Polystyrene Industry (2021 to 2027) - Growth, Trends, COVID-19 Impact and Forecasts

Polystyrene Market - Overview

The global Polystyrene Industry 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 Industry 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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