Styrene Market
Regions Covered
USA
Europe
Asia
Regions Covered
USA
Europe
Asia
Styrene : The styrene market is to be driven by the downstream usage from the PS market . The PS market is estimated to grow at 3.4 percent during 2015-2022 driven by the steady demand for EPS resin in construction and HIPS /GPPS resin in packaging and electronics sector .China will propel the demand for HIPS/GPPS resin due to the growing demand in the Consumer electronics industry .This sector is expected to grow by 8-10% during the period 2015-2022 . Given the rise in demand from China the country is facing major capacity additions for styrene in the upcoming years . Capacity additions of ~5 MMT/YR was expected to come online by H2 2018 To H1 2019 however the delay in construction means these plants would be operational only by FY 2020. Other mature markets like US and Europe are expected to remain stagnant with no major capacity additions.
Major plants in these regions have an average age of 10-15 years and hence these regions have witnessed major supply difficulties in the past few years. The trade wars between China and US have resulted in tariffs imposed by the Chinese government on US imports .Suppliers in the region are likely to cater to regions like Europe. This could also result in more supply in the domestic market keeping the pressure on prices in the region
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