Global Polystyrene (PS) Market – Industry Analysis
Global Polystyrene Market was value US$ 25.5 Bn in 2017, and expected to reach US$ 39.1 Bn by 2026, at CAGR of 5.5 % during forecast period.
Polystyrene (PS) is a synthetic aromatic hydrocarbon polymer made from the monomer styrene. Polystyrene is a versatile plastic that refers to a group of plastics called thermoplastic. Polystyrene can be solid or foamed, and is mostly preferred in food packaging and laboratory ware. Polystyrene has found numerous application such as automotive industry, electronics, thermal insulation industries, pharmaceuticals, consumer industry, packaging industry, construction industry. It is easy to recycling this can be an opportunity for the expanded polystyrene industry.
Polystyrene is widely used to produce daily use consumer products such as refrigerators, air conditioners, televisions, computers and disposable utensils (foamed cups, plates and bowls). Packaging and electronics sector are two major prominent sectors which have witnessed the growth in demand for polystyrene in recent years and are also anticipated to further fuel the growth of global polystyrene market.
The polystyrene market is driven by the increasing rate of global population, industrialization, and globalization, as the demand for polystyrene is growing across varied industries. In addition, the continuously changing technology, decreasing price-range of products, and relatively inexpensive in nature are the key driving factors for consumer electronics in the global market.
Benzene and styrene monomer are the raw materials required for the production of the polystyrene. Fluctuating price of raw materials possesses challenges to supply-demand curve. Furthermore, Disposal problems related to this material and its negative scrap value may also hamper the growth of the market.
Asia pacific held the largest shares in global polystyrene market and it is expected to grow at high CAGR in upcoming years. In the Asia pacific region, China is the largest market in Asia pacific due to increase in demand of packaging industry, electronics industry and automotive industry followed by India. Even though the Asia-Pacific countries are largest consumers of polystyrene worldwide but still other countries such as Africa, Europe, and South America are also expected to have increased demand in coming years.
Europe followed by Latin America and North America are the other potential markets for polystyrene. Europe will witness a rise in the market due to the increase in demand of pharmaceutical industries, South America will be growing market due to construction industry.
Key players operating in the global polystyrene market are ACH Foam Technologies, INEOS Styrolution, Trinseo S.A., Total S.A., BASF SE, SIBUR, SABIC, Flint Hills Resources, and HIRSCH Servo etc.
The report covers total market for polystyrene has been analyzed based on the Porter’s five forces model. The impact of the different market factors, such as drivers, restraints, and opportunities, challenges key issues SWOT analysis, and technology forecasting is also illustrated in the report. This gives an idea about the key drivers, such as high growth and demand in emerging economies countries.
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Scope of Polystyrene Market:
Global Polystyrene Market, By Application
• Consumer Goods & Appliances
• Others (Pharma & Insulation)
Global Polystyrene Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key Players Operating In Polystyrene Market:
• ACH Foam Technologies
• INEOS Styrolution
• Trinseo S.A.
• Total S.A.
• BASF SE
• Flint Hills Resources
• HIRSCH Servo etc.
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