Asia-Pacific Polystyrene (PS) Market - Segmentation by Product Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The demand for Asia-Pacific Polystyrene (PS) market was valued at USD 13.4 billion in 2017 and is expected to expand at a CAGR of 5.74%, during 2018 - 2023. Polystyrene (PS) is a multipurpose polymer available for a variety of applications due to its light weight, rigidity, and thermal and acoustic insulating properties.
Growing Consumer Electronics Market
Continuously changing technology and the decreasing price range of products are the key driving factors for consumer electronics globally. Emerging economies such as China, India, etc., are new markets and showing huge potential for growth. Increasing demand from developing economies owing to rising tech astute population are key factors for the consumer electronics industry growth. Polystyrene is an important product used in numerous applications in consumer electronics such as housing for TVs and all kind of IT equipment. It is also a favorable choice for media enclosures, cassette tape housing, and clear jewel boxes to protect CDs and DVDs. The growing consumer electronics industry in these regions is expected to drive the polystyrene market.
Electrical & Electronics – The Fastest Growing Segment by Usage
The electrical & electronics industry is the fastest growing end-user segment of the PS market. PS is used widely in the electrical & electronics industry, owing to its properties such as good thermal insulation and high stiffness, in addition to being lightweight and cost-efficient. The electronics industry in Asia-Pacific is expected to observe major growth, as China is one of the biggest global manufacturers; South Korea and Japan come next in terms of expected growth rates. China also has the largest semiconductor manufacturing market globally. In India, the demand for electronics products and systems is expected to expand at a CAGR of 24.1%, according to the Electronic Industries Association of India, which is anticipated to further drive the domestic production through the years.
China to Lead the Market
China is an emerging economy and is the largest in terms of purchasing power parity. The electronics market has grown in the recent past, with innovations and advanced technology implementations. Electronic products such as smartphones, OLED TVs, tablets, etc., have the highest growth in the market in the consumer electronics segment. The demand for PS in China has remained strong over the past few years, owing to increased electrical, electronics, and packaging applications. The availability of raw materials and low cost of production are estimated to promote the demand in the PS market during the forecast period.
August 2017: INEOS Styrolution to expand its compounding capacity for styrenic polymers in India
Major Players: BASF SE, Nova Chemicals, DowDuPont, and Formosa Plastics, among others.
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