Polystyrene market in Asia-Pacific and North America to grow at over 5% CAGR by 2018

25-Mar-15

The Asia-Pacific Polystyrene market is expected to reach a value of US$11,255.4 mln by 2018 at a CAGR of 5.6% during the forecast period of 2013 to 2018, as per MicroMarket Monitor. The growth of the Asia-Pacific Polystyrene Market is driven by the increasing applications in the electronics and appliances industries in the region. The main industries that use polystyrene as a raw material are consumer goods, packaging, electronics parts, electronics & electrical appliances, construction, insulation, and food, among others. Polystyrene is demanded by industries in various compositions and varied properties. Polystyrene manufacturing companies, with extensive R&D, develop various new applications for polystyrene. Polystyrene manufacturers are adversely affected by the fluctuating global crude oil prices, as these fluctuations have direct impacts on their manufacturing costs. Asia-Pacific holds the largest share of the global market, owing to the huge demand from the packaging and electronics industries of the region. China holds the leading position in the Asia-Pacific market, both in terms of revenue as well as volume. The major players in the Asia-Pacific market include Total Petrochemicals (France), Formosa Chemicals & Fibre Corporation (Taiwan), Toyo Styrene Co. Ltd. (Japan), Jiangsu Laidun Baofu Plastifying Co. (China), Korea Kumho Petrochemical Co. Ltd. (South Korea), PS Japan (Japan), Styrolution (Germany), and Chi Mei Corp (Taiwan), among others. The North America Polystyrene Market is witnessing a high growth due to overall economic growth; polystyrene is used in a variety of applications. The report estimates the size the North America Polystyrene Market both, in terms of volume and value. The report provides a comprehensive overview of the key market drivers, challenges and issues. North America Polystyrene Market is projected to reach US$6,202.24 mln by 2019, at a CAGR of around 5.2% from 2014 to 2019. The key driver of the market is the growing end-user industries especially the packaging sector.