Market Synopsis:
Polystyrene is likely to observe
a drastic rise in demand from different domains owing to its thermal stability
and compressive strength. According to a study conducted by Market Research
Future (MRFR), the global polystyrene market has been projected to scale a CAGR
of 4.87% during the projection period 2018 to 2023. The report suggests that
the global market is forecasted to grow from USD 24,926.7 Mn in 2017 to USD
33,160.6 Mn by 2023-end.
Proliferating applications across
different industry verticals such as packaging, consumer electronics,
construction, etc. are poised to catapult the polystyrene market on an upward
trajectory. The growth of the construction industry In the Middle East region
is poised to dictate the growth pattern of the market in the years to come.
Similarly, the economic development of Asia Pacific is expected to open new
avenues of growth for the participants of the polystyrene market. The growth of
the end-user industries is anticipated to reflect on the growth trajectory of
the market over the next couple of years.
Market Segmentation:
The market is
studied in detail on the basis of type, application, and end-user industry. By
type, the polystyrene market has been segmented into general-purpose
polystyrene (GPPS), expandable polystyrene (EPS), extruded polystyrene (XPS),
high-impact polystyrene (HIPS), and others. Among these, the expandable
polystyrene (EPS) segment is anticipated to strike a CAGR of 5.5% over the
review period owing to excessive demand for EPS foam from different domains.
The segment has been forecasted to account for the maximum market share in the
foreseeable future.
The global
polystyrene market, by application, has been segmented into HVAC insulation,
rigid packaging, seating, flexible packaging, and others. The HVAC segment has
been projected to grow substantially over the next couple of years due to
increasing demand for refrigeration, HVAC insulations, and air conditioning
systems.
On the basis
of end-user industry, the global polystyrene market has been segmented into
packaging, building and construction, electronics, consumer goods and
appliances, and others. The rising need for durable food packaging material is
likely to encourage the growth of the packaging segment which is poised to
thrive at 5.14% during the assessment period. It is prognosticated to retain
its forefront position in the years to come. Also, the building and
construction segment is expected to exhibit tremendous potential and secure the
second spot in the marketplace.
Competitive Dashboard:
·
SABIC
·
Alpek SAB De CV
·
Trinseo
·
Chi Mei Corporation
·
Innova, INEOS Styrolution Group GmbH
·
ACH Foam Technologies, Inc.
·
BASF SE
·
Kumho Petrochemical
·
Formosa Chemical & Fibre Corp.
Industry News:
In April 2019, Americas Styrenics, a leading integrated
producer of polystyrene, has entered into a joint venture, Regenyx LLC, with
Agilyx, a leader in the recycling of waste plastics and polymers. The venture
is aimed at the conversion of Polystyrene
products back to styrene monomer, their original liquid form.
Regional Analysis:
By region, the
global polystyrene market has been segmented into North America, Europe, Asia
Pacific, Latin America, and the Middle East & Africa (MEA). Asia Pacific is
anticipated to retain its dominant position in the global marketplace through
the assessment period. The growth is likely to be motivated by the boom
witnessed in the automotive sector. The boosted sales of electric and
lightweight vehicles is prognosticated to favor the expansion of the
polystyrene market in the region. In addition, the Middle East & Africa is
expected to exhibit a steep rise in the growth curve reflecting a CAGR of 6.2%
over the forecast period.
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