Europe Polystyrene Market - Segmented by Resin Type, Form Type, End-User Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The Europe polystyrene market has been estimated at USD 7,111.73 million in 2017. The market is expected to register a CAGR of 3.91% during the forecast period, 2018 to 2023. High-impact Polystyrene (HIPS) dominated the European polystyrene market with nearly 44% share and is estimated to register the fastest CAGR through the forecast period.
GROWING CONSUMER ELECTRONICS MARKET
Europe has one of the largest Polystyrene recycling capacity in the world (27% of the total Polystyrene waste generated in Europe). In 1992, the EPS (Expanded Polystyrene) organization from Europe (EUMEPS) along with the Asian and North American organizations formed the international EPS alliance with the goal to enhance polystyrene recycling around the globe. This has led to increasing awareness for polystyrene recycling. The major countries where Polystyrene is recycled are Netherlands, Germany, Belgium, Italy, and France. As much as 60% of PS was recycled in Netherlands in 2013. In Belgium, as much as 6.86 kilo metric tons of PS waste was generated from the packaging industry, out of which 3.3 kilo metric tons was recycled in 2013. Recycling PS reduces the amount of PS litter, which is harmful to wildlife; it also leads to less landfill space requirement and saves the costs of disposal.
High impact polystyrene contains rubber. It is less transparent than GPPS and not clear. It is mainly used for products which require high impact resistance. Packaging is the largest segment for HIPS. It is used for food packaging (meat trays, egg cartons, fruit trays, dairy packaging), industrial packaging and consumer packaging (cassettes, CD covers, etc.) HIPS is also used majorly in electronic and appliances applications such as in computer housings, TV housings, and freezer and refrigerator liners appliances housings.
Germany Dominates the Market
Germany has the highest share in the market, accounting for nearly 23% of the regional market share in 2017. The market for Germany is driven majorly because of the recovering construction industry. The non-residential and commercial buildings in the country are also expected to see significant growth prospects in the coming years. This growth is also supported by the lower interest rates, increase in real disposable incomes and numerous investments by the European Union and the German Government. This is expected to lead to an increase in the demand for PS in the country.
Key Developments in the market
December 2017: Trinseo announces price increases for Polystyrene, Polycarbonate and Copolymers in Europe
Major Key Players are INEOS STYRLOUTION GROUP GMBH, TOTAL, TRINSEO, SABIC and BASF and Other Players Include KUMHO PETROCHEMICAL CO., LTD., LG CHEM, LTD., SYNTHOS S.A., THE DOW CHEMICAL COMPANY, and VERSALIS S.P.A.
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