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.
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In the global market, chemical industry is the second largest manufacturing industry in Japan. In recent years, the Japanese chemical industry was the fourth largest industry globally following China, the United States, and Germany. Furthermore The Japanese chemical industry is dominated by a group of major corporations and tech Giants. The chemical industry is the backbone of Japan’s economy.
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.
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.
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 the up-to-date material so that the shareholders and business professionals invest only in fundamental zones.
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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.
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.
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 competences to accomplish the objective of sustainability by 2030.
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.
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.
List of Key Players Covered in the 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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