Industry Analysis on China Styrene Industry Chain Report, 2014-2017

Styrene is an important monomer of a polymer. Global styrene capacity totaled 33.10 million tons in 2013, mainly distributed in Northeast Asia, North America and Western Europe. China boasts the largest styrene capacity with a share of 21.4% in the world.

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Styrene is used predominately in the production of expanded polystyrene (EPS), general purpose polystyrene (GPPS), high impact polystyrene (HIPS), acrylonitrile-butadiene-styrene copolymer (ABS) and styrene-butadiene rubber (SBR). China’s demand for styrene from EPS, GPPS, HIPS and ABS together accounted for about 75% of total amount in 2013.

1. EPS
China now is seeing a trend of overcapacity in EPS, whose output in 2013 was 3.68 million tons, with about 8% for export. Domestic EPS market is dominated by Taiwanese Loyal Group through its subsidiaries in Mainland China and Wuxi Xingda New Foam Plastics Materials Co., Ltd., which together held 43% of total EPS capacity in China in 2013.

2. ABS
China’s ABS market develops rapidly, with output amounting to 1.297 million tons in 2013 but 55.8% of demand depending on imports, showing vast room for future development. In 2013, there were only 11 major ABS producers in China, of which Ningbo LG Yongxing Chemical Co. Ltd. and Zhenjiang Chimei Chemical Co., Ltd. were the top two with a combined capacity share of 45%.

China’s apparent consumption of styrene in 2013 was 8.952 million tons, 59.5% of which were self-produced, presenting a certain space for import substitution. In addition, rapid development of building insulation, automobile and other sectors fueled the consumption growth of EPS, GPPS, HIPS and ABS, thus bolstering the demand for styrene.

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In 2013, major domestic styrene producers were subsidiaries under Sinopec and PetroChina, together occupying roughly 50% of total styrene capacity, of which Shanghai SECCO Petrochemical Company Limited, a joint venture between Sinopec and BP, has the largest styrene capacity, standing at 650 kt/a.

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