Polystyrene Market Overview | Analysis, Regional Demands, Industry Trends, End Users
Polystyrene Market -
Overview
The global Polystyrene Market
Overview 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.
Polystyrene Manufacturer 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 overview
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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