Polystyrene Market Overview to 2023:
Market Research Future (MRFR)’s latest study reveals that the
global polystyrene market is set to expand at a CAGR of 4.87% during the
forecast period 2018 to 2023. The market is prognosticated to reach a valuation
of USD 33,160.6 Mn by 2023 up from USD 24,926.7 Mn in 2017. The growth of the
end-user industries such as packaging, building and construction, electronics,
and consumer goods and appliances reflect on the increasing demand for
polystyrene across different industry verticals. The features offered by
polystyrene that has led to its large-scale adoption by the industries include
thermal stability, compressive strength, low water absorption, thermal
stability, compressive strength, low water absorption, etc. The trend is
prognosticated to perpetuate, especially in Latin America and the Asia Pacific,
in the forthcoming years.
The catalyzed investments in the building and construction
industry of the GCC, the U.S., and European nations have intensified the need
for high-quality HVAC systems. The growing demand for HVAC applications is
likely to create demand for expandable polystyrene globally over the next few
years. Furthermore, the flourishing FMCG industry has paved the way for the
adoption of polystyrene by the packaging industry. This, in turn, is forecasted
to augur well for the market players. The thriving consumer electronics
industry is projected to accelerate the revenue creation for the participants
of the polystyrene market through the projection period.
Global
Market for Polystyrene-Competitive Dashboard:
·
SABIC
·
Trinseo, Alpek SAB De CV
·
Innova, ACH Foam Technologies, Inc.
·
INEOS Styrolution Group GmbH
·
BASF SE
·
Formosa Chemical & Fibre Corp.
·
Kumho Petrochemical
·
Chi Mei Corporation
Global Market for Polystyrene-Segmental Analysis:
MRFR’s report offers a detailed segmental analysis of the
market based on type, application, and end-user industry. By type, the global
polystyrene market has been segmented into expandable polystyrene (EPS),
general-purpose polystyrene (GPPS), high-impact polystyrene (HIPS), extruded
polystyrene (XPS), and others. The expandable polystyrene (EPS) currently
accounts for the major share of the global market. The segment is estimated to
strike a CAGR of 5.5% over the assessment period. The growth can be ascribed to
the increasing demand for EPS foam in different industry verticals such as
automobiles, building, and construction, etc.
By application, the market is segmented into HVAC insulation,
rigid packaging, seating, flexible packaging, and others. The HVAC insulation
segment accounted for 27% of the market share and was valued at USD 6,958.5 Mn
in 2017. The segment is estimated to witness an increase of USD 2930.7 Mn in
terms of value by 2023-end. The proliferation of the segment is motivated by
the increase in demand for HVAC insulation in HVAC systems, refrigerators, and
air conditioning systems.
By end-use industry, the market has been segmented into
packaging, building and construction, electronics, consumer goods and
appliances, and others. The packaging segment currently holds a 37% share of
the market and is expected to register a CAGR of 5.14% during the projection
period. The rising demand for durable food packaging material is likely to
drive the revenue acceleration in the segment. Meanwhile, the building and
construction segment has been forecasted to account for the second-largest
market share and strike a relatively higher CAGR of 5.2%. The growth can be
attributed to the strong value maintained by the construction sector.
Regional Outlook:
By region, the Global
Polystyrene Market has been segmented into North America, Europe, Asia
Pacific, Latin America, and the Middle East & Africa. Asia Pacific
currently holds a dominant share of the market which accounts for 44.7% share.
It is likely to retain its pole position towards the end of the forecast
period. The regional market is poised to reach a value over USD 15000 Mn by
2023 up from USD 11,153.4 Mn in 2017. The thriving automotive sector coupled
with the increasing production of electric and lightweight vehicles in both
developed and developing countries are set to intensify the demand for
polystyrene in the regional market.
Europe is the second-largest market for polystyrene and is
expected to reach a valuation of USD 6,439.5 Mn by the end of 2023. The
increasing demand from the building and construction industry is estimated to
influence the growth of the market positively. The regional market is set to
register a CAGR of 3.56%.
North America is anticipated to witness considerable growth
during the assessment period. Although the market has entered a phase of
maturity, the high adoption rate of polystyrene in building and construction
applications is prognosticated to drive the market proliferation.
Latin America is foreseen to grow moderately through the
forecast period. It is estimated to grow from USD 1,783.4 Mn in 2017 to USD
2,260.4 Mn by 2023-end. The regional market is estimated to expand at a CAGR of
4.03%. Meanwhile, the Middle East & Africa resonates strong opportunities
for growth and is projected to proliferate at the highest CAGR of 6.25 from
2017 to 2023.
To Browse Report and Visit TOC @ https://www.marketresearchfuture.com/reports/polystyrene-market-2545
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