Global Polystyrene & Expandable Polystyrene market to grow to US$42 bln by decade end

26-Jun-17

The global demand for polystyrene and expanded polystyrene was valued at US$32 bln in 2014 and is expected to reach US$42 bln in 2020, growing at a CAGR of approximately 4.5% between 2015 and 2020, as per Zion Market Research. In terms of volume, the global polystyrene and expanded polystyrene market stood at 17.5 mln tons in 2014.

The packaging industry has remained major driving force for the growth of polystyrene and polystyrene industry. Packaging industry in emerging economies such as China, India, Brazil, South Africa, etc. is growing at a rapid pace. Increasing demand for consumer goods in these countries has resulted in the rise in demand for packaging materials. Moreover, strong growth of food & beverages and pharmaceutical industry in emerging economies is expected to further trigger the demand for the packaging industry. However, environmental concern, fluctuating prices of raw materials and substitute materials are expected to present the significant challenge to industry participants. This is expected to affect the growth of this industry in the years to come. Recycling of polystyrene is expected to open new growth window for the industry participants. Polystyrene and expandable polystyrene (EPS) are the key products types of polystyrene market. Polystyrene dominated the global market with around two-third shares of the global market in 2014. However, expanded polystyrene is expected to be the fastest growing segment during the forecast period. The key application markets for polystyrene and expanded polystyrene includes packaging industry, electrical & electronics, building & construction, and others applications. Packaging industry dominated polystyrene and expanded polystyrene market with around 40% share of the total volume consumed in 2014. Electrical and electronics segment is expected to be the fastest growing application market for polystyrene and expanded polystyrene.

Polystyrene and expandable polystyrene (EPS) are the key products types of polystyrene market. Polystyrene dominated the global market with around two-third shares of the global market in 2014. However, expanded polystyrene is expected to be the fastest growing segment during the forecast period. The key application markets for polystyrene and expanded polystyrene includes packaging industry, electrical & electronics, building & construction, and others applications. Packaging industry dominated polystyrene and expanded polystyrene market with around 40% share of the total volume consumed in 2014. Electrical and electronics segment is expected to be the fastest growing application market for polystyrene and expanded polystyrene. Other applications include disposable razors, plastic cutlery, CD cases, plastic models, Petri dishes, etc. that can also have a moderate level of a market for the forecasted period.

Asia Pacific was the leading regional market polystyrene and expanded polystyrene with over 40% share in total volume consumption in 2014. It is also expected to be the fastest growing regional market during the forecast period. Asia-Pacific is dominated by China, which accounts for the huge share in total volume of polystyrene and expanded polystyrene consumed in the region in 2014. China is expected to be the major driving force for the growth of global polystyrene and expanded polystyrene market. Asia Pacific was followed by Europe and North America. However, Europe and North America are expected to witness decline its market share over the forecast period owing stringent environmental regulations and growing demand for bio-base products in the region.

 

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