Polystyrene Market 2023 | Trinseo, SABIC, Innova, Alpek SAB De CV, INEOS Styrolution Group GmbH, ACH Foam Technologies, Inc., Formosa Chemical & Fibre Corp., BASF SE
A synthetic polymer that is in huge demand across various industries for production purposes is polystyrene
A synthetic polymer that is in huge demand across various industries for production purposes is polystyrene. Industrial applications require polystyrene. Therefore, it is always in demand somewhere, and there is a guarantee of its market to remain active and grow steadily. The only thing that can impact, polystyrene market is that fact that polystyrene is not biodegradable. It takes a long time to decompose and causes air pollution, water pollution, and land pollution. It also carries toxic elements like benzene and styrene. Air pollution caused by polystyrene also hurts the ozone layer which is resulting in hazardous global warming.
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A research report about global polystyrene market has been published by Market Research Future (MRFR) which estimates 5.4% CAGR (Compound Annual Growth Rate) between 2016 and 2022. This report provides a detailed analysis of the market structure along with the forecast for the next seven years. It explores the dynamics of demand and supply while understanding the consumption concentration mapping. Profiling key players in the market, this report observes their practices. Current regulatory requirements by the government that are relevant to the market, historical market trends, and patents and technologies have been evaluated in this report.
The global polystyrene market has been segmented on the basis of the end user, types, and region. Based on end users, this market has been segmented into the automotive industry, construction industry, consumer industry, electronics, packaging industry, pharmaceuticals, and thermal insulation industries. By types, the market has been segmented into expanded polystyrene (EPS), general purpose polystyrene (GPPS), high impact polystyrene (HIPS), Extruded polystyrene foam (XPS), and others. The regional segmentation of the global polystyrene market covers the North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA) of the world (RoW). Maximum production and consumption of polystyrene happen in Asia Pacific region due to an increase in demand of the automotive industry, electronics industry, and packaging industry. In this region, China and India are the biggest markets for polystyrene. After China and India, Japan is the biggest market for polystyrene. The second largest market for polystyrene is Europe, followed by Latin America. In Europe, maximum market revenue comes from France, Germany, Italy, Netherlands, and the United Kingdom (UK), followed by rest of Europe. Due to environmental concerns, in North America, use of polystyrene is limited, but its market is steady despite reaching its saturation point. In North America, the biggest market for polystyrene comprises of Canada and the United States of America (USA). During the forecast period, Europe is expected to witness a rise in the market due to the increase in demand for pharmaceutical industries. In Latin America, the polystyrene market is expected to grow due to the construction industry. RoW sub-segmentation of regional segmentation covers South America which is a small but steady market for polystyrene.
Worldwide Key Players:
Chevron Phillips Chemical Company
INEOS Capital Limited. SA
Saudi Basic Industries Corporation
Latest Industry News
The inauguration of Agilyx plant called Tigard in Oregon was recently attended by many business and government representatives. A major polystyrene producer attending the inauguration ceremony said that Tigard, being a polystyrene recycling facility, could convert 10 tons per day of rigid and foam polystyrene into a styrene monomer for sale into chemical markets. Tigard plant is now fully operational, and it is processing material.
San Diego has moved a step closer to becoming the fourth city in San Diego County of California to ban food and beverage containers made of polystyrene. This ban would also apply to polystyrene egg cartons, coolers, dock floats, ice chests, mooring buoys and pool toys. The legislation banning polystyrene will make it compulsory for restaurants to straws and plastic utensils available to customers only upon request. Restaurants with revenues less than $500,000 could receive a hardship exemption from the city lasting as long as two years.
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