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Market Analysis:The global polystyrene market is predicted to grow at a 4.87% CAGR during the forecast period (2017-2023), according to the new Market Research Future (MRFR) report. Polystyrene, simply put, is a versatile plastic that is used for making various consumer products. In the form of a solid, hard plastic it is used in those products that need clarity such as laboratory ware and food packaging. Polystyrene is mixed with other plastics, additives, or various colorants to make gardening equipment and pots, toys, automobile parts, electronics, appliances, and more.
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Various factors are propelling the polystyrene market growth. These factors, in accordance with the MRFR report, include continuously advancing technology, relatively inexpensive in nature, decreasing price of products, urbanization, population growth, increasing middle class, change in household structures, high thermal resistance that makes it ideal to hold as well as carry hot beverages, easy moldability, and growing demand for insulation materials from packaging and construction industries.
On the contrary, preference for organic products due to growing awareness about the negative effects of polystyrene, fluctuating cost of raw materials, disposable problems associated to this material, negative scrap value, and availability of high-performing substitutes such as bio-plastics, PET, PLA, polypropylene, and polyethylene are factors that may deter the polystyrene market growth over the forecast period.
Market Segmentation:
The MRFR report provides a complete segmental analysis of the polystyrene market report on the basis of type, end user, and application.
Based on type, the polystyrene market is segmented into expanded polystyrene (EPS), extruded polystyrene (XPS), general-purpose polystyrene (GPPS), and high impact polystyrene (HIPS). Of these, the EPS segment will have the largest share in the market over the forecast period. This is owing to its burgeoning demand across various industry verticals such as construction, automobiles, and building. The EPS segment is predicted to grow at a 5.5% CAGR.
Based on application, the polystyrene market is segmented into seating, HVAC insulation, rigid packaging, flexible packaging, and others. Of these, the HVAC segment will dominate the market over the forecast period. This is owing to its growing demand in air conditioners, HVAC systems, and refrigerators. The HVAC segment is predicted to touch USD 2930.7 million by 2023.
Based on end use industry, the polystyrene market is segmented into building and construction, consumer goods and appliances, packaging, electronics, and others. Of these, the packaging segment will lead the market over the forecast period owing to the growing demand for durable food packaging material. The packaging segment is predicted to grow at a 5.14% CAGR by 2023.
Key Players
Total
Chi Mei Corporation
Kumho Petrochemical
Formosa Chemical & Fibre Corp
BASF SE
INEOS Styrolution Group GmbH
ACH Foam Technologies, Inc.
Innova, Alpek SAB De CV
Trinseo
SABIC
August 2019: Leading plastic recycling company, Olvad, LLC has joined hands with a renowned company which uses an innovative technique for recycling EPS (expanded polystyrene).
Regional Analysis
By region, the polystyrene market report covers the latest trends and growth opportunities across Latin America, North America, Europe, the Asia Pacific, and the Middle East and Africa. Of these, the APAC region will have the lion’s share in the market over the forecast period. It is predicted to touch USD 15000 million owing to the region’s thriving automotive industry. Moreover, the surging production of electric and lightweight cars in developing and developed countries are also boosting the market growth in this region.
The polystyrene market in Europe will have the second-largest share in the market over the forecast period. It is predicted to touch USD 6,439.5 million by 2023 owing to the growing demand for polystyrene from the construction industry.
The polystyrene market in North America will have significant growth over the forecast period. This is owing to its increased adoption in building applications and construction.
The polystyrene market in the Middle East and Africa will have minimal growth over the forecast period.
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