According to a newly compiled business intelligence report by IndustryARC, the global polystyrene market size is evaluated to be $27.6 billion in 2018. As quoted by the analyst, “With the growth of the e-commerce sector, there is a constant demand for advanced packaging owing to large logistics operations. Polystyrene plastic, polystyrene foam, expandable polystyrene, medical plastics have ample scope to be employed for packaging applications in various verticals including food & beverages, electronics, cosmetics, and medical devices.” Rising opportunities in various applications industries such as automotive, construction, packaging, electronics industries, and others have elevated the global polystyrene market to be progressing at a global CAGR of 5.60%, during the forecast period 2019-2025, as per the analyst of the report. Polystyrene is a form of polymers with thermoplastic characteristics such as high impact and heat resistance, good electrical insulation, excellent optical clarity, strong chemical resistance, and flame retardant.
The report is titled “Polystyrene Market: By Production Technique (Solution, Emulsion and Suspension polymerization); By Application (Electronics, Automotive, Packaging, Medical); By Geography – Forecast (2019 - 2025).” The report depicts a comprehensive analysis of the competitive landscape, taking into account the market share of leading companies. All the marketable aspects of the trending polystyrene market stretching from its end-users verticals, applications insights and regional revenue pockets to an imperative competitive landscape and pricing conditions are covered.
Trade Growth - In 2018, the global import value of polystyrene was recorded to be $5,861,151 with 12% growth from the preceding year. Considering the volume of production, total imports in terms of weight was 3,796,816 tons in the same year.
APAC leading with more than 50% of Global Polystyrene Market Demand:
APAC, with its increasing manufacturing hub of automotive OEM, increasing sales of consumer electronics and rising packaging industry, hold the position of a most lucrative marketplace for polystyrene. In 2018, with a substantial share in Beverage Packaging market and Flexible Packaging market, APAC sourced 52% of the global polystyrene market demand. In 2018, China led the global imports of polystyrene with a value of $1,501,183 and weightage recorded to be 1,060,682 tons with 26% share in global imports. The trend of electric and hybrid vehicles in APAC is augmenting the demand for lightweight equipment, consequently positively influencing the polystyrene market demand as it is a vital constituent of lightweight automotive gears.
Polystyrene is a form of polymers with thermoplastic characteristics, and it facilitates its application as an effective material for packaging due to its property of molding. Consequently, the packaging is the fastest-growing application segment in the polystyrene market, progressing with an application CAGR of 5.90% going through 2025. With excellent insulation and weather resistance, polystyrene is adequately compatible with both the flourishing rigid plastic packaging and flexible packaging. Polystyrene plastic, polystyrene foam, expandable polystyrene, medical plastics are leveraging the demand for packaging in various end-user verticals such as F&B, electronics, cosmetics, and medical devices.
Polystyrene Market Growth Drivers and Trends:
· Polystyrene in Lightweight Automotive Equipment
Owing to its lightweight, flexible, strength, and scratch resistance, polystyrene, and expandable polystyrene have tremendous scope of application in original equipment of automobiles. ‘Lightweight’ trend in the automotive sector is expanding the application of polystyrene from the OEM packaging device to an imperative manufacturing constituent.
· Polystyrene Supporting Sleek Electronics Trend
Modern electronics engineering are implementing huge and complex designs with thin walls and adding aesthetic value to products. Polystyrene delivers strength and high flow characteristics required by large applications such as television frames and display components. This allows OEMs to deliver complex, sleek designs with adequate strength. With the majority of the consumer electronics company implementing such designs, this trend is well-capitalized by global polystyrene market.
· Plastic packaging company Logomas Packaging Sdn Bhd was awarded the Star Outstanding Business Awards 2017 (SOBA) Gold Award in the Best Green Initiative segment for its polystyrene made EcoBox. Logomas EcoBox is a novel and trending photodegradable polystyrene foam ‘one-use’ food box. Disposing of has always been a challenge impacting polystyrene market growth. Hence, such innovations implemented by companies will upgrade the market’s ecological front.
Polystyrene Market - Competitive Landscape:
Some of the key players operating in the global polystyrene market are BASF, SABIC, Formosa Plastics Ltd., Styrosolution Group, Videolar, Total SA, Kumho Petrochemicals Ltd, Trinseo, DowDuPont, ACH Foam Technologies LLC, Chi Mei Corporation, and A.Schulman Inc. Strong supply chain is imperative for success in this market and therefore, companies are focusing on increasing their production capacity to utilize their ground presence. For instance, BASF took the initiative in 2018 to increase their production capacity of Neopor® (expandable polystyrene containing graphite) by a total of 40,000 metric tons per year. The set target of increment will be met by adjustments in production sites of Germany and Korea.
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About IndustryARC: IndustryARC is a research and consulting firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.