According to a new report by Expert Market Research titled, ‘Global Polystyrene Market Report and Forecast 2020-2025’, the global demand for polystyrene reached a volume of around 18.6 million metric tons in 2019. The industry is further expected to witness a steady growth rate, displaying a CAGR of 1.9% between 2020 and 2025 to reach a volume of almost 20.8 million metric tons by 2025.
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The global polystyrene market is being driven by polystyrene’s growing demand in the construction and electronics sector. Polystyrene, being a flexible plastic, is used to produce a wide range of consumer products like automotive parts, toys, laboratory products, electronics, etc. Thus, consumer electronics has emerged as a major driving segment for the industry, which is expected to grow at a CARG of 7-10% till 2023.
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The Asia Pacific dominates the global market for polystyrene, contributing significantly to the global trade market of the product. In February 2019, Ineos Styrolution, a leading global styrenics supplier, completed the acquisition of two polystyrene sites in China from Total S.A. The company focuses on styrene monomer, polystyrene, ABS Standard, and styrenic specialties and provides the ease of recyclability and compatibility to its consumers. With this acquisition, the company aims at expanding its market in Asia, further making domestic market in China accessible to the company with locally produced materials.
Moreover, with the increasing environmental concern and rising plastic pollution, the demand to reduce plastic waste is on the rise. Thus, the major players in the industry like Total S.A. (NYSE: TOT) and others are focusing on recycling its plastic produce, further reducing the carbon footprint on the environment. Total S.A., a global leader in bioplastics, is the most integrated oil and gas company with worldwide operations, producing fuels, natural gas and low-carbon electricity. In June 2018, Total S.A. announced that it has joined forces with Citeo, Saint-Gobain, and Syndifrais, to create a polystyrene recycling channel in France by 2020. The feasibility of large-scale production will be validated at the Group’s industrial sites in Carling (France) and Feluy (Belgium). All the four players in the polystyrene consumer packaging value chain actively seek a recycling solution that will ensure the development of a circular economy for such products.
Market Breakup by Applications:
- Packaging and One-Time Use
- Consumer and Institutional
- Electrical and Electronic
- Building and Construction
- Resellers and Others
Based on application, the global polystyrene industry, can be broadly categorised into packaging and one-time use, consumer and institutional, electrical and electronic, building and construction, and resellers and others.
Market Breakup by Regions:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
The regional markets for global polystyrene market are North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.
Key Findings of the Report:
- The global polystyrene market is being driven by its increased demand from electric and electronic appliances sector as it is used for insulation and other purposes.
- The increasing urbanisation has resulted in the growth of the infrastructural activities, further leading to the development of construction sector, which is providing further impetus to the market for its growth.
- The increasing demand for high impact polystyrene and general-purpose polystyrene from different sectors, particularly consumer electronic segment, is further aiding the growth of the industry.
Key Offerings of the Report:
- The Expert Market Research report gives a detailed insight into the applications and regional markets of polystyrene for the periods (2015-2019) and (2020-2025).
- The report gives the regional historical (2015-2019) and forecast (2020-2025) price trends of polystyrene.
- The global trade data has also been provided in the report by Expert Market Research , analyzing the value and volume of the major importing and exporting countries.
Competitive Landscape & Supplier Analysis:
- INEOS Styrolution Group GmbH
- Total S.A. (EPA: FP)
- Americas Styrenic
- Chi Mei Corporation
- PS Japan Corporation
- Shanghai SECCO Petrochemical Company Limited
- Versalis S.p.A
- Supreme Petrochem Ltd (NSE: SUPPETRO)
- Trinseo S.A.
Note 1: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
Note 2: For a snapshot of the primary and secondary data of the market (2015-2025), along with business strategies and detailed market segmentation, please click on request sample report. The sample report shall be delivered to you within 24 hours.
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