Middle East & Africa Polystyrene (PS) Market - Segmentation by Product Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Middle East & Africa polystyrene (PS) market was valued at USD 2,103.22 million in 2017 and is expected to expand at a CAGR of 4.49% during 2018 - 2023. Polystyrene (PS) is one of the multipurpose polymers available for a variety of applications. It has found various application areas across a wide range of industries due to its light weight, rigidity, and thermal and acoustic insulating properties.
Growth in End-user Industries
The construction industry in Saudi Arabia is expected to grow at a faster pace during the forecast period. The population of the country is also increasing, which has also increased the demand for houses in the country. Moreover, the packaging industry in Saudi Arabia is the key driver for the market of PS. The government’s development plan also has supported investments in sectors such as healthcare, infrastructure, housing projects, construction & maintenance in the oil & gas sector, and so on. The electronics industry is also increasing, with higher demand for smartphones, iPad, tablets, and other electronic gadgets due to the growth in consumer purchasing power and preferences for new trending products. With further growth in these industries, the market for PS is also expected to grow at a steady rate.
Packaging – The Fastest Growing Segment by Usage
The packaging industry is the fastest growing end-user segment and is expected to grow at a moderate CAGR during the forecast period. Food, consumer durables, and flexible packaging have a significant role in increasing the demand for polystyrene. PS has multiple applications in CD and DVD cases, food packaging, egg cartons, etc. The food packaging market is growing with the increasing population and the growing demand for hygienic products. Also, it is perfect for disposable usage.
South Africa to Lead the Market
South Africa is the largest market and accounted for more than 19% in the Middle East & African polystyrene market in 2017, due to the government’s plan to take on new initiatives for promoting investments and building consumer confidence. The building & construction industry in South Africa has a positive outlook due to increase in demand for housing and the growth in new residents in urban areas. Due to the environmental problems caused by leftover PS, the Polystyrene Packaging Council (PSPC) was started in South Africa to ensure recycling for sustainable development. It is expected to have a bright future, with investments boosting up and growing consumer demand. Overall, the country’s PS market is anticipated to grow during the forecast period.
Major Players: BASF SE, SABIC, Total SA, Trinseo, and Ineos Styrolution, among others.
Reasons to Purchase the Report
To understand the impact of end-user applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 month analyst support, along with the Market Estimate sheet (in Excel)
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