Polystyrene market in Europe is projected to reach US$5518.8 miln by 2019 from US$4494.2 mln in 2014, at a CAGR of 4.2% between 2014 and 2019, as per Micro Market Monitor.
The European polystyrene market, along with its end products, has witnessed a linear growth in recent years and this growth is estimated to increase in coming years. Polystyrene is one of the basic organic chemical raw materials widely used in packaging, electronics, construction, and appliances industries. High quality, high efficiency, and environment friendliness are some of the features that drive the demand for polystyrene. The upcoming safety regulations and the innovative techniques for its use will be the key influencing factors for the Europe polystyrene market. The polystyrene market is growing owing to the increasing GDP industrialization. The demand of polystyrene is influenced by government regulations. It is preferred by several industries as it is a relatively inexpensive and lightweight material. As many different grades of polystyrene are available in the market; the key players are increasingly focusing on offering the best implementation and aftersales services in order to gain a competitive advantage.
Based on applications, the polystyrene market is segmented into packaging, electronics, appliances, construction, and other applications. Packaging holds the maximum share of the polystyrene market. It was valued at US$1691.7 mln in 2014, and is projected to reach to US$2060.7 mln by 2019, at a CAGR of 4%. The electronics and appliances segments are growing at 5% and 4.7% respectively.