Companies are Consistently Focusing on Expanding their Production Capacities
The global styrenic polymers market is highly diversified with most companies offering maximum types of styrenic polymers with a wide range of usage in different applications. Polystyrene (PS) and expanded polystyrene (EPS) are the most commercialized styrene-based polymers in the market. The companies engaged in the production of these polymers are SABIC, Styron LLC, Eni S.P.A, Nova Chemical Corporation, and Kaneka Corporation. The styrene-based products are well-established in the market; however, due to their versatile properties and low price, they have gained an advantage over high-priced polymers.
The major global companies operating in the styrenic polymers market are U.S. based Ashland, Dow Chemical, and Styron, Russia headquartered Nizhnekamskneftekhim, Saudi Arabia’s SABIC, and BASF from Germany. The companies are consistently focusing on expanding their production capacity to achieve competitive advantage and thereby serve customers more effectively. Nizhnekamskneftekhim OAO is planning to construct a fourth line for expanding the production of polystyrene products. SABIC, a Saudi Arabian company, is enhancing its reach in South America by increasing its production capacity in Brazil.
New product development is the second largest development strategy adopted by the companies. By doing this, the companies are focusing on the establishment of its existing and emerging products in the styrenic polymers market. To expand its product portfolio, INEOS Group AG, headquartered in Switzerland, has launched a new sustainable line of polystyrene grades to pave the way into the new sustainable resins market. Styron LLC is engaged in the development of innovative products such as STYRON C-TECH Polystyrene and technology CO2RE, to meet the rising demand from end-user industries.
Due to the highly fragmented market, many companies are consistently focusing to achieve competitive advantage and thereby serve customers more effectively. The threat of new entrants is however, not a serious issue for this market. The development cost of the manufacturing plant is restraining the entry of new players in this market. On the other hand, simple manufacturing processes are creating opportunities for new players to easily enter into the market.
Related Reports:
Styrenics Market - Polystyrene (Expanded, GPPS), Acrylonitrile Butadiene Styrene, SBR, UPR - Global Trends & Forecasts to 2018
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