ChemOrbis Europe Petrochemicals Conference: Slowing Asian economies will drag down styrenics
Sinsoke added that styrene demand growth has a strong correlation with economic growth while it also lines up with derivatives growth. On a global scale, styrene demand increased 2.2% from a year earlier to 27.9 million tons in 2015. Being highly correlated with global economic growth, ABS demand is forecast to rise to around 10 million tons/year by 2020, according to Sinsoke.
Sinsoke also talked about opportunities and challenges involved in doing business with Europe. She reported that Europe is a big market for commodity manufacturers and that the European Union free trade area makes it easier to do business with multiple European countries simultaneously. However, overseas producers face with some challenges including long transit times, exchange time fluctuations and high logistics costs when doing business with Europe.
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