Innova places bet on styrenics chain in Brazil Report

Insight 12 May 2017

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Report summary

The announcement of a styrene capacity expansion by Innova was the first in quite a while in the Western Hemisphere, and has caught the attention of the industry as a result. Taken in isolation, this investment might cause concern for its backers, given cost disadvantages in Brazil and lengthening balances globally; however, in the wider context of Innova's portfolio, this fits well in a broader corporate strategy. This insight covers background around the Brazilian styrene industry and Innova's place within it, both before and after this investment.

Videolar-Innova rebrands itself and announces a styrene plant expansion in Brazil
Background on the Brazilian styrene industry
US a key source of styrene supply for Brazil
Rather than balance their portfolio, Innova is likely building for more derivatives in Triunfo
Site will not necessarily play well on a standalone basis relative to global peers
Integrated economics will help Innova secure and support derivative expansions
Conclusions

Tables and charts

This report includes 10 images and tables including:

Share of 2016 Global Styrene Demand, by Region
Brazilian Styrene Market Overview
Brazilian Styrene Imports, by Source

Impacts on Brazilian Styrene Production / Consumption
Brazilian Styrene Production / Consumption by Innova and Unigel
Benzene Costs into Styrene Production, US Gulf Coast vs. Brazil
Regional Ethylene and Utility Costs into Styrene Production, US Gulf Coast vs. Brazil
EB/SM Styrene Production Costs, FOB US Gulf Coast vs. FOB Brazil
EB/SM Styrene Production Costs, DDP Brazil (delivered from US Gulf Coast) vs. FOB Brazil
US Styrene Prices, Spot vs. Formula