Global Polystyrene Market - Segmented by Resin Type, Form Type, End-User Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global polystyrene market has been estimated at USD 28,103.36 million in 2017. The market is expected to register a CAGR of 4.91% during the forecast period, 2018 to 2023. General Purpose Polystyrene dominated the global polystyrene market with nearly 25% share globally and is estimated to register the fastest CAGR through the forecast period.
GROWING CONSUMER ELECTRONICS MARKET
Consumer electronics is an innovation based highly competitive market. Polystyrene is an important product used in various applications in consumer electronics such as housing for TV's and all kind of IT equipment’s, form and aesthetics, and a high performance/cost ratio. Polystyrene is a favorable choice for media enclosures, cassette tape housing, and clear jewel boxes to protect CDs and DVDs. Continuously changing technology and decreasing price range of products are the key driving factors for consumer electronics in the global market. Emerging economies such as China, India, Indonesia, Thailand, Australia, Brazil, South Africa, South Korea, etc. are new markets and showing huge potential for growth.
General purpose polystyrene, also known as crystal or straight polystyrene, is the transparent and rigid form of polystyrene mainly used for food packaging. Applications include a variety food containers and trays. GPPS also find application in healthcare industry. It is used for the manufacturing of disposable medical products such as test kits housing, test tubes, etc. Asia-Pacific is the largest producer as well as the consumer for the GPPS market. It is followed by Europe and North America.
Asia-Pacific Dominates the Market
Asia-Pacific has the highest share in the market, accounting for nearly 47% of the global market share in 2017. The market for Asia-Pacific is driven majorly because of the increasing consumer base and high demand for packaging. Moreover, the construction sector in the region remains positive, as the industry is expected to benefit from the increasing demand, triggered by a rebound in the residential construction and infrastructure projects.
China is the Largest Consumer
China’s geographic location provides easy access to industrial goods markets in neighboring countries, as well as globally, to other countries; this makes it a major access point for manufacturers and suppliers. Demand for polystyrene in China has remained strong over the past few years owing to increased electrical, electronics, and packaging applications. The abundant availability of raw materials and low cost of production is estimated to boost the demand in the polystyrene market in the country.
Key Developments in the market