North America Polystyrene (PS) Market - Segmentation by Product, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The demand for North America polystyrene (PS) market was valued at USD 4,206.09 million in 2017 and is expected to expand at a CAGR of 4.11% 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.
Recycling in Polystyrene Industry
Polystyrene is an excellent insulator, with numerous applications in building, construction, and packaging. However, the composition of PS has rendered it lightweight and bulky, making it a bigger constituent of solid waste. As a result, organizations across the globe have made it mandatory to recycle PS products to avoid the environmental risk it can cause. 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 encourage polystyrene recycling around the globe. This has led to increased awareness for polystyrene recycling worldwide.Recycling of polystyrene 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.
Packaging – The Fastest Growing Segment
Packaging is the one of the major sectors for PS applications. PS in the form of solid and foam is widely used in both food packaging and consumer products packaging applications. Owing to its properties such as ultra-lightweight, high strength, excellent thermal insulation, and shock absorption, PS is considered as an important product for packaging applications. Furthermore, it also provides cost-effective and environment-friendly packaging solution, which does not emit CFC or HCFC. It can also be recycled and is versatile. Canada Plastics Industry Association believes that PS is 100% recyclable and around 35% Canadian communities accept polystyrene food. Hence, the country will experience moderate growth in the PS market owing to the increased usage of disposable items by the growing population.
United States to Lead the Market
United States is expected to lead the market with a CAGR of 3.90% during the forecast period. Growing urbanization, investment in housing and construction, and development of retail chains are major factors driving the PS market in the United States. Even the automotive industry experienced a boom in the country mostly driven by the sales of passenger vehicles and trucks. With the expansion of all the industries in the United States, the consumption of PS will also rise in the country through 2023. Hence, overall the market for PS in the United States is anticipated to grow moderately during the forecast period.
Notable Developments in Market
November 2017: Ineos partners with Pyrowave in a polystyrene recycling project.
November 2017: BASF TOTAL Petrochemicals LLC strengthened its integration with Total Port Arthur Refinery.
Major Players: INEOS, SABIC, BASF SE, Total Petrochemicals, and Lyondell Basell, among others.
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