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.
- Alpek SAB De CV
- Chi Mei Corporation
- INEOS Styrolution Group GmbH
- ACH Foam Technologies, Inc.
- BASF SE
- Kumho Petrochemical
- Formosa Chemical & Fibre Corp.
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.
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.
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.
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