Global polystyrene market to reach $28.2 bln by 2019 at a CAGR of 5.1%.

02-Mar-16

The global polystyrene market is expected to reach $28.2 billion by 2019, at a CAGR of 5.1%, as per Research and Markets. The growth is mainly attributed to the increasing rates of industrialization and globalization across the globe. This is also expected to give impetus to the global demand for polystyrene market in packaging and electronics applications. China is anticipated to be the largest market for polystyrene, followed by other emerging economies in the Asia-Pacific region. Asia-Pacific is the most dominant region in the polystyrene market owing to increasing plastic consumption and rapid urbanization in this region. Packaging and electronics are estimated to be the two largest application segments of the polystyrene market in 2014. These segments are projected to grow at the highest CAGR in global polystyrene market between 2014 and 2019. High penetration of polystyrene in the electronics and appliances industry is anticipated to fuel the growth of the global polystyrene market. Asia-Pacific is projected to continue to lead the polystyrene market till 2019, followed by North America and Europe. Asia-Pacific and South America & MEA are the fastest-growing regions in the polystyrene market. Asia-Pacific has its major demand and supply of polystyrene concentrated in the north-eastern region, with China being the largest producer and consumer of polystyrene, followed by Japan, Korea, and Australia.