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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