Global Polystyrene Market to Grow at a CAGR of 1.9% over the Forecast Period of 2024-2032

The global polystyrene market is being driven by polystyrene’s growing demand in the construction and electronics sector. Polystyrene, being a flexible plastic, is used to produce a wide range of consumer products like automotive parts, toys, laboratory products, electronics, etc. Thus, consumer electronics has emerged as a major driving segment for the industry, which is expected to grow at a CARG of 7-10% till 2023.

The Asia Pacific dominates the global market for polystyrene, contributing significantly to the global trade market of the product. In February 2020, INEOS Styrolution Group GmbH, a leading global styrenics supplier, completed the acquisition of two polystyrene sites in China from Total S.A. The company focuses on styrene monomer, polystyrene, ABS Standard, and styrenic specialties and provides the ease of recyclability and compatibility to its consumers. With this acquisition, the company aims at expanding its market in Asia, further making domestic market in China accessible to the company with locally produced materials.

Moreover, with the increasing environmental concern and rising plastic pollution, the demand to reduce plastic waste is on the rise. Thus, the major players in the industry like Total S.A. (NYSE: TOT) and others are focusing on recycling its plastic produce, further reducing the carbon footprint on the environment. Total S.A., a global leader in bioplastics, is the most integrated oil and gas company with worldwide operations, producing fuels, natural gas and low-carbon electricity. In June 2018, Total S.A. announced that it has joined forces with Citeo, Saint-Gobain, and Syndifrais, to create a polystyrene recycling channel in France by 2021. The feasibility of large-scale production will be validated at the Group’s industrial sites in Carling (France) and Feluy (Belgium). All the four players in the polystyrene consumer packaging value chain actively seek a recycling solution that will ensure the development of a circular economy for such products.

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Market Breakup by Applications and Regions:

• Based on application, the global polystyrene industry, can be broadly categorised into packaging and one-time use, consumer and institutional, electrical and electronic, building and construction, and resellers and others.
• The regional markets for global polystyrene market are North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global polystyrene market is being driven by its increased demand from electric and electronic appliances sector as it is used for insulation and other purposes. 
• The increasing urbanisation has resulted in the growth of the infrastructural activities, further leading to the development of construction sector, which is providing further impetus to the market for its growth. 
• The increasing demand for high impact polystyrene and general-purpose polystyrene from different sectors, particularly consumer electronic segment, is further aiding the growth of the industry.

Key Offerings of the Report:

• The EMR report gives a detailed insight into the applications and regional markets of polystyrene for the periods (2018-2023) and (2024-2032). 
• The report gives the regional historical (2018-2023) and forecast (2024-2032) price trends of polystyrene. 
• The global trade data has also been provided in the report by EMR, analyzing the value and volume of the major importing and exporting countries.

The major players in the global polystyrene market are INEOS Styrolution Group GmbH, Total S.A., Americas Styrenic LLC, CHIMEI Corporation, PS Japan Corporation, Shanghai SECCO, Petrochemical Company Limited, Versalis S.p.A., Supreme Petrochem Ltd, and Trinseo PLC, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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