Polystyrene market estimated to cross US$28 bln by 2019

25-Aug-15

The polystyrene market is expected to reach US$28.2 bln by 2019, at a CAGR of 5.1% from 2014 to 2019, as per MarketsandMarkets. The global polystyrene market is experiencing a steady growth over the last few years, mainly due to the ever increasing global population. One of the major factors propelling the growth of the polystyrene market is that polystyrene is relatively inexpensive in nature. The polystyrene market is mainly driven by the increasing rate of industrialization and globalization, as the demand for polystyrene is growing across varied industry verticals such as packaging and electrical & electronics among others. Packaging, construction, and consumer electronic industries are major consumers for polystyrene. Other factors influencing its market growth are increasing application of polystyrene in the manufacturing of rubber and plastic, high production cost of substitutes, and growth of the plastic & rubber industries in the Asia-Pacific, South America, and MEA regions. The major restraining factors of this market is the increasing awareness regarding the negative impacts of polystyrene, which in turn has led to shift in consumers' preference towards the consumption of organic products. Recycling of polystyrene also creates potential growth opportunities for key market players. Packaging is the major application of the polystyrene market, followed by electronics and consumer goods & appliances. Packaging is the largest application segment in the polystyrene market, and accounts for more than one-third share of the global polystyrene market. The Asia-Pacific region dominated the polystyrene market for packaging application, followed by North America and Europe. The electronics application is projected to witness the highest CAGR of 5.9% between 2014 and 2019.