth over the forecast period. Volatile petrochemical prices are a major issue faced by market participants. Faltering raw material prices are expected to affect industry participants in terms of production costs and product pricing, which in turn is anticipated to have negative impact on styrenics demand. R&D on new product development and innovative styrenics applications promise ample opportunities to the industry participants.
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Asia Pacific dominated the global styrenics market over the last few years, followed by Europe and North America. Massive infrastructure development and wind energy initiatives, coupled with rising disposable income levels are expected to fuel the regional styrenics market growth. Growing construction and packaging industries in Latin American countries such as Brazil, Argentina and Colombia is expected to further drive styrenics demand over the forecast period.
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Major industry participants include BASF, Styron LIC, Ineos Group AG, Royal DSM, Ashland Inc., Lanxess, The Dow Chemical Company, Styrosolution Group Gmbh, Alpek SAB DE CV, SABIC, and Nova Chemicals Corporation. Expanding production capacity and introducing new facilities in the emerging markets provide significant opportunities to the industry participants.
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