- The key vendors in the Global Styrene Market 2015-2019 are Bayer Material Science, CNPC, Dow, LyondellBasell, Nova Chemicals and Royal Dutch Shell
London, 25 March 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the Global Styrene Market 2015-2019. Growing use of POSM technology for production of propylene oxide is one of the key drivers of this market. .Approximately 20% of styrene is produced as a co-product of propylene oxide. Higher demand for propylene oxide from the Polyether Polyols industry, as well as growth in the production of propylene oxide in China, Japan, Germany, and the Netherlands is expected to boost styrene production in these countries. The Global Styrene market is expected to grow at a CAGR of 4.82 percent during the forecast period of 2014-2019.
The rising demand for expandable polystyrene, unsaturated polyester resin, and styrene butadiene rubber from industries such as packaging, automotive, construction, electrical and electronics, and consumer Products is expected to drive the growth of the market. Moreover, high demand for EPS and UPR from the Construction industry in the APAC region and the Middle East will propel the growth of the Global Styrene market.
“Consequent to fluctuations in crude oil prices, styrene producers such as Shell, Dow Chemicals and LyondellBasell are increasingly investing in R&D to reduce investment and cut operating costs in a bid to improve their margins,” says Faisal Ghaus, Vice President of Technavio Research.
“Dow Chemicals and Snamprogetti have developed a process to produce styrene from ethane and benzene by integrating the processes of dehydrogenation of ethylbenzene and ethane into a single unit.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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