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.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.
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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 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.
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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.