Styrene Market to be at Forefront by 2019
Styrene,
also known by the names of “phenylethene”, “vinyl benzene” or
“ethenylbenzene”, is a colorless oily organic compound and a
derivative of benzene. Styrene evaporates easily and serves as a
precursor to polystyrene and several other copolymers. It occurs
naturally in small quantities in different foods and plants and is
also found in coal tar. Various types of styrene products such as
acrylonitrile butadiene styrene (ABS), expanded polystyrene (EPS),
and polystyrene (PS) are used for a wide range of applications
including automotive, construction, packaging and consumer goods
among others. 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. Owing to this,
large number of manufacturers present in the styrene market engages
in the production of different styrene-based products for various
applications.
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The
global demand for styrene has been witnessing high growth on account
of the emerging packaging and construction industry which has led to
increasing demand for infrastructure facilities and consumer goods,
especially in emerging regions such as Asia Pacific. The overall
global production of styrene has been relocating to emerging
economies, while developed industrialized regions such as Western
Europe and the U.S. have considerably reduced their production
capacities over the past few years.
This
trend occurred on account of the previous excessive increase in
production at a time when the global demand for styrene rose at less
dynamic rates or even declined during the global recession in 2008 -
09. Recent jump in benzene prices have led to various styrene
manufacturers increasing the cost of their styrene products.
Moreover, the collision of seasonally strong demand and low
inventories with reduced styrene supply from propylene oxide/styrene
monomer (POSM) facilities has further propelled styrene prices.
Growth
in the end-user application industries such as automotive and
construction is anticipated to be one of the key factors driving the
global styrene market. Automotive industry has been the major end
user of styrene butadiene rubber (SBR) particularly used in tire
manufacturing applications. However, increasing health and
environmental concerns due to usage of styrene and acceptance of
other resins as substitute to unsaturated polyester resin (UPR) are
expected to the hamper the growth of the market. Styrene when exposed
to the atmosphere can be hazardous causing irritation to skin, eyes,
respiratory system and nervous system. It emits toxic vapors and
produces carbon monoxide on decomposition. Various manufacturers are
planning to produce styrenic polymers in the near future with the
expansion of their production facilities and increase in output.
These factors are expected to provide new opportunities for the
growth of the market. Asia Pacific was the largest consumer for
styrene, followed by Europe. Future market growth is expected to be
from Asia Pacific on account of growth in wind energy applications of
UPR and increased SBR demand due to increasing tire labeling
regulations.
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Alpek
SAB DE CV, Ashland Inc., Bayer Materialscience, Ineos Group AG, Nova
Chemicals Corporation, Royal DSM, Styron LIC, Styrolution Group GmbH,
and The Dow Chemical Company are some of the key manufacturers in
this industry segment.
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