Pune, India, April 06, 2022 (GLOBE NEWSWIRE) -- The global polystyrene market size was USD 9.70 billion in 2020. The market is projected to grow from USD 9.49 billion in 2021 to USD 9.99 billion by 2028 at a CAGR of 0.7 % during the 2021-2028 period. This information is published by Fortune Business Insights™, in its report, titled, "Polystyrene Market, 2021-2028."
According to our researchers, polystyrene plastic, when pooled with additives and additional polymers, becomes perfect for usage in automobile parts, commercial electronics, toys, as well as equipment. The development of the electrical & electronics industry is fueling the market across the globe.
List of Key Players Covered in the Polystyrene Market Report:
- INEOS Styrolution Group GmbH (Germany)
- TotalEnergies (France)
- BASF SE (Germany)
- Formosa Chemicals & Fibre Corporation (Taiwan)
- Kumho Petrochemicals Ltd. (South Korea)
- SABIC (Saudi Arabia)
- Trinseo (U.S.)
- Videolar-Innova S/A (Brazil)
- Alpek S.A.B. de C.V. (Mexico)
- CHIMEI (Taiwan)
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COVID-19 Impact
Uncertainties in Supply Chain during COVID-19 Pandemic Hampered Market
The lockdown inflicted in majority of nations, owing to the COVID-19 pandemic interrupted the supply chain of the market. The accessibility of raw materials was impacted owing to limitations on man and material. The costs of crude oil entered negative territory in 2020 owing to lowered demand and oversupply. The utilization of polystyrene in the building & construction and automotive industries also deteriorated considerably on account of constraints on activities besides essentials.
Segments
HIPS to Dominate Backed by Surging Demand in Packaging Industry
On the basis of type, the market is classified into general purpose polystyrene and high-impact polystyrene. HIPS is predicted to be the fastest-growing segment during the forecast period. The surging demand for packaging applications is a noticeable aspect behind the segment growth.
In terms of application, the market is categorized into packaging, building & construction, automotive, electrical & electronics, agriculture, household leisure & sports, and others.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
We direct our reports based on an exclusive and detailed review method that focuses on offering precise material. Our experts have applied a data navigation technique which further aids us to present reliable predictions and present the general market aspects precisely. Additionally, our reviewers have gained admittance to various international as well as regionally sponsored records for offering up-to-date material so that the shareholders and business professionals invest only in fundamental zones.
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https://www.fortunebusinessinsights.com/polystyrene-market-106571
Driving Factors
Surging Demand from Consumer Electronics Industry to Fuel Growth
The development of the market is linked with the rising demand from consumer electronics manufacturers, owing to fluctuating technology and the deteriorating price range of the products. The emerging nations comprising China and India are observing a surged demand for consumer electronics on account of urbanization and growing flexible income. Furthermore, progression in the population of young demographic and digitization activities bolster the consumption of electronic products, therefore directing the demand for the product.
Regional Insights
Asia Pacific to Display Growth Stoked by High Usage of Product in Packing
The market size in Asia Pacific was worth USD 4.26 billion in 2020. The region held the largest polystyrene market share in 2020 and is estimated to preserve the position throughout 2021-2028.
Development and extension of retail chains will drive the demand for insulation in North America, thus fueling the utilization of polystyrene foams. Additionally, the region claims the existence of prime electric vehicle producers operating in this region. The growing usage of electric vehicles in the U.S. is likely to assist with regional growth.
The growing investment by the European Union nations majorly navigates the polystyrene market growth in Europe to endorse green and global economy. The nations are fixated on growing their recycling competencies to accomplish the objective of sustainability by 2030.
Competitive Landscape
Joint Ventures among Companies to Fortify their Brand Recognition in Global Market
All key companies functioning in the market are repetitively selecting effective strategies to apply to endorse their products and institute their positions in the market. One such tactic is to launch novel products by teaming up with other companies to expand their reach to end-users.
Key Industry Development
March 2021: Trinseo and BASF SE jointly expanded their businesses with the manufacturing of styrene-based circular feedstock. The improved partnership between Trinseo and BASF purposes to upsurge efforts by both companies in the expansion and administration of styrene featuring an enhanced environmental profile.
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Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Market Trends in the Global Market
- Key Developments: Mergers, Acquisition, Partnership, etc. .
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights Impact of COVID 19 on Global Polystyrene Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Polystyrene Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- By Type
- General Purpose Polystyrene
- High Impact Polystyrene
- By Application
- Packaging
- Building & Contruction
- Automotive
- Electrical & Electronics
- Agriculture
- Household Leisure & Sports
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued...!
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Have a Look at Related Research Insights:
Polyethylene Market Size, Share & COVID-19 Impact Analysis, By Type (HDPE, LDPE, LLDPE), By End User (Packaging, Automotive, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceutical, Electrical & Electronics, Agriculture, Others), and Regional Forecast, 2020-2027
Plastic Market Size, Share & COVID-19 Impact Analysis, By Type (Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Polyurethane, Polystyrene, and Others), By End-Use (Packaging, Automotive & Transportation, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceutical, Electrical & Electronics, Textile), and Regional Forecast, 2021-2028
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