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The Global Polystyrene Market is anticipated to surpass a valuation of USD 33,160.6 million, attaining a CAGR of 4.87% during the forecast period (2017-2023), Market Research Future (MRFR) unveils in a detailed report.
Consumer electronics is considered an innovation-based, highly competitive market. Polystyrene is a vital product used in several consumer electronics products like IT equipment and housing for television. Polystyrene is highly preferred for cassette tape housing, media enclosures, and clear jewel boxes to protect DVDs and CDs. With decreasing price-range of products and continuously advancing technology, the consumer electronics market is expected to accelerate. Emerging countries like India, China, Indonesia, Australia, Thailand, South Africa, Brazil, and South Korea showcase huge growth potential. Thus, the growth in the consumer electronics market has a positive impact on the growth of the polystyrene market.
The contribution of the packaging industry towards the polystyrene market has been tremendous over the past few years. Polystyrene is considered one of the trusted packaging materials due to its high insulation properties, and thermal and water resistance offered by it. Moreover, with the booming e-commerce sector, the demand for effective packaging is likely to augment, which in turn will contribute to the polystyrene market’s growth.
On the contrary, rising awareness regarding the negative impacts of polystyrene has led consumers to shift their preference towards the consumption of organic products. This is likely to hinder the market growth in the foreseeable future.
Global Polystyrene Market: Segmental Analysis
The global polystyrene market has been segmented on the basis of type, application, and end user.
By type, the polystyrene market is segmented into high impact polystyrene (HIPS), general-purpose polystyrene (GPPS), extruded polystyrene (XPS), expanded polystyrene (EPS), and others. Of these, the expanded polystyrene (EPS) is likely to command the largest share and garner a CAGR of 5.5%. The growth can be attributed to the soaring demand for EPS foam across industry verticals like building, automobiles, and construction.
By application, the polystyrene market is segmented into flexible packaging, rigid packaging, HVAC insulation, seating, and others. Of these, the HVAC insulation segment is likely to surpass a valuation of USD 2930.7 million by the end of the review period. The soaring demand for HVAC insulation in refrigerators, HVAC systems, and air conditioners is considered to encourage the market growth in the region.
By end use industry, the polystyrene market is segmented into electronics, packaging, consumer goods & appliances, building & construction, and others. Of these, the packaging segment is estimated to acquire 37% of the market share, attaining a CAGR of 5.14% by the end of 2023. The surging demand for durable food packaging material is predicted to accelerate the market growth in the segment.
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Geographically, the polystyrene market spans across Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa.
Considering the global scenario, Asia Pacific is likely to acquire the lion’s share. The regional market holds a share of 44.7% and is predicted to retain its position by the end of 2023. Polystyrene is likely to surpass a valuation of USD 15000 million due to the thriving automotive industry in the region. Also, the surging production of lightweight and electric vehicles in developed, as well as developing countries, are anticipated to contribute to the polystyrene market in the region.
Europe bags the second position in the global market and is likely to garner USD 6,439.5 Million by the end of 2023. The growth can be attributed to the surging demand from the construction industry in the region. North America is predicted to register significant growth in the foreseeable future, mainly due to the increased adoption of polystyrene in construction and building applications.
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The top players operating in the global polystyrene market include SABIC, Trinseo, Alpek SAB De CV, Innova, ACH Foam Technologies, Inc., INEOS Styrolution Group GmbH, BASF SE, Formosa Chemical & Fibre Corp, Kumho Petrochemical, Chi Mei Corporation, and Total.
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