Polystyrene Market forecast 2020 In-Depth Analysis of Industry Share, Size, Growth Outlook up to 2027| DSM Biomedical, Surmodics, SCS, Biocoat, Covestro
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.
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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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