LOS ANGELES, Feb. 21, 2019 (GLOBE NEWSWIRE) -- QY Research has made a new addition to its chemical and material archive with the release of the report titled “Global Polystyrene Market, Forecast to 2025.” The authors of the report have analyzed the future prospect of the global polystyrene market and revealed hidden market opportunities for players to cash in on. The global market is anticipated to record a sluggish CAGR of 2.6% between 2019 and 2025, according to the report, and attain a valuation of over US$ 23.0 Bn by the end of the forecast period. In 2018, the global market revenue was more than US$ 19.0 Bn.
The presence of polystyrene is only second to polyethylene as a plastic in people’s everyday life. Polystyrene is used in the production of a number of products used for both consumer and industrial purposes. The demand in the global market is foretold to show a smooth curve during the forecast period. According to the analysts, the polystyrene industry is now nearing maturity.
Growing Industrialization to Push Demand for Polystyrene
Increasing urbanization and industrialization are envisaged to create a whole lot of opportunities in the global polystyrene market. Improved socioeconomic status of the middle-income group and high population growth are expected to support the growth of the global market. Manufacturers are prophesied to crack lucrative deals in high-growth industry verticals such as electronics and packaging.
However, there are a few factors predicted to slow down the demand for polystyrene. Market experts prognosticate polystyrene’s negative scrap value and disposal issues and changing prices of raw materials to hamper the global market growth. Nevertheless, high use of polystyrene as a plastic due to its high heat, impact, and chemical resistance is expected to sustain the demand in the global market.
Global Polystyrene Market: Forecast by Type and Application
The global polystyrene market is categorized into high impact polystyrene (HIPS) and general purpose polystyrene (GPPS). Renovation and insulation application is expected to significantly increase the demand for extruded polystyrene (XPS) in the coming years. On the basis of application, the global market sees a classification into construction, consumer electronics, appliances, packaging, and others. Over the next five years, the application of building and construction is foreseen to show the strongest growth prospect.
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Global Polystyrene Market: Forecast by Region
In order to study the consumption and production of polystyrene in regional markets, the report covers Japan, China, Europe, and North America. It also provides the market status and prospect of these geographies other than India and Southeast Asia. Asia Pacific countries are anticipated to continue to create strong demand for polystyrene. China could be one of the largest markets for polystyrene by the end of 2025 with a higher production capacity.
Global Polystyrene Market: Leading Manufacturers
The report profiles 16 players of the global polystyrene market on the basis of areas served, production sites, specification, application, revenue, production, gross margin, and price reviewed from 2014 to 2019. Some of the key manufacturers studied in the report are Toyo Engineering, PS Japan, Supreme Petrochem, SABIC, Americas Styrenics, Trinseo, Total Petrochemicals, and INEOS Styrolution.
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