Global polystyrene market projected to reach US$28.2 bln by 2019

29-Dec-15

The global polystyrene market is projected to reach US$28.2 bln by 2019, at a CAGR of 5.1% between 2014 and 2019, in terms of value, as per MarketsandMarkets. The market for polystyrene is estimated to grow on account of the rapid expansion of the plastics and rubber manufacturing industries, especially in Europe and the increasing rates of industrialization and globalization. The flourishing packaging and electronics application in emerging economies is expected to act as a budding opportunity for the polystyrene market. China is estimated to be the leading country in the Asia-Pacific polystyrene market. Increase in demand of polystyrene in the Asia-Pacific is led by the rising demand from electronic appliances and packaging applications, due to increasing population and improving standards of living of individuals. However, the shift in preference towards organic and recyclable plastics is one of the major restricting factors hampering the growth of the polystyrene market.