Polystyrene Market Share | Size, Production, Trends and Forecast to 2027
Market Overview
The Global
Polystyrene Market share is anticipated to surpass a valuation
of USD 33,160.6 million, attaining a CAGR of
4.87% during the forecast period (2017-2023), Market Research
Future (MRFR) unveils in a detailed report.
Consumer
electronics is considered an innovation-based, highly competitive market.
Polystyrene is a vital product used in several consumer electronics products
like IT equipment and housing for television. Polystyrene is highly preferred
for cassette tape housing, media enclosures, and clear jewel boxes to protect
DVDs and CDs. With decreasing price-range of products and continuously
advancing technology, the consumer electronics market is expected to
accelerate. Emerging countries like India, China, Indonesia, Australia,
Thailand, South Africa, Brazil, and South Korea showcase huge growth potential.
Thus, the growth in the consumer electronics market has a positive impact on
the growth of the polystyrene market.
The contribution of
the packaging industry towards the polystyrene market has been tremendous over
the past few years. Polystyrene is considered one of the trusted packaging
materials due to its high insulation properties, and thermal and water
resistance offered by it. Moreover, with the booming e-commerce sector, the
demand for effective packaging is likely to augment, which in turn will
contribute to the polystyrene market’s growth.
On the contrary,
rising awareness regarding the negative impacts of polystyrene has led
consumers to shift their preference towards the consumption of organic
products. This is likely to hinder the market growth in the foreseeable future.
Global
Polystyrene Market: Segmental Analysis
The global Polystyrene Market share has
been segmented on the basis of type, application, and end user.
By type, the
polystyrene market is segmented into high impact polystyrene (HIPS),
general-purpose polystyrene (GPPS), extruded polystyrene (XPS), expanded
polystyrene (EPS), and others. Of these, the expanded polystyrene (EPS) is
likely to command the largest share and garner a CAGR of 5.5%. The
growth can be attributed to the soaring demand for EPS foam across industry
verticals like building, automobiles, and construction.
By application, the
Polystyrene
market is segmented into flexible packaging, rigid packaging, HVAC insulation,
seating, and others. Of these, the HVAC insulation segment is likely to surpass
a valuation of USD 2930.7 million by the end of the review
period. The soaring demand for HVAC insulation in refrigerators, HVAC systems,
and air conditioners is considered to encourage the market growth in the
region.
By end use
industry, the polystyrene market is segmented into electronics, packaging,
consumer goods & appliances, building & construction, and others. Of
these, the packaging segment is estimated to acquire 37% of the market share,
attaining a CAGR of 5.14% by the end of 2023. The surging demand
for durable food packaging material is predicted to accelerate the market
growth in the segment.
Regional
Frontiers
Geographically, the
polystyrene market share spans across Europe, North America, Latin America,
Asia Pacific, and the Middle East and Africa.
Considering the
global scenario, Asia Pacific is likely to acquire the lion’s share. The
regional market holds a share of 44.7% and is predicted to
retain its position by the end of 2023. Polystyrene is likely to
surpass a valuation of USD 15000 million due to the thriving automotive
industry in the region. Also, the surging production of lightweight and
electric vehicles in developed, as well as developing countries, are
anticipated to contribute to the polystyrene market in the region.
Europe bags the
second position in the global market and is likely to garner USD
6,439.5 Million by the end of 2023. The growth can be attributed to the
surging demand from the construction industry in the region. North America is
predicted to register significant growth in the foreseeable future, mainly due
to the increased adoption of polystyrene in construction and building
applications.
Competitive
Dashboard
The top players
operating in the global polystyrene market include SABIC, Trinseo,
Alpek SAB De CV, Innova, ACH Foam Technologies, Inc., INEOS Styrolution Group
GmbH, BASF SE, Formosa Chemical & Fibre Corp, Kumho Petrochemical, Chi Mei
Corporation, and Total.
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