Market Insights:
A synthetic polymer that is in huge demand across various industries for
production purposes is polystyrene. Industrial applications require
polystyrene. Therefore, it is always in demand somewhere, and there is a
guarantee of its market to remain active and grow steadily. The only thing that
can impact, polystyrene market is that fact that polystyrene is not
biodegradable. It takes a long time to decompose and causes air pollution,
water pollution, and land pollution. It
also carries toxic elements like benzene and styrene. Air pollution caused by
polystyrene also hurts the ozone layer which is resulting in hazardous global
warming.
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A research report about global polystyrene market has been published by
Market Research Future (MRFR) which estimates 5.4% CAGR (Compound Annual Growth
Rate) between 2016 and 2022. This report provides a detailed analysis of the
market structure along with the forecast for the next seven years. It explores
the dynamics of demand and supply while understanding the consumption
concentration mapping. Profiling key players in the market, this report
observes their practices. Current regulatory requirements by the government
that are relevant to the market, historical market trends, and patents and
technologies have been evaluated in this report.
The global polystyrene market has been segmented on the basis of the end
user, types, and region. Based on end users, this market has been segmented
into the automotive industry, construction industry, consumer industry,
electronics, packaging industry, pharmaceuticals, and thermal insulation
industries. By types, the market has been segmented into expanded polystyrene
(EPS), general purpose polystyrene (GPPS), high impact polystyrene (HIPS),
Extruded polystyrene foam (XPS), and others. The regional segmentation of the
global polystyrene market covers the North America, Europe, Asia Pacific, Latin
America, and Middle East & Africa (MEA) of the world (RoW). Maximum
production and consumption of polystyrene happen in Asia Pacific region due to
an increase in demand of the automotive industry, electronics industry, and
packaging industry. In this region, China and India are the biggest markets for
polystyrene. After China and India, Japan is the biggest market for
polystyrene. The second largest market for polystyrene is Europe, followed by
Latin America. In Europe, maximum market revenue comes from France, Germany,
Italy, Netherlands, and the United Kingdom (UK), followed by rest of Europe.
Due to environmental concerns, in North America, use of polystyrene is limited,
but its market is steady despite reaching its saturation point. In North America,
the biggest market for polystyrene comprises of Canada and the United States of
America (USA). During the forecast period, Europe is expected to witness a rise
in the market due to the increase in demand for pharmaceutical industries. In
Latin America, the polystyrene market is expected to grow due to the
construction industry. RoW sub-segmentation of regional segmentation covers
South America which is a small but steady market for polystyrene.
Worldwide Key Players:
·
Chevron
Phillips Chemical Company
·
INEOS
Capital Limited. SA
·
Kaneka
Corporation
·
NOVA
Chemicals
·
Saudi
Basic Industries Corporation
·
Synthos
S.A
·
Trinseo
S.A
Latest Industry News
·
The
inauguration of Agilyx plant called Tigard in Oregon was recently attended by
many business and government representatives. A major polystyrene producer
attending the inauguration ceremony said that Tigard, being a polystyrene
recycling facility, could convert 10 tons per day of rigid and foam polystyrene
into a styrene monomer for sale into chemical markets. Tigard plant is now
fully operational, and it is processing material.
·
San Diego
has moved a step closer to becoming the fourth city in San Diego County of
California to ban food and beverage containers made of polystyrene. This ban
would also apply to polystyrene egg cartons, coolers, dock floats, ice chests,
mooring buoys and pool toys. The legislation banning polystyrene will make it
compulsory for restaurants to straws and plastic utensils available to
customers only upon request. Restaurants with revenues less than $500,000 could
receive a hardship exemption from the city lasting as long as two years.
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