Polystyrene Global overview 2021| Top Companies, Trends, Growth Factors Details for Business Development and Forecast to 2027
Polystyrene
Market - Overview
The global polystyrene market is growing with the
impulsive pace; mainly due to expanding electronics and packaging industries.
According to a recent study report published by the Market Research Future, the
global market of polystyrene is prospering and expected to gain prominence over
the forecast period. The market is forecasted to demonstrate a stunning growth
by 2023, surpassing its previous growth records in terms of value with a
striking CAGR during the estimated period (2017 – 2023).
Globally, the market for polystyrene is driven by the
region Asia pacific, owing to the growth in the population resulting in to
increasing demand for lightweight materials in automotive, packaging and
buildings & construction industries among others. Polystyrene is used for
roofing, plumbing materials, and other materials due to its superior
performance and thermal resistance properties offered by the product. Moreover,
polystyrene is mainly used to impart economic nature and high standard
performance to the final product.
Rapid urbanization coupled with technology signifies the growth
of electronics & packaging industries. Moreover growing industries such as
consumer goods, medical devices and defence provide impetus to the polystyrene
market growth.
On the other hand, the increasing replacement of heavy metals by
lightweight materials is projected to drive the market growth during the
forecast period.
Table
of Contents
1 Executive Summary
2 Market
Introduction
2.1 Definition 22
2.2 Scope Of The Study 22
2.3 List Of Assumptions 22
2.4 Market Structure 23
3 Market Insights
3.1 Key Takeaways 25
4 Research
Methodology
4.1 Research Process 29
4.2 Primary Research 30
4.3 Secondary Research 31
4.4 Market Size Estimation 31
4.5 Forecast Model 32
5 Market Factor
Analysis
5.1 Supply Chain Analysis 34
5.1.1 Raw Material Suppliers 34
5.1.2 Polystyrene Manufacturers 34
5.1.3 Distribution Channel 34
5.1.4 End-Use Application Industry 35
5.2 Porter's Five Forces
Analysis 35
5.2.1 Threat Of New Entrants 35
5.2.2 Threat Of Rivalry 35
5.2.3 Threat Of Substitutes 36
5.2.4 Bargaining Power Of Suppliers 36
5.2.5 Bargaining Power Of Buyers 36
5.3 Global Polystyrene Market
Pricing Analysis 37
5.4 Trade Analysis 38
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Polystyrene is a synthetic polymer formed by the
polymerization process of styrene monomers. It is known for hard, brittle, and
transparent nature. Polystyrene is prominently used in packaging, electronics,
consumer goods, buildings & construction, defence and aviation sectors to
produce best quality products in the sectors.
Moreover, polystyrene product is widely used as an insulation
material in buildings & construction that is estimated to drive the market
over the assessment period.
Key Players:
Total Petrochemicals & Refining USA, Inc. (U.S.), BASF SE
(Germany), Formosa Chemicals & Fibre Corporation (Taiwan), BASF SE
(Germany), KUMHO PETROCHEMICAL (South Korea.), Chi Mei Corporation (Taiwan),
SABIC (Saudi Arabia), Trinseo (U.S.), Videolar-Innova S.A. (Brazil), and The
DOW Chemical Company (U.S.) are some of the prominent players profiled in MRFR
Analysis and are at the forefront of competition in the global polystyrene market.
Polystyrene Market - Competitive Analysis
The polystyrene market appears to be competitive with the
presence of several large and small players operating in manufacturing and
development of product. These key players compete with each other’s on the
basis of quality, price, production and innovation. Polystyrene market is set
to grow at a rapid rate which is likely to attract many entrants to the market
resulting into strong competition in the future. Manufacturers operating in the
polystyrene market are striving to respond to the growing demand for
polystyrene product from packaging, electronics, consumer goods, buildings
& construction attributed to the recent plant expansion and research &
development in the sectors. They ensure to deliver the best quality products
based on innovative technologies, solutions, and best practices.
Industry/ Innovation/ Related News:
September 5, 2017 – Total Petrochemicals & Refining USA, Inc. (U.S.), one
of the leading manufacturers of polystyrene, announced that the company has
introduced a new high melt strength grade of excessive heat crystal polystyrene
for the extruded foam polystyrene sheet market. CX5237 is the name of product,
which is specifically manufactured for thermoformed foam polystyrene producers
involved in foodservice and packaging products. It is mainly used in these
applications to impart lightweight nature and high standard performance to the
product. Owing to these factors, the market has been driven by the growing
demand for reduced weight products in end-use industries.
June 20, 2016 – Trinseo (U.S.), one of the prominent manufacturers of plastics,
latex binders and rubber, declared that the company has produced a general
purpose polystyrene (GPPS) specially designed for the medical devices market.
The new product STYRON™ 2678 MED Polystyrene Resins is known for exceptional
transparency, rigidity, and thermal resistance. Owing to these factors, it is
used in a numerous medical device applications such as diagnostic components,
petri dishes, and others. Moreover, one of the technical engineers of the
company also said that this product is set to dominate the market in the couple
of years due to extra degree of safety and high performance offered by resins.
Polystyrene
Market - Regional Analysis
Geographically, Asia-Pacific region holds the majority of
global polystyrene market. China is the leading country in the market owing to
rapid urbanization coupled with extensive use of plastic in heavy end-use
industries. Increasing demand for polystyrene in packaging, electronics,
consumer goods, buildings & construction, defence and aviation has boosted
the market demand in China, India, Japan, South Korea and Taiwan. North America
has witnessed a significant growth in the market due to growing demand for the
product in plastic and rubber industries. The market in the European region has
received a rapid boost due to implementation of rules and regulations to follow
light weight products in end-use industries. Additionally, in this region,
manufacturers and investors are shifting their focus from conventional plastics
to recycled products in major industries.
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