Pune, India, April 18, 2019 (GLOBE NEWSWIRE) -- Global Polystyrene Market is expected to exhibit a strong 4.87% CAGR over the forecast period from 2018 to 2023, according to a new research report from Market Research Report (MRFR), which projects the global polystyrene market to reach a valuation of more than USD 33 billion by the end of the forecast period.
Polystyrene and expanded polystyrene (EPS) have a number of applications in a wide range of industries including HVAC, automotive, electronics, packaging, and construction. The global polystyrene market has been driven by the high thermal resistance offered by polystyrene, which makes it perfect to hold and carry hot, liquid items, and the easy moldability of polystyrene, which lends it to easy shaping into a vast range of containers. The growing demand for insulation materials from construction and packaging industries is also likely to be a major driver for the global polystyrene market over the forecast period.
Growing Packaging Industry to Drive Polystyrene Market
The growth of the global packaging industry has been a major driver for the global polystyrene market over the last few years due to the nature of polystyrene as one of the trusted packaging materials used by mankind. The water and thermal resistance offered by polystyrene, in addition to its high insulation properties, makes it the perfect material for use in packaging. The growing ecommerce sector is likely to drive the demand for effective packaging materials over the forecast period, leading to a steady rise in the demand from the polystyrene market.
INEOS Styrolution Announces Production of Virgin Polystyrene from Recycled Styrene Monomer
In April 2019, INEOS Styrolutions announced success in its efforts to create 100% recycled polystyrene from used styrene monomer. The development is being hailed as a ‘game-changer’ in the polystyrene industry due to the vast potential it could present to companies in the face of increasingly stringent environmental laws and regulations.
Competitive Analysis:
Leading players in the global polystyrene market include Chi Mei Corporation, Kumho Petrochemical, Trinseo, SABIC, BASF SE, INEOS Styrolution Group GmbH, ACH Foam Technologies Inc., Innova, Formosa Chemical & Fibre Corp., Alpek SAB de CV, and Total.
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Rising Demand for Food Packaging Drives Polystyrene Market
The growing demand for takeout food and food deliveries is likely to play a key role in the development of the global polystyrene market over the forecast period. Food containers made from polystyrene, or Styrofoam as it is commercially known, are a major avenue of income for the global polystyrene market and are likely to remain in the position over the forecast period due to the growing demand for takeout food from the urban user demographic. However, local environmental laws could emerge as an issue for the market in developed countries, where environmental laws are strict and stringently applied.
In March 2019, the state’s House of Delegates approved and passed on a bill to ban polystyrene containers. This is the first such ban in the U.S. and could have significant ramifications on the basis of the novelty of the ruling. Efforts to develop environmentally viable polystyrene products could play a key role in the growth of the polystyrene market over the forecast period.
Segmentation:
The global Polystyrene Market has been segmented based on type, application, and end-use industry. By type, the market has been segmented into expandable polystyrene (EPS), general-purpose polystyrene (GPPS), high-impact polystyrene (HIPS), extruded polystyrene (XPS), and others. Expanded polystyrene holds the major share in the global polystyrene market and is expected to exhibit rapid growth over the forecast period due to the growing use of expanded polystyrene in insulation products. The segment is expected to exhibit a CAGR of more than 5% over the forecast period.
By application, the polystyrene market has been segmented into HVAC insulation, rigid packaging, seating, flexible packaging, and others. HVAC insulation dominates the global polystyrene market and is likely to be the major revenue generator for the global market over the forecast period, with the segment expected to rise to more than USD 9 bn over the forecast period.
By end use, the global polystyrene market is segmented into building and construction, consumer goods and appliances, packaging, electronics, and others. The packaging segment holds the largest share in the global polystyrene market at present, with the construction industry expected to exhibit the highest growth rate over the forecast period.
Browse the market data and information spread across 135 pages with 281 data tables and 19 figures of the report “Polystyrene Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/polystyrene-market-2545
Regional Analysis:
Asia Pacific holds the largest share in the global polystyrene market at present, thanks to the construction industry’s steady growth in the region and the recent boost to the ecommerce sector in the region, which has further driven the region’s packaging industry. Growing urban construction has resulted in a growing demand from the region’s polystyrene market and is likely to drive the market over the forecast period as well. The growing urban food and beverage industry is also likely to be a major driver for the polystyrene market in Asia Pacific over the forecast period. The Asia Pacific accounted for more than 44% of the global polystyrene market in 2017 and is likely to remain the leading regional party over the forecast period.
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