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 Industry. 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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