Polyaryletherketone Market Growth, Type, Overview, Share, Top Companies Data and Market Demand Covered and forecast 2030
Polystyrene Market - Overview
The global Polystyrene Market Growth 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 2030, surpassing its previous growth
records in terms of value with a striking CAGR during the estimated period (2022
– 2030).
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.
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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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.
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https://www.marketresearchfuture.com/reports/polystyrene-market-2545
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