Substitution of Polystyrene by PP and PET to impact growth in developed regions

The global styrene market is expected to achieve a compounded annual growth rate of 6.6% until 2020, as per GBI Research. Demand for styrene globally has increased from 17,298,363 tons in the year 2000 to 21,657,608 tons in 2010. Asia-Pacific region was a major contributor to the substantial growth in demand. The same trend is likely to be maintained since 76.4% of global styrene demand is likely to come from the Asia-Pacific region. The global demand is likely to increase to 41,148,015 tons by the year 2020.