(MENAFN- ChemAnalysts) According to ChemAnalyst report, “Global Polystyrene Market Analysis: Plant Capacity, Production, Technology, Operating Efficiency, Demand & Supply, End-Use, Grade, Foreign Trade, Sales Channel, Regional Demand, Company Share, 2015-2030”, The Polystyrene market is anticipated to experience a significant rise and reach approximately 18 million tonnes in 2030, at an expected CAGR of 3.79% during the forecast period by 2030. The rising demand for Polystyrene in Packaging, Household appliances, Consumer electronics products, Building and construction, and Others end-use industries is anticipated to result in an expansion of the Polystyrene market in the forecast period.
Polystyrene is a versatile polymer. This polymer is synthesized by polymerization of styrene monomer. Polystyrene has unique properties like electrical insulation and water resistance. It can withstand pressure or damage and is light weight in nature. Owing to all these properties Polystyrene became the choice of many construction industries. Due to its insulating nature, it is employed in insulating wires and manufacturing outer body of electronics. Because Polystyrene is strong, flexible, and light weight, it is widely employed in packaging sector for packing food, medical, & other commodities. Furthermore, Polystyrene is also used in the medical sector for manufacturing commodities like serological pippets, tissue culture dishes, and filtration units. Polystyrene is employed to manufacture expanded polystyrene (EPS). EPS displays high level of thermal conductivity, and its blocks are used in the construction sector for applications like concrete floor slabs and underfloor heating.
The global Polystyrene market is driven by its unique properties. Polystyrene is water-resistant in nature thus there is a heavy usage of this polymer by the packaging industry, which is the primary factor to the market growth. Expanded polystyrene (EPS) is lightweight and recyclable and widely employed in the construction sector. Moreover, by employing EPS for packaging, results in increasing shock-resistance to fragile goods and is vital for transporting goods like glassware. Using EPS as a packaging material reduces the overall weight of packaging, thus cuts off transportation costs of goods, thus reduces carbon emissions. The demand of EPS for packaging and transportation will most likely rise, propelling the Polystyrene market in the forecast period.
The global Polystyrene market is segmented on grade, end-use, sales channel, and region. Based on grade, the Polystyrene market is segregated into High Impact Polystyrene (HIPS) and General purpose polystyrene (GPPS) grade. Among these, the former grade, i.e., HIPS is leading the market. High Impact Polystyrene (HIPS) is a versatile material with high impact strength, easy to be printed on, and easy to be thermoformed and finds its applications in cooktops, goods for consumers gadgets, and circuit boards, Region wise, APAC region holds the largest share of Polystyrene market worldwide due to robust growth of packaging materials, which is anticipated to boost the demand of Polystyrene in the forthcoming years. Although, a sluggish market growth is anticipated in North America and Europe due to strict government regulations. China serves as a leading manufacturer of Polystyrene all across the globe.
Based on end-use, the global Polystyrene market is segregated into Packaging, Household appliances, Consumer electronics products, Building and construction, and Others. Polystyrene is primarily consumed in the Packaging industry. Roughly 30% of global use of Polystyrene in 2021 was be accounted by this industry. Films and Sheets also portrays as a significant consumer of Polystyrene.
“Global Polystyrene Market Analysis: Plant Capacity, Production, Technology, Operating Efficiency, Demand & Supply, End-Use, Grade, Foreign Trade, Sales Channel, Regional Demand, Company Share, 2015-2030”, the significant players functional in the Polystyrene market are Total Petrochemicals, INEOS Styrolution, Styrolution, Jiangsu Laidun Baofu Plastifying, Zhenjiang Chi Mei Chemical, Shanghai Secco Petrochemical, Formosa Plastics, Versalis, Trinseo, Supreme Petrochem Limited, LG Chem, DIC Corporation, PS Japan, and Jiangsu Lyan Qingfeng Newmaterial.
“The rapidly increasing demand for durable and lightweight material for packaging purposes is majorly contributing to the expansion of Polystyrene market in the forecast period until 2030. Growing demand for Polystyrene to its due to its properties like resistance to moisture and abrasion and insulation properties makes it a versatile plastic for manufacturing wires, cables, films, and food packaging. Moreover, Expanded polystyrene (EPS) is lightweight and recyclable and is anticipated to become more popular as a packaging material in the upcoming years. Asia Pacific region is the leading consumer of Polystyrene and with rapid urbanization & construction paired with increasing dispensable income anticipated to retain its position in the forecast period. ” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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