Global styrenics giant, INEOS Styrolution, has recently announced the ground-breaking ceremony of its new 600 KTPA Acrylonitrile Butadiene Styrene (ABS) plant located in Ningbo, China. The new project is a part of the company’s strategic expansion to strengthen its foothold in China. The news comes after the company’s acquisition of two polystyrene (PS) production facilities in Ningbo and Foshan and is strongly indicative of the company’s vision to catalyze the growth of its customers across Asia.

The location of the new plant has been selected keeping in mind the continued access to feedstock and extensive supply chain connections to its end-customers. As mentioned on the company’s website, the plant is slated to turn operational by 2023. INEOS Styrolution’s product portfolio mainly focuses on Styrene Monomer, Polystyrene, ABS and other styrenic specialties. The ground-breaking ceremony was hosted on Friday by the company’s APAC Project Director Meizhu Fang. The key attendees of the event included local government and business leaders, engineering and construction providers, and several other service providers/partners. ABS is a high performance styrenic resin. Its properties make it a material of choice for wide-ranging consumer products covering plethora of industries such as automotive, electronics, household, healthcare, sports and leisure.

As per ChemAnalyst,” the company seems opportunistic of the demand-supply imbalance created across the Asian ABS market. The acrylonitrile-butadiene-styrene market is currently witnessing fresh price hikes both in the Asian and US markets due to buoyant demand and tight supply. Prices are likely stay afloat as strong demand is anticipated to last till the year-end.”