Consumption levels within the styrenics market have been forecast to increase at a compound annual growth rate (CAGR) of 4.81% over the next five years, increasing from a total of 35,007 kilotons in 2013, to hit 44,270 kilo tons by the end of 2018.
Key factors set to drive growth within the styrenics market include the increasing demand for styrenics in Asia-Pacific, which already holds a share of more than 50% of global demand, and the growth in end-user applications such as construction and automotive.
According to a recent report, 'Styrenics Market: Global Trends & Forecasts to 2018,' polystyrene (PS) is the major polymer which is most regularly consumed, followed by Acrylonitrile Butadiene Styrene (ABS) and Expanded Polystyrene (EPS).
The global market for polystyrene has shown tremendous potential especially in developing economies like China, India, Brazil, and Russia amongst others. Since polystyrene is used in a variety of products, the demand is expected to grow at a rapid rate.
Packaging, construction, and consumer electronic industries are the major consumers for polystyrene and the growth is expected to remain high with the constant rise in population.
Properties of PS and EPS make it suitable for a wide variety of applications such as construction, packaging, consumer goods, etc. The automotive industry is the major consumer of Styrene Butadiene Rubber (SBR) particularly in tire manufacturing. Unsaturated Polyester Resin (UPR) has its applications in pipes & tanks, marine accessories, wind energy, etc.
Increasing environmental and health concerns due to usage of styrene and acceptance of other resins as substitute to Unsaturated Polyester Resin (UPR) were identified as major restraints. At present, their impact on the market is relatively high.
However, emerging economies and innovations in products will create growth opportunities for styrenics in the near future.
Key players currently dominating the styrenics market include BASF (Germany), SABIC (Saudi Arabia), Lanxess AG (Germany), The Dow Chemical Company (U.S.), and Total S.A. (France).
For more information on the styrenics market, see the latest research: Styrenics Market
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