Market Study:

Styrene
Page 2
Market Study Styrene: 23 Countries, 67 Producers, 380 Pages
Market Study:
Styrene
www.ceresana.com/en
In this study, Ceresana com-
prehensively analyzes and de-
scribes the development of the
global market for styrene. The
importance of styrene is refec-
ted by the revenues: the mar-
ket value amounted to about
US$41.8 billion in 2012.
Diverse Applications for
Styrene
About 40% of the styrene con-
sumed worldwide in 2012 were
processed into polystyrene
(PS). PS is used in the manu-
facturing of food packaging as
well as electrical and electronic
devices. The global economy
will continue to recover during
the next few years and thus pro-
vide the general framework for
a moderate increase of demand
for this type of plastic. Ceresana
forecasts global demand for sty-
rene in the production of PS to
rise by 2.3% per year.
The second largest sales mar-
ket is the production of expand-
able polystyrene (EPS), which
is used as insulation material
in new residential units and the
refurbishment of old buildings,
among others. Styrene based
engineering plastics such as
acrylonitrile-butadiene-styrene
(ABS) are used by, e.g., the au-
tomotive and electronics indus-
try. According to the analyses
of Ceresana, the production of
ABS and EPS will provide the
largest stimuli to growth in the
Relocation of Styrene
Production
Global production of styrene is
increasingly relocating to emer-
ging countries, while developed
industrialized regions reduced
capacities considerably in the
last few years, especially Wes-
tern Europe and the USA. This
shift was triggered by a previous
excessive increase of production
capacity at a time when demand
for styrene rose at less dynamic
rates or even declined in the af-
termath of the global economic
crisis. An effect of this process
was the decline of global capa-
city utilization to 75% in 2009.
While production capacities
were relocated, degree of global
capacity utilization rose again.
This development is likely to
continue; we forecast the high-
est relative increase of styrene
production until 2020 to occur in
South America and the Middle
East. The production capacity in
these countries with extensive
crude oil resources will increase
to approx. 4.8 million tonnes in
2020. Ceresana expects output
in South America to increase by,
on average, 13.4% p.a. during
the next eight years.
future. Demand is projected to
increase by 4.1% and 3.8% p.a.
respectively until 2020.
Signifcant Potential in
Emerging Countries
In the end, consumption of sty-
rene depends on the demand
of consumers for the different
styrene based products. Thus,
emerging countries exhibiting
strong economic growth and a
rising income offer a conside-
rable potential. Conditions as
propitious as these attract in-
vestment in the expansion of the
downstream styrene industry.
On the long term, this will lead to
an establishing of an ever larger
part of the value creation chain
in these countries. As result, de-
mand for styrene in some coun-
tries will rise signifcantly.
An example for a development
of this kind was and is China. In
the past eight years, demand for
styrene in this country rose by
9.6% per year. Thus, China is
the worldwide largest sales mar-
ket, accounting for about 31.5%
of market shares in 2012. The
USA followed at a considerable
distance, after demand for sty-
rene fell by, on average, 1.9%
p.a. since 2004.
2004 2006 2008 2010 2012 2014p 2016p 2018p 2020p
Worldwide styrene revenues in billion US$ from 2004 to 2020 - divided by
regions
p=prognosis
Ceresana
Western Europe Eastern Europe North America
South America Asia-Pacific Middle East / Africa
Sample chart from chapter 1
Market analysis of production,
consumption, revenues, and
capacities
1 Market Data
1.1 World
1.1.1 Demand
1.1.2 Revenues
1.1.3 Production and
Capacities
1.2 Western Europe
1.3 Eastern Europe
1.4 North America
1.5 South America
1.6 Asia Pacifc
1.7 Middle East / Africa

2 Country Profles
2.1 Western Europe
2.1.1 Belgium
2.1.1.1 Demand and
Revenues
2.1.1.2 Production and
Capacities
2.1.1.3 Trade
2.1.2 France
2.1.3 Germany
2.1.4 Italy
2.1.5 Spain
2.1.6 The Netherlands
2.1.7 United Kingdom
2.1.8 Rest of Western Europe
2.2 Eastern Europe
2.2.1 Czechia
2.2.2 Poland
2.2.3 Russia
2.2.4 Turkey
2.2.5 Rest of Eastern Europe
2.3 North America
2.3.1 Canada and Mexico
2.3.2 USA
2.4 South America
2.4.1 Brazil
2.4.2 Rest of South America
Page 3
Market Study Styrene: 23 Countries, 67 Producers, 380 Pages
www.ceresana.com/en
1.1.1 World Demand
Worldwide consumption of styrene totaled X million tonnes in 2004. This graph lists
the market volumes of styrene reported for the regions Western Europe, Eastern
Europe, North America, South America, Asia-Pacific, and the Middle East/Africa for
the years 2004 to 2020. At an average rate of X% per year, global demand rose to X
million tonnes in 2012.

Graph: Worldwide styrene demand from 2004 to 2020 split by region
In 2012, Asia-Pacific accounted for X% of total global demand for styrene (Graph).
Due to above-average growth rates, consumption in this region will rise to approx. X
million tonnes; market share will increase to roughly X% in 2020 accordingly. The
second and third largest sales markets were Western Europe and North America,
accounting for world market shares of X% and X% respectively in 2012. Eastern
Europe and South America reached only small market shares in 2012, followed at a
considerable distance by the Middle East and Africa. The two smallest sales markets
are offering a significant potential and will develop at the worldwide highest growth
rates. We expect demand for styrene to rise to approx. X million tonnes in 2020,
constituting an AAGR of X%.
2004 2006 2008 2010 2012 2014p 2016p 2018p 2020p
m
i
l
l
i
o
n

t
o
n
n
e
s
p=prognosis Ceresana
Western Europe Eastern Europe North America
South America Asia-Pacific Middle East / Africa
1.3.3 Eastern Europe Production and Capacities
In 2004, about X tonnes of styrene were manufactured in Eastern Europe (Table). In
2009, however, positive development plummeted as a consequence of the global
financial and economic crisis. Until 2012, production volume recovered slightly and
amounted to X tonnes that year. For the upcoming eight years, we forecast a
continuous increase of Eastern European styrene output at average rates of X% per
year. Major producer of styrene in Eastern Europe is Russia (Table). More than X%
of total Eastern European output originated in that country. Czechia ranked second at
a considerable distance, followed by Poland. We forecast the Russian share of total
regional output to continue to increase between 2012 and 2020.


in 1,000
tonnes
2004 2006 2008 2010 2012 2014p 2016p 2018p 2020p

2012-
2020

Poland X X X X X X X X X X%

Russia X X X X X X X X X X%

Czechia X X X X X X X X X X%

Turkey X X X X X X X X X X%

Others X X X X X X X X X X%

Total X X X X X X X X X X%
Table: Styrene production in Eastern Europe from 2004 to 2020 split by major
countries

Capacities
Country in tonnes
Bulgaria X
Poland X
Russia X
Czechia X
Turkey X
Total X
Table: Styrene capacity in Eastern Europe in 2012 split by major countries
Chapter 1: Extensive market data regar-
ding demand, revenues, production, and
manufacturers for each region and the
world from 2004 to 2020:
Western Europe
Eastern Europe
North America
South America
Asia-Pacifc
Middle East / Africa
2004 2006 2008 2010 2012 2014p 2016p 2018p 2020p
Worldwide styrene revenues in billion US$ from 2004 to 2020 - divided by
regions
p=prognosis
Ceresana
Western Europe Eastern Europe North America
South America Asia-Pacific Middle East / Africa
2.5 Asia Pacifc
2.5.1 China
2.5.2 India
2.5.3 Indonesia
2.5.4 J apan
2.5.5 Malaysia
2.5.6 Singapore
2.5.7 South Korea
2.5.8 Taiwan
2.5.9 Thailand
2.5.10 Rest of Asia-Pacifc
3 Applications
3.1 World
3.1.1 Polystyrene (PS)
3.1.2 Expandable Polystyrene
(EPS)
3.1.3 Acrylonitrile-Butadiene-
Styrene (ABS)
3.1.4 Styrene-Acrylonitrile
(SAN)
3.1.5 Styrene-Butadiene
Rubber (SBR)
3.1.6 Styrene-Butadiene
Latex (SBL)
3.1.7 Unsaturated Polyester
Resins (UPR)
3.1.8 Other Applications
(Styrene-butadiene block
copolymers (SBS) and
others)
3.2 Western Europe
3.3 Eastern Europe
3.4 North America
3.5 South America
3.6 Asia-Pacifc
3.7 Middle East / Africa
2.4.1 Demand and Revenues India
In 2012, India processed more than X million tonnes of styrene. Compared to 2004,
this corresponds to an average increase of X% per year. We forecast Indian demand
for styrene to rise at an average rate of X% p.a. to X tonnes in 2020.
In 2012, the most important application area for styrene was the production of
polystyrene. Processors in this segment utilized X tonnes, accounting for the by far
largest share of total Indian styrene consumption (Table). ABS/SAN reported the
second highest market volume, followed by the production of EPS.



in 1,000
tonnes
2004 2006 2008 2010 2012 2014p 2016p 2018p 2020p

2012-
2020

Polystyrene X X X X X X X X X X% p.a.

EPS X X X X X X X X X X% p.a.

ABS/SAN X X X X X X X X X X% p.a.

SBR/SBL X X X X X X X X X X% p.a.

Others X X X X X X X X X X% p.a.

Total X X X X X X X X X X% p.a.
Table: Styrene demand from 2004 to 2020 - split by applications

The major consumer of polystyrene is the electrical and electronics industry, followed
by producers of packaging. So far, India has been satisfying a significant part of
demand for electrical appliances and equipment by imports. Further increase of
private consumption and the realization of programs to support the domestic
industrial sector will offer significant growth opportunities to the Indian electronics
industry.

Revenues
Revenues generated with styrene in India amounted to US$X billion in 2004 and
increased by, on average, X% p.a. during the subsequent eight years. Revenues
more than doubled to about US$X billion by 2012. We forecast a market value of
approx. US$X billion to be reached in 2020. This development corresponds to an
average increase of X% p.a. when compared to 2012.
Page 4
Market Study Styrene: 23 Countries, 67 Producers, 380 Pages
www.ceresana.com/en
3.1.1 World Expandable Polystyrene (EPS)
Worldwide, about X million tonnes of styrene were processed into EPS in 2012
Graph


Graph: Worldwide styrene demand in EPS from 2004 to 2020 split by region

Due to its technical properties such as low weight, rigidity, and formability, this
material can be used in a wide range of different applications. It may be used as
heat, cold, and sound insulation, in the packaging industry or in the manufacturing of
recreational and sport products. EPS products are accounting for a significant share
of total demand in Asia-Pacific and South America in particular. In the construction
segment, EPS is predominantly used as thermal and sound insulation. Heat
insulation in buildings prevents thermal stress and the accumulation of condensation
water, improves room climate and comfort, helps to save energy, and reduces the
emission of pollutants. We forecast total global consumption of styrene in the
production of EPS to rise at average rates of X% p.a. to a volume of approx. X million
tonnes in 2020.
The most important sales market for styrene was Asia-Pacific, processing more than
X million tonnes in 2012, followed at a considerable distance by Western Europe.
North America consumed only X tonnes of styrene in the manufacturing of EPS, less
than Eastern Europe. Demand on the part of Asia-Pacific is likely to amount to X
million tonnes in 2020.
2004 2006 2008 2010 2012 2014p 2016p 2018p 2020p
m
i
l
l
i
o
n

t
o
n
n
e
s
p=prognosis Ceresana
Western Europe Eastern Europe North America
South America Asia-Pacific Middle East / Africa
Chapter 3: Detailed data and infuential
factors for the use of styrene in:
PS
EPS
ABS / SAN
SBR / SBL
Other Applications (UPR, SBS, and
others)
Chapter 2: Country-specifc analyses
and forecasts for 23 countries:
Production, revenues, import, and
export volume
Demand for styrene in individual ap-
plication areas
Existing and future capacities
4 Company Profles
4.1 Western Europe
4.1.1 France (1 Producer)
4.1.2 Germany (3)
4.1.3 Italy (1)
4.1.4 Spain (1)
4.1.5 The Netherlands (2)
4.2 Eastern Europe
4.2.1 Bulgaria (1)
4.2.2 Poland (1)
4.2.3 Russia (4)
4.3 North America
4.3.1 Mexico (1)
4.3.2 USA (5)
4.4 South America
4.4.1 Brazil (3)
4.4.2 Venezuela (1)
4.5 Asia-Pacifc
4.5.1 China (17)
4.5.2 Indonesia (1)
4.5.3 J apan (6)
4.5.4 Singapore (1)
4.5.5 South Korea (5)
4.5.6 Taiwan (3)
4.5.7 Thailand (3)
4.6 Middle East
4.6.1 Iran (1)
4.6.2 Kazakhstan (1)
4.6.3 Kuwait (1)
4.6.4 Oman (1)
4.6.5 Qatar (1)
4.6.6 Saudi Arabia (1)
4.7 Africa
4.7.1 Egypt (1)
Royal Dutch Shell PLC
Carel van Bylandtlaan 30
2596 HR The Hague
The Netherlands
Tel. 31 70 377 9111 Web www.shell.com
Fax E-mail ir-hague@shell.com (Investor Relations)
Financial Key Data
(in billion ) 2009 2010 2011 2012
Turnover 278.2 368.1 470.2 467.2
Profit 12.5 20.1 30.9 26.6
Exchange Rates to US$
/1 US$ 0.70 0.75 0.77 0.76
Divisions,
Product Range
The product portfolio includes:
Upstream: exploration for and extraction of crude oil and natural
gas, liquefaction and transportation of natural gas, conversion of
natural gas to liquids (GTL), extraction of bitumen from mined oil
sands and conversion to synthetic crude oil, developing of wind
power
Production Sites Royal Dutch Shell PLC has more than 35 refineries and chemical
plants throughout the world and operates in more than 90
countries.
Profile
Summary
Shell is a global group of energy and petrochemical companies. It
produces, processes, and delivers energy in more than 130 coun-
tries. In J uly 2005, the company started trading as a single, unified
company for the first time in its history. Royal Dutch Shell, head-
quartered in the Netherlands, is incorporated in the United Kingdom
and listed on the Euronext Amsterdam, the London Stock
Exchange, and the New York Stock Exchange. The company,
founded in 1907, employs about 87,000 people (December 31,
Market Study Styrene: 23 Countries, 67 Producers, 380 Pages
Page 5 www.ceresana.com/en
2012). R&D expenditures totaled 1.3 billion in 2012
Product Details
Styrene
Monomer
Shell engages in the styrene monomer business through its
subsidiaries Shell Nederland Chemie BV, Shell Eastern Petroleum
(Pte.) Ltd., and Shell Chemicals Canada Ltd. as well as through its
joint ventures

Styrene Monomer
Production Sites The company's production sites are located in:
Moerdijk, The Netherlands (J V ELLBA BV and Shell Nederland
Chemie BV)
Associated
Companies
Subsidiaries:
Shell Nederland Chemie BV
J oint ventures:
ELLBA BV
J V between Shell Chemical Europe (50%) and BASF SE
(50%)

Site / Plant (current) Capacity (tonnes/year) Start-Up
xx,000
(xx% von xx,000)
xx
xx,000 xx
xx,000
(xx% von xx,000)
xx
xx,000 xx
xx,000
(x% von xx,000)
xx
xx,000
(xx% von xx,000)
xx
xx,000 xx
Total Capacity (current) xx,000
Chapter 4: Data and facts on major
producers, clearly arranged by:
Contact Details
Turnover and Proft
Product Range
Production Sites and Capacities
Profle Summary
Chapter 4: Extensive profles for 67
manufacturers, including Sinopec,
Styrolution, Total, Styron, Royal
Dutch Shell, PetroChina, Formosa
Plastics Group, SABIC, Americas
Styrenics.
Note: The profles are assigned to the
country in which the company or hol-
ding is headquartered. Company pro-
fles also include JVs and subsidiaries.
This industry study is
especially useful for:
Market Study Styrene: 23 Countries, 67 Producers, 380 Pages Market Study Styrene: 23 Countries, 67 Producers, 380 Pages
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