Polystyrene Market Overview to 2023:
Polystyrene is a thermoplastic polymer produced from the aromatic monomer styrene. Polystyrene used in many industries such as automotive industry, electronics, thermal insulation industries, pharmaceuticals, consumer industry, packaging industry, construction industry. Polystyrene is one of the most widely used type of plastic. Polystyrene can be transparent or can be made to take on various colors.
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Rising demand from the automotive industry, construction industry and packaging industry in Brazil, Russia, India, China and South Africa countries is anticipated to boost the global polystyrene market. Increasing demand for polystyrene from consumer electronics and electronic components is further estimated to drive the global polystyrene market. However, variable prices of raw materials can be hamper market growth in the near future. Furthermore, availability of substitutes of polystyrene is can be restraining factor for the polystyrene market.
Polystyrene are used in the manufacture of microwaves, ovens, vacuum cleaners, refrigerators, televisions, handheld devices, and IT and telecom hardware. Thus increase in demand of electronic industries will drive the market of polystyrene. Increase demand of polystyrene in building & construction industry and automotive industry is likely to be driven by governmental regulations regarding energy conservation in North America and Europe.
Global Key Players:
- Synthos S.A
- Kaneka Corporation
- Saudi Basic Industries Corporation
- INEOS Capital Limited. SA
- NOVA Chemicals
- Trinseo S.A
- Chevron Phillips Chemical Company
The global polystyrene market is majorly segmented on the basis of types, end user, and region. Based on types of polystyrene the market is segmented into GPPS, HIPS, EPS, XPS, and others. Based on end user the market segmented into automotive industry, electronics, thermal insulation industries, pharmaceuticals, consumer industry, packaging industry, construction Industry, and based on region market is segmented into North America, Europe, APAC, Latin America, Middle East & Africa.
The Asia-Pacific Polystyrene market is expected to grow due to growing application industry. China consumes largest market share in global polystyrene market. The report estimates the size of the polystyrene market, both in terms of volume and value. Huge demand in various application such as packaging, construction, and in the medical industry likely to drive the polystyrene market growth. Growing demand for automotive industry, electronics in China and India has boosted the polystyrene market demand.
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