Market Insights:
The global polystyrene market is expected to exhibit
a robust 4.87% CAGR over the forecast period from 2017 to 2023, according to
the latest research report from Market Research Future (MRFR). The report
provides readers with a detailed profile on the global polystyrene market,
compiling a detailed datasheet on the market’s historical growth trajectory and
drawing conclusions for the market’s likely growth over the forecast period.
The major drivers and restraints affecting the global polystyrene market are
profiled in the report, along with the leading players operating in the market.
Polystyrene is widely used in the packaging
industry in rigid as well as flexible packaging and has thus experienced a
rapid growth in demand over the last few years. The growing operations of the
ecommerce sector and increasing adoption of customer-centric services in
various industries, including online shopping and home delivery of products,
have led to a growing demand from the polystyrene market for packaging. The
growing demand for packaging products is likely to remain the major driver for
the polystyrene market over the forecast period.
Polystyrene is also widely used in insulation.
This is also likely to remain a key driver for the polystyrene market over the
forecast period. Insulation products are likely to be involved in significant
turnover in the coming years due to the growing construction industry in
developing economies, which has led to a growing demand for efficient building
insulation products. The growing application of environmental subsidies and concessions
leading to extra rebates in case of the building using heavy insulation,
especially in developed Western economies, is also likely to be a key driver
for the polystyrene market.
Competitive Analysis:
·
Total
·
Kumho
Petrochemical
·
Chi
Mei Corporation
·
BASF
SE
·
Formosa
Chemical & Fibre Corp.
·
ACH
Foam Technologies Inc.
·
INEOS
Styrolution Group GmbH
·
Alpek
SAB de CV
·
Innova,
SABIC
·
Trinseo
The report provides comprehensive profiles of
all the leading players in the global polystyrene market, including an analysis
of the player’s past operations and future strategies. A complete coverage of
the competitive dynamics of the polystyrene market is presented in the report.
Industry Updates:
Polystyrene’s lack of eco-friendly attributes
has been a major downer for the polystyrene market over the last few years.
Several cities and councils in the U.S. have taken the decision to ban
polystyrene products from schools and other civic buildings. In October 2019
alone, Fayetteville, Melrose, MA, and San Luis Abispo County, CA, enacted some
forms of a ban on polystyrene. The environmental viability of polystyrene is
likely to remain a key issue for the global polystyrene market.
Market Segmentation:
The global polystyrene market is segmented on
the basis of type, application, end use, and region.
By type, the global polystyrene market is
segmented into general purpose, high impact, expanded, extruded, and others.
Expanded polystyrene is one of the most popular types of polystyrene and is
likely to retain a sizeable share in the global polystyrene market over the
forecast period.
By application, the global polystyrene market
is segmented into rigid packaging, flexible packaging, seating, HVAC
insulation, and others. HVAC insulation is the leading application segment of
the polystyrene market, followed by rigid packaging.
By end use, the global polystyrene market is
segmented into packaging, electronics, building and construction, consumer
goods and appliances, and others.
Regional Analysis:
Asia Pacific held the largest share, of 44.7%,
in the global polystyrene market in 2017 and is likely to retain the largest
share in the market over the forecast period. The growing packaging industry in
the region, driven by the growing ecommerce and the growing consumer goods
sector, is likely to be a major driver for the polystyrene market in Asia
Pacific over the forecast period. The growing construction industry in Asia
Pacific is also likely to be crucial for the polystyrene market due to the
growing demand for building insulation materials. Europe and North America also
hold sizeable shares in the global polystyrene market.
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