Styrenic Transparent Resins

Styrenic Transparent Resins Market Outlook

The global styrenic transparent resins market is projected to reach a valuation of approximately USD 25 billion by 2035, growing at a compound annual growth rate (CAGR) of about 5.2% from 2025 to 2035. This growth is primarily driven by the increasing demand for lightweight and durable materials in various applications such as packaging, automotive, and electronics. The rise in automotive production and the growing need for efficient packaging solutions, particularly in the food and beverage sectors, are contributing significantly to the expansion of this market. Furthermore, advancements in technology and material sciences are leading to the development of innovative resins that offer improved performance characteristics, thereby attracting more manufacturers to adopt these materials. As industries continue to evolve, the styrenic transparent resins market is expected to flourish, presenting numerous opportunities for stakeholders involved in production and distribution.

Growth Factor of the Market

The growth of the styrenic transparent resins market is significantly influenced by the increasing demand for lightweight materials across various end-user industries. The automotive industry, in particular, is shifting towards lighter components to improve fuel efficiency and reduce carbon emissions, leading to an increased adoption of styrenic resins. Additionally, the packaging sector is witnessing a surge in demand for transparent and aesthetically pleasing materials that offer excellent barrier properties, which styrenic resins provide. Furthermore, the rise in consumer awareness regarding sustainability and recyclability of materials is pushing manufacturers to innovate and develop eco-friendly resin solutions. The expansion of the electronics market, with a growing preference for high-performance materials that can withstand extreme conditions, also plays a crucial role in boosting the demand for these resins. Overall, the combination of trends in various industries ensures a robust growth outlook for styrenic transparent resins.

Key Highlights of the Market

• The global styrenic transparent resins market is projected to reach USD 25 billion by 2035.
• Rapid growth in the automotive and packaging industries is driving demand.
• Technological advancements are leading to innovative resin formulations.
• Increased focus on sustainability is encouraging the development of eco-friendly products.
• The Asia Pacific region is expected to witness the highest growth rate during the forecast period.

By Product Type

Polystyrene Resins:

Polystyrene resins constitute a significant segment of the styrenic transparent resins market due to their excellent optical clarity and low density. These resins are widely utilized in applications that require rigid and durable materials, such as packaging, consumer goods, and disposable items. The versatility of polystyrene allows it to be easily molded into various shapes, making it a preferred choice for manufacturers. Additionally, its cost-effectiveness and recyclability add to its appeal, particularly in industries looking to optimize production costs while maintaining sustainability standards. With the increasing consumer demand for lightweight and transparent products, the polystyrene resin segment is expected to maintain steady growth in the coming years.

Styrene-Acrylonitrile Resins:

Styrene-acrylonitrile (SAN) resins are notable for their enhanced thermal stability and impact resistance, making them suitable for high-performance applications. These resins are extensively used in the production of electronic components, automotive parts, and household appliances. The combination of styrene and acrylonitrile results in a material that can withstand higher temperatures and offers superior clarity compared to standard polystyrene. This unique property allows SAN resins to cater to the growing demands of industries that require durable yet aesthetically pleasing materials, thus driving their market growth. As manufacturers continue to innovate and seek high-quality materials, SAN resins are likely to gain further traction in the market.

Styrene-Maleic Anhydride Resins:

Styrene-maleic anhydride (SMA) resins are recognized for their exceptional adhesion properties and compatibility with various substrates, making them ideal for coatings, adhesives, and composite materials. The versatility of SMA resins in different formulations allows for their use in diverse applications across sectors such as automotive, construction, and electronics. Their resistance to chemicals and moisture also enhances their suitability for demanding environments, further contributing to their market appeal. As industries increasingly emphasize performance and durability in materials, the demand for styrene-maleic anhydride resins is anticipated to grow steadily, supporting their positioning as a valuable product type in the styrenic transparent resins market.

Methyl Methacrylate-Styrene Resins:

Methyl methacrylate-styrene (MMA-S) resins offer a combination of high transparency and superior weather resistance, making them ideal for outdoor applications. These resins are commonly used in the production of transparent sheets, signage, and automotive components that require clarity and durability. The ability of MMA-S resins to withstand UV radiation and environmental stressors ensures prolonged performance, which is a critical factor for manufacturers seeking longevity in their products. Additionally, the growing demand for high-quality transparent materials in the construction and automotive industries is likely to drive the growth of this resin type in the coming years, as more producers turn to MMA-S resins for their exceptional properties.

Styrene-Butadiene Resins:

Styrene-butadiene (SB) resins are primarily known for their flexibility and resilience, making them suitable for a wide range of applications including adhesives, sealants, and coatings. Their ability to provide excellent impact resistance while maintaining clarity is particularly valued in industries such as packaging and automotive. The growth of the construction industry is also contributing to the demand for SB resins, as they are used in various applications that require durable bonding and sealing solutions. As manufacturers focus on producing materials that meet stringent performance standards, the SB resin segment is poised for continued growth, demonstrating its importance in the overall styrenic transparent resins market.

By Application

Packaging:

The packaging industry is one of the largest consumers of styrenic transparent resins, driven by the demand for materials that are both visually appealing and functional. These resins provide excellent clarity and gloss, making them ideal for packaging applications where product visibility is crucial, such as in food and beverage containers. Furthermore, the lightweight nature of styrenic resins contributes to reduced shipping costs and enhanced sustainability, as lighter materials require less energy during transportation. The trend towards convenience and on-the-go packaging is also propelling the demand for transparent materials that can accommodate various shapes and sizes. As consumer preferences evolve, the packaging application is expected to remain a key segment for styrenic transparent resins, ensuring continued market growth.

Electronics:

The electronics application segment for styrenic transparent resins is experiencing significant growth, primarily due to the rising demand for high-performance materials in devices such as smartphones, tablets, and other electronic gadgets. Styrenic resins are favored in this sector for their excellent electrical insulation properties, durability, and aesthetic appeal. The increasing focus on lightweight and compact designs in electronics is driving manufacturers to seek innovative materials that can provide superior performance without compromising on style. Additionally, as technological advancements continue to unfold, the need for high-quality transparent resins in electronics is expected to rise, further bolstering this segment's growth in the market.

Automotive:

The automotive application of styrenic transparent resins is gaining traction as manufacturers look to improve vehicle aesthetics and performance. These resins are increasingly being utilized in components such as dashboards, light covers, and interior fittings, where clarity and durability are paramount. The trend towards electric vehicles (EVs) is also influencing the adoption of lightweight materials that enhance efficiency and reduce overall vehicle weight. As automotive manufacturers prioritize sustainability and fuel efficiency, the demand for high-quality styrenic resins is expected to grow, making the automotive segment a vital contributor to the overall market.

Building & Construction:

In the building and construction sector, styrenic transparent resins are valued for their strength and resistance to environmental factors. These materials are often used in applications such as window glazing, roofing, and paneling, where transparency and durability are essential. The trend towards energy-efficient building designs is driving the demand for materials that can provide insulation while allowing natural light to penetrate. As the construction industry continues to evolve with a focus on innovative building solutions, the application of styrenic transparent resins is likely to expand, supporting market growth in this segment.

Medical:

The medical application of styrenic transparent resins is essential due to their biocompatibility and clarity, making them suitable for manufacturing various medical devices and packaging solutions. These resins are utilized in applications ranging from laboratory equipment to medical containers, where sterility and durability are crucial. The rise in healthcare innovations and an increasing focus on developing advanced medical technology are propelling the demand for high-quality materials like styrenic resins. As the medical industry continues to advance, the application of styrenic transparent resins is expected to play a pivotal role in providing solutions that meet stringent regulatory standards.

By Distribution Channel

Direct Sales:

Direct sales channels are increasingly popular in the styrenic transparent resins market as manufacturers seek to establish stronger relationships with their customers. By selling directly, companies can offer tailored solutions that meet the specific needs of their clients, thereby enhancing customer satisfaction. This distribution method also allows for better control over pricing and inventory management, leading to improved operational efficiency. Furthermore, direct sales can facilitate faster communication and feedback loops between manufacturers and end-users, fostering innovation and responsiveness to market demands. As a result, this distribution channel is expected to continue to grow, providing manufacturers with a competitive advantage.

Distributors:

Distributors play a crucial role in the styrenic transparent resins market by providing a wide-reaching network that connects manufacturers with a diverse customer base. These intermediaries facilitate the timely delivery of products and services by maintaining inventory and offering logistical support, which is particularly valuable for smaller manufacturers that may not have the capacity to manage distribution independently. The use of distributors allows companies to penetrate various regional markets more effectively, responding to localized demand. As industries evolve and demand for styrenic resins grows, the role of distributors will remain vital in ensuring that products reach the end-users efficiently and effectively.

By Ingredient Type

Styrene:

Styrene is a primary ingredient in the formulation of styrenic transparent resins, serving as the backbone for many of these materials. Its chemical properties contribute to the clarity, rigidity, and thermal stability of the resins, making it an essential component in various applications. The demand for styrene is closely linked to the overall growth of the styrenic transparent resins market, as manufacturers seek to optimize material performance while reducing costs. As industries strive for innovative and efficient solutions, the importance of styrene in resin formulations will continue to be a key driver for market expansion.

Acrylonitrile:

Acrylonitrile is another critical ingredient in the production of styrenic transparent resins, particularly in the formulation of styrene-acrylonitrile (SAN) resins. Its incorporation enhances the heat resistance, chemical stability, and mechanical strength of the resins, making them suitable for high-performance applications. The growth in demand for durable materials that can withstand extreme conditions in industries such as automotive and electronics is likely to bolster the demand for acrylonitrile. As manufacturers increasingly prioritize performance and reliability, acrylonitrile's role as a key ingredient in styrenic resins will remain significant.

Maleic Anhydride:

Maleic anhydride is utilized in the production of styrene-maleic anhydride (SMA) resins, known for their excellent adhesion and compatibility with various substrates. This ingredient imparts unique properties to the resins, making them suitable for a wide range of applications, including coatings, adhesives, and composite materials. The increasing focus on high-performance materials that can meet stringent requirements in industries such as automotive and construction is driving the demand for maleic anhydride. As manufacturers continue to innovate and seek to improve material performance, the significance of maleic anhydride in the formulation of styrenic resins is expected to grow.

Methyl Methacrylate:

Methyl methacrylate (MMA) is an essential component in methyl methacrylate-styrene (MMA-S) resins, known for their superior clarity and weather resistance. This ingredient is crucial for applications that require transparency and durability, such as outdoor signage and automotive components. The increasing demand for high-quality transparent materials in the construction and automotive sectors is likely to drive the growth of MMA, as manufacturers seek materials that meet performance and aesthetic requirements. As the market evolves, the role of methyl methacrylate in styrenic transparent resins will continue to be a vital factor in product development.

Butadiene:

Butadiene is primarily associated with styrene-butadiene (SB) resins, contributing to their flexibility and resilience. This ingredient enhances the impact resistance of the resins, making them suitable for a variety of applications, including adhesives, sealants, and coatings. The growing demand for durable materials that can withstand harsh environmental conditions is driving the use of butadiene in resin formulations. As industries such as construction and automotive increasingly prioritize performance and longevity, the importance of butadiene in the production of styrenic transparent resins is expected to remain significant, supporting the overall market growth.

By Region

The styrenic transparent resins market is witnessing varied growth across different regions, with the Asia Pacific emerging as a prominent player due to its rapidly expanding manufacturing base and increasing demand for lightweight materials. Countries such as China and India are driving significant investments in the automotive and packaging sectors, leading to a projected CAGR of 6.0% in the region over the forecast period. The growth in urbanization and industrialization in these countries is further contributing to the demand for styrenic resins across multiple applications, making Asia Pacific a critical market for stakeholders in this industry. The robust expansion of economies and the rise in consumer spending are likely to enhance market potential in this region.

North America and Europe also represent significant markets for styrenic transparent resins, driven by the presence of key industry players and advanced manufacturing technologies. The North American market is expected to grow steadily, with a focus on sustainability and innovation in product development. Europe, on the other hand, is witnessing a strong trend towards eco-friendly materials and recycling initiatives, enabling growth opportunities for styrenic resin manufacturers. Together, these regions are expected to maintain a substantial market share, ensuring that the global demand for styrenic transparent resins continues to rise.

Opportunities

As industries evolve and consumer preferences shift, the styrenic transparent resins market presents numerous opportunities for innovation and growth. One significant opportunity lies in the development of bio-based and recyclable resin formulations. With increasing environmental awareness and regulations surrounding sustainability, manufacturers are being pushed to create products that not only perform well but also have minimal environmental impact. The transition towards greener products can open new avenues for companies willing to invest in research and development, positioning them favorably in a competitive marketplace. Additionally, as industries such as automotive and electronics continue to grow, the demand for advanced materials that offer superior performance will likely create further opportunities for styrenic resin manufacturers to expand their product lines and market reach.

Another area of opportunity is the potential for expanding applications of styrenic transparent resins in emerging markets. Regions with rapid industrialization, such as Southeast Asia and Latin America, present significant growth potential for resin manufacturers looking to tap into new consumer bases. As local economies mature and increase their production capabilities, the demand for reliable and versatile materials like styrenic resins is expected to rise. Furthermore, the increasing focus on infrastructure development in these regions will drive the need for high-performance materials in construction and automotive applications. By strategically positioning their offerings to meet the demands of these emerging markets, companies in the styrenic transparent resins sector can unlock new growth opportunities.

Threats

Despite the promising outlook for the styrenic transparent resins market, various threats could impact its growth trajectory. One significant threat is the fluctuation in raw material prices, particularly for key ingredients such as styrene and acrylonitrile. These fluctuations can lead to increased production costs, which may not be easily passed on to consumers, thereby squeezing profit margins for manufacturers. Furthermore, the volatility in supply chains, exacerbated by global events such as pandemics or geopolitical tensions, can disrupt the availability of essential materials and lead to delays in production. Such challenges may force companies to seek alternative sourcing strategies or invest in inventory management systems to mitigate risks, which could ultimately affect competitiveness in the market.

Another threat facing the styrenic transparent resins market is the increasing competition from alternative materials. With advancements in technology, numerous materials are emerging that can serve as substitutes for styrenic resins, offering similar or superior performance characteristics. Bioplastics and other eco-friendly materials are gaining traction, particularly in industries that prioritize sustainability. As awareness of environmental issues grows, especially among consumers and regulators, traditional styrenic resins may face challenges in maintaining their market share against these emerging alternatives. Companies must remain vigilant and invest in innovation to stay ahead of this competition and address shifting market dynamics.

Competitor Outlook

• Styrolution Group GmbH
• Trinseo S.A.
• LG Chem Ltd.
• Asahi Kasei Corporation
• INEOS Styrolution
• Royal DSM N.V.
• Westlake Chemical Corporation
• Huntsman Corporation
• Chevron Phillips Chemical Company LLC
• Repsol S.A.
• Dow Inc.
• Formosa Plastics Corporation
• Sabic Innovative Plastics
• Sumitomo Chemical Co., Ltd.
• Kraton Corporation

The competitive landscape of the styrenic transparent resins market is characterized by the presence of several key players that dominate various segments of the industry. These companies are continually engaged in research and development efforts to innovate and enhance their product offerings, aiming to meet the evolving demands of diverse applications such as packaging, automotive, and electronics. As competition intensifies, manufacturers are not only focusing on product performance but also on sustainability practices, quality control, and customer service excellence to differentiate themselves from their rivals. The landscape is further shaped by strategic partnerships and collaborations, enabling companies to expand their market presence and leverage complementary strengths.

Among the major competitors in the styrenic transparent resins market, Styrolution Group GmbH stands out with its extensive portfolio of high-quality styrenic resins, catering to a variety of applications. The company’s focus on sustainability and innovation has positioned it well to capitalize on emerging market trends, and it continues to invest in advanced manufacturing technologies to enhance product performance. Another key player, Trinseo S.A., is recognized for its commitment to developing sustainable material solutions, with a focus on reducing environmental impact while maintaining high performance. Their continuous investment in R&D enables them to stay ahead of competitors and address the changing needs of their customers effectively.

LG Chem Ltd. is another significant competitor in the styrenic transparent resins market, leveraging its extensive experience and technological expertise to deliver a wide range of innovative products. The company's strong emphasis on sustainability, coupled with its strategic global presence, allows it to adapt to diverse market demands and maintain a competitive edge. Similarly, Dow Inc. is a well-established player known for its commitment to innovation across various sectors, including automotive and packaging. Their extensive research efforts aim to develop new materials and formulations that align with market trends, ensuring they remain a leader in the industry. As the styrenic transparent resins market continues to grow, these companies are poised to play a critical role in shaping its future, driven by their dedication to quality, innovation, and sustainability.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Dow Inc.
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Repsol S.A.
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 LG Chem Ltd.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Trinseo S.A.
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Royal DSM N.V.
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 INEOS Styrolution
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Kraton Corporation
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Huntsman Corporation
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Styrolution Group GmbH
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Asahi Kasei Corporation
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Sabic Innovative Plastics
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Sumitomo Chemical Co., Ltd.
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Formosa Plastics Corporation
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Westlake Chemical Corporation
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Chevron Phillips Chemical Company LLC
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Styrenic Transparent Resins Market, By Application
    • 6.1.1 Packaging
    • 6.1.2 Electronics
    • 6.1.3 Automotive
    • 6.1.4 Building & Construction
    • 6.1.5 Medical
  • 6.2 Styrenic Transparent Resins Market, By Product Type
    • 6.2.1 Polystyrene Resins
    • 6.2.2 Styrene-Acrylonitrile Resins
    • 6.2.3 Styrene-Maleic Anhydride Resins
    • 6.2.4 Methyl Methacrylate-Styrene Resins
    • 6.2.5 Styrene-Butadiene Resins
  • 6.3 Styrenic Transparent Resins Market, By Ingredient Type
    • 6.3.1 Styrene
    • 6.3.2 Acrylonitrile
    • 6.3.3 Maleic Anhydride
    • 6.3.4 Methyl Methacrylate
    • 6.3.5 Butadiene
  • 6.4 Styrenic Transparent Resins Market, By Distribution Channel
    • 6.4.1 Direct Sales
    • 6.4.2 Distributors

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Styrenic Transparent Resins Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Styrenic Transparent Resins market is categorized based on

By Product Type

• Polystyrene Resins
• Styrene-Acrylonitrile Resins
• Styrene-Maleic Anhydride Resins
• Methyl Methacrylate-Styrene Resins
• Styrene-Butadiene Resins

By Application

• Packaging
• Electronics
• Automotive
• Building & Construction
• Medical

By Distribution Channel

• Direct Sales
• Distributors

By Ingredient Type

• Styrene
• Acrylonitrile
• Maleic Anhydride
• Methyl Methacrylate
• Butadiene

By Region

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Styrolution Group GmbH
• Trinseo S.A.
• LG Chem Ltd.
• Asahi Kasei Corporation
• INEOS Styrolution
• Royal DSM N.V.
• Westlake Chemical Corporation
• Huntsman Corporation
• Chevron Phillips Chemical Company LLC
• Repsol S.A.
• Dow Inc.
• Formosa Plastics Corporation
• Sabic Innovative Plastics
• Sumitomo Chemical Co., Ltd.
• Kraton Corporation