Global Market for Styrene Manufacturing to Reach $86.6 Billion by 2023

August 23, 2018

WELLESLEY, Mass., Aug 23, 2018 – 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.”

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Styrene Manufacturing: Global Markets to 2023( CHM112A )
Publish Date: Aug 2018    

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