Polystyrene Market Trends | Size Global Trend Factor, Segmentation, Business Growth, Top Key Players Analysis Industry, Opportunities 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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