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Global styrene asset competitiveness and rationalization risk screening
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Report summary
New world-scale styrene plants emerging in China since 2020 have significantly impacted the global market dynamics and consistently driven down the global styrene margins and operating rates over the past five years. Despite the fact that overcapacity growth peaked in 2022, we predict that the accumulation of overcapacity will persist in the coming two years and industry margin recovery will be protracted. Our analysis, using our Styrene global asset benchmarking tool (Styrene ABT), reveals that specific types of producers face greater cost disadvantages compared to their regional counterparts or competitors in the export market. Potential closures resulting from this scenario could enable a more accelerated capacity rationalization process and quicker margin recovery in the identified regions.
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