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.
“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.”
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Styrene Manufacturing: Global Markets to 2023( CHM112A )
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