2014-02-04 09:41:02 - Styrenics Market: Global Trends & Forecasts to 2018 - a new market research report on companiesandmarkets.com
Consumption in the global styrenics market is suggested to have reached a total of 35,007 kilotons in 2013, and is forecast to hit 44,270 kilo tons by the end of 2018. This suggests a CAGR growth rate in terms of volume of 4.81% between 2013 and 2018. The key drivers of growth in the industry include the increasing demand of styrenics in Asia-Pacific, especially in China, and growth in end-user applications such as construction and automotive industry are key factors driving the global market.
Polystyrene (PS) is the major polymer which is largely consumed, followed by Acrylonitrile Butadiene Styrene (ABS) and Expanded Polystyrene (EPS). Properties of PS and EPS make it suitable for a wide variety of applications such as construction,
packaging, consumer goods, etc. 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.
Asia-Pacific is driving the market contributing more than 50% of the global demand. The other drivers include high growth in wind energy applications of UPR and increased SBR demand due to tire labeling regulations. Due to cost and performance advantages, UPR is widely used in the manufacturing of wind blades, rotors, ventilators, etc., thus ensuring high growth in wind energy applications. Similarly, tire labeling regulations, being adopted by different countries such as Germany, Japan, etc., has led to an increased SBR demand worldwide, especially in the automobile industry.
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.
Companies producing or planning to produce styrenics in the near future are opting for expansion by introducing new facilities and increase in capacity. The market is a highly diversified market consisting of different types of polymers, each having wide range of applications. Due to this, there are large numbers of players operating in the market engaged in the manufacturing of different styrene-based products for different applications.
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