Global Styrene market to grow at a CAGR of 4.82% until 2019

08-Jul-15

The Global Styrene market to grow at a CAGR of 4.82% over the period 2014-2019 as per Researchandmarkets.com. The Global Styrene market is divided into the following segments based on derivatives: Polystyrene, EPS, ABS, SBR, UPR, Thermoplastic Elastomers, and Others. R&D in the production process of styrene is a major trend emerging in the 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. According to the report, the growing demand for primary styrene derivatives such as expandable polystyrene, unsaturated polyester resin, and styrene butadiene rubber is one of the major drivers in the Global Styrene market. Also, 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. Further, the report states that the price of styrene is closely linked to that of benzene, which has a direct link with international crude oil prices. Styrene prices are related to benzene prices, which, in turn, are directly related to crude oil prices. Any volatility in the latter therefore affects the profitability of styrene producers