Market Research Future published a Cooked Research Report on “Global Polystyrene Market Research Report – Forecast to 2023”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023
Market Analysis:
Global Polystyrene Market is projected to grow at a 4.87% CAGR between 2017-2023, as per the recent Market Research Future (MRFR) report. Polystyrene is an aromatic hydrocarbon polymer that is made from monomer styrene and comes in both foamed and solid form. It is naturally transparent yet can be colored using colorants. Some of its common uses include the making of models, disposable cutlery, bottles, protective packaging, amid others.
Numerous factors are adding to the Global Polystyrene Market Growth. These factors, according to the recent Market Research Future report, include expanding packaging and electronics industry, technological advances, rapid urbanization, and increasing use in defense, medical devices, and consumer goods.
On the contrary, demand for light-weight materials over heavy metals may limit the Global Polystyrene Market Growth during the forecast period.
Key Players:
Eminent Players Profiled in the Global Polystyrene Market Report include The DOW Chemical Company (U.S.), Videolar-Innova S.A. (Brazil), Trinseo (U.S.), SABIC (Saudi Arabia), Chi Mei Corporation (Taiwan), KUMHO PETROCHEMICAL (South Korea), BASF SE (Germany), Formosa Chemicals & Fibre Corporation (Taiwan), BASF SE (Germany), and Total Petrochemicals & Refining USA, Inc. (U.S.). Key players have incorporated several strategies to create a niche in the market, such as strategic alliances, extensive R&D activities, mergers, acquisitions, and new product launches.
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Industry News:
February 2020: Trinseo, leading manufacturer of synthetic rubber, latex binders, and plastics and global materials company, has joined hands with the sheet extrusion specialist for the packaging industry, CEDAP. This collaboration will help to advance the use of recycled polystyrene utilized in food packaging applications by using chemically recycled PS for developing and testing food-grade recycled PS packaging.
Market Segmentation:
The Market Research Future Report provides an all-inclusive Segmental Analysis of the Global Polystyrene Market based on End Use Industry, Application and Type.
By End Industry, the Polystyrene Market is segmented into consumer goods and appliances, building and construction, electronics, packaging, and others. Of these, the packaging industry will have the largest share in the market during the forecast period, followed by the construction industry that is predicted to grow at the highest CAGR.
By Application, the Polystyrene Market is segmented into HVAC insulation, seating, flexible packaging, rigid packaging, and others. Of these, the HVAC segment will lead the market during the forecast period. It is predicted to touch USD 9 billion by 2023.
By Type, the Polystyrene Market is segmented into extruded polystyrene (XPS), expanded polystyrene (EPS), high impact polystyrene, general purpose polystyrene (GPPS), and others. Of these, the EPS segment will dominate the market during the forecast period for its increasing use in insulation products. It is predicted to grow at a 5% CAGR.
Browse Key Industry Insights spread across 135 pages with 281 market data tables & 19 figures & charts from the report, “Polystyrene Market Information: By Types (GPPS, HIPS, EPS, XPS, and others), by End User (Automotive Industry, Electronics, Thermal Insulation Industries, Pharmaceuticals, Consumer Industry, Packaging Industry, Construction Industry) and Region – Growth Potential, Price Trends, Competitive Market Share & Forecast 2023” in detail along with the table of contents: https://www.marketresearchfuture.com/reports/polystyrene-market-2545
Regional Analysis:
By Region, Global Polystyrene Market Report covers the latest trends and growth opportunities across the Americas, the Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and Latin America. Of these, the APAC region will spearhead the market during the forecast period. Factors adding to the market growth include rising income levels, accessible and economical raw materials, various proposals from the government to augment public infrastructure, several upcoming and on-going building and construction projects, and an increase in cash-intensive non-residential construction. Taiwan, South Korea, Japan, India, and China are the key contributors in the region, with China being the leader for extensive utilization of plastics in heavy end-use industries and rapid urbanization. Besides, growing demand from defense and aviation, buildings and construction, consumer goods, electronics, and packaging are also adding to the Global Polystyrene Market in the region.
Global Polystyrene Market in North America is predicted to have favorable growth over the forecast period for the burgeoning demand for polystyrene in rubber and plastic industries.
Global Polystyrene Market in Europe is predicted to have significant growth during the forecast period for the shift in focus of manufacturers and investors to recycled products from conventional plastics and implementation of rules to use light-weight products in end use industries.
Global Polystyrene Market in Latin America and the MEA will have stable growth during the forecast period.
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