Global polystyrene market to grow at a CAGR over 5% from 2014 to 2019

15-Apr-15

The global polystyrene market is projected to grow from US$22,024 mln in 2014 to US$28,246 mln by 2019, at a CAGR of 5.1% from 2014 to 2019, as per Research and Markets. The market has been segmented based on the different applications. The important applications include packaging, electronics, appliances, and construction, among others. The packaging applications vertical is expected to dominate the polystyrene market, among the applications, during the forecast period of 2014 to 2019. The key companies in this market are BASF SE (Germany), Styrolution Group (Germany), Videolar S/A (Sao Paulo), SABIC (Saudi Arabia), and Formosa Plastic Corporation (Taiwan), among others. These companies are consistently focusing on expanding their production capacities to achieve a competitive advantage in the market, and thereby serve the customers more effectively. Investments in expansion of plant capacities, followed by acquisitions, were the most preferred strategies by the top players in 2013 & 2014. Their strategies to capture the market in developing economies include expansions and agreements. Asia-Pacific region is the largest contributor to the global market, having accounted for 38% of the overall market, in terms of value. China is the leading segment in the Asia-Pacific market, owing to the availability of cheaper raw materials and low labor costs. The important emerging economies such as Brazil and India are also expected to be the major players in the global polystyrene market in the coming years, mainly owing to the rapid industrialization and the impacts of globalization in these economies.