The global polystyrene market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Polystyrene is a polymer produced from polymerization of styrene monomer. It is a major feedstock for producing many thermoplastic resins. Polystyrene grades of resins include general-purpose resin (high-heat, medium-flow, and high-flow), high-impact polystyrene (HIPS) resin, an environmental stress crack–resistant (ESCR) grade and ignition-resistant and high-gloss grades.
Polystyrene thermoplastic resins are made into different intermediates using various molding technologies such as injection molding, extrusion and thermoforming.
Rising demand for thermoplastic resins from various industries such as appliances, packaging, and others are likely to drive the polystyrene market. As polystyrene is a major feedstock for various thermoplastic intermediates production, demand for thermoplastic intermediates is expected to fuel the growth of this market. Demand for thermoplastic intermediates is increasing due rise in demand from appliances, packaging and other industries, which is in turn supported by the growing population and extra income in developing countries.
Drivers and Restraints of Polystyrene Market
Growing investments in downstream industries in regions like the Americas, the Middle East and the Far East are likely to offer tremendous possibilities for polystyrene market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Polystyrene and its derivatives are exposed to the probability of volatility in supply and price of crude oil. Polystyrene and its derivatives have an adverse effect on the environment and are prone to stringent regulations. Existing and future regulations concerning the use of polystyrene and its derivatives in end products are likely to challenge the market growth.
Polystyrene Market by Region
Asia was the largest consumer of polystyrene and its derivatives and this pattern is anticipated to continue over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China and India. China, Japan and South Korea were the largest consumers of polystyrene in this region, whereas India is likely to grow at a higher pace. Growing demand from packaging, appliances and other industries will drive polystyrene and its derivatives market in Asia. Consumption of polystyrene and its derivatives in rest of the world was minimal however it is likely to grow at a reasonable rate next to Asia. North America is likely to grow at a significant rate due to demand from food packaging and appliances industry. With major production capacities in the USA, the region is likely to grow in terms of global supply capability. Demand from Europe was low relatively and is likely to stay same in the next few years and will continue focusing on exporting to Asia.
Top players in this market include ACH Foam Technologies, Inc., Alpek, S.A.B. De Cv, BASF SE, Brødr. Sunde A/S, Flint Hills Resources, LLC, Kaneka Corporation, Nova Chemicals Corporation, PJSCSibur Holding, Saudi Basic Industries Corporation (SABIC), Styrochem Canada Ltée, Sunpor Kunststoff GmbH, Synbra Holding BV, Synthos S.A., The Ravago Group, Total S.A., Unipol Holland BV and Versalis S.P.A.
The report covers exhaustive analysis on:
- Global Market Size
- Global Market Segments
- Market Regional Analysis
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth