WELLESLEY, Mass., Aug. 23, 2018 (GLOBE NEWSWIRE) -- Due to widespread demand for durable plastic and rubber products, along with emerging interest across multiple industries and rapid urbanization, the global market for styrene manufacturing is nearing an all-time high, according to a new report from BCC Research.
During 2018, the global market for styrene manufacturing was worth $75.4 billion. BCC Research estimates that it will be valued at $86.6 billion by 2023, indicating a compound annual growth rate (CAGR) of 2.8%, according to the report Styrene Manufacturing: Global Markets to 2023.
The styrene manufacturing market is challenged by restraints such as rising trade protectionism and stringent regulations on plastic products.
Research Highlights
- Major players in the market are Chevron Phillips Chemical Co. LLC, ENI S.p.A., INEOS Styrolution Holding Ltd., Saudi Basic Industries Corp. (SABIC) and Total S.A.
- The polystyrene segment accounted for the largest share of the styrene market in 2018 at $26.2 billion. The highest growth is projected to come from UPE, which is forecasted to grow at a CAGR of 4.2%.
- The Asia-Pacific region is the largest styrene market, accounting for 58.1% of the global share.
“The highest growth is projected to come from UPE, which is forecast to grow at a CAGR of 4.2%,” the report notes. “Major growth factors included a rapid increase in the demand for plastic and rubber consumer durables; this is expected to contribute to the demand for styrene. Busy lifestyles are increasing the demand for the plastic food packaging products used by food delivery and retail companies.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.