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The global polystyrene market is being driven by the rising demand for the product. The global demand for the product reached nearly 19.68 million metric tons in 2023 and expected to grow at a CAGR of 1.9% between 2024 and 2032.
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The demand for the product is further expected to grow at a CAGR of 1.9% between 2024 and 2032 to reach a volume of 22.43 million metric tons by 2032. The major supply markets include North America, the European Union, and the Asia Pacific region. The polystyrene market is significantly supported by the construction as well as the electronics industry.
The Asia Pacific region is a major regional polystyrene market. Currently, the Asia Pacific region contributes significantly to the total trade market of the material. While the import and export of high impact polystyrene (HIPS) and general-purpose polystyrene (GPPS) is balanced in the region, the Asia Pacific is a net exporter of expanded polystyrene (EPS) resin. The global production capacity for polystyrene, specifically high impact polystyrene, and GPPS is estimated to be about 14 million metric tons, with Asia accounting for about half of the total capacity. The global production capacity for expanded polystyrene (EPS) is estimated to be around 12 million metric tons, with the Asia Pacific accounting for about three-fourth of the total global capacity. The consumers in North America are expected to look to the Asia Pacific region to cater to their future requirements. China is one of the largest importers of HIPS and GPPS because of the increasing application of the substance in the consumer electronics industry.
The market for EPS is supported by the firm demand from the Asian market, which is expected to grow further in the coming years, while mature markets, like Europe and North America, are expected to grow slower than Asia. The United States is one of the net importers of high impact polystyrene (HIPS), general-purpose polystyrene (GPPS) and expanded polystyrene (EPS). With the rising demand for expanded polystyrene, Europe might depend on imports from regions like Korea and India. Turkey is the largest export market within Europe, accounting for nearly half of the total exports in Europe. The expanded polystyrene industry has been among the fastest-growing polystyrene markets, owing to the high demand from the construction sector. The industry is majorly impacted by the construction industry, which is growing at a rapid rate. The construction sector in the Asia Pacific region is likely to develop faster as compared to Europe and North America, thus, driving the demand for polystyrene within the sector.
Polystyrene is a flexible plastic used in the production of a wide range of consumer products. It is often used as a rigid, solid plastic in items requiring clarity such as food packaging and laboratory products. Polystyrene is used to produce appliances, computers, automotive parts, toys, gardening pots and equipment, and more when mixed with various colours, chemicals, or other plastics.
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It has wide applications in the following segments:
The report also covers the regional markets of the product like North America, Europe, the Middle East and Africa, the Asia Pacific, and Latin America.
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The polystyrene market is significantly driven by downstream users like the construction industry and electronics industry. The increasing application of expanded polystyrene for insulation and construction purposes is propelling the polystyrene market growth further. The construction industry is rapidly growing and is positively affecting the polystyrene industry. The expanded polystyrene market has been one of the fastest-growing styrene markets, due to high demand from the infrastructure and construction sector.
The rising use of high impact polystyrene and general-purpose polystyrene in consumer electronic devices is supporting the growth of the industry. The high impact polystyrene and general-purpose polystyrene market are supported by the demand from the Asian market. The segment is also growing due to its extensive use for insulation purposes as it has to compete only with cotton wool in this segment. The consumer electronics sector has a consumption rate of around 20% of the material and is aided by the electric and electronic appliances market.
February 2020- Ineos Styrolution completed its acquisition Total S.A.’s China polystyrene business, which includes the purchase of Ningbo and Foshan production sites.
The report gives a detailed analysis of the following key players in the global polystyrene market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the polystyrene market based on Porter's five forces model along with giving a SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global polystyrene market attained a volume of nearly 19.68 million metric tons.
The market is projected to grow at a CAGR of 1.9% between 2024 and 2032.
The major drivers of the market are the growing demand for thermal insulation, rise in the green building demand, increasing investment into research and development, growing global population, and increasing industrialisation and globalisation.
The growing usage of high-impact polystyrene and general-purpose polystyrene in consumer electronics and increasing application of expanded polystyrene for insulation and construction purposes are the key trends propelling the market growth.
The major regions in the market are North America, Europe, Asia Pacific, Latin America, and Middle East and Africa with Asia Pacific accounting for the largest share in the market.
The major applications in the global polystyrene market are packaging and one-time use, consumer and institutional, electrical and electronic, building and construction, and resellers, among others.
The major players in the 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.
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