South America Polystyrene (PS) Market - Segmentation by Product Type, End-use Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The demand for South America Polystyrene (PS) market was valued at USD 1.3 billion in 2017 and is expected to expand at a CAGR of 4.70%, 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 lightweight, rigidity, and thermal and acoustic insulating properties.
Growth in End-user Industries
The PS market in South America is expected to grow at a moderate pace with the growth of automotive, construction, electronics, and medical device industries. Brazil is expected to be growing due to the automotive industry and heavy industrial activities, since Brazil is an emerging economy. Brazil being the third major aerospace manufacturer in the world opens up major opportunities in the PS market, as aerospace is one of the major industries the uses PS. Also, use of PS in packaging has increased in Argentina. The Brazilian government is investing heavily in the R&D sector, with public universities and research institutes carrying out such activities, thus, further driving the PS market in the region.
Packaging – The Fastest Growing Segment by Usage
Packaging is the fastest growing end-user segment and is expected to expand at a CAGR of 4.70%, during the forecast period. Use of PS in the packaging sector has increased enormously in Argentina. PS is widely used for packaging egg trays, fast foods, meats at butcheries, fish, poultry, vegetables, and cold drinks and warm beverages. Due to the sanitation qualities of polystyrene, the food packaged will not spoil easily as can be the case with cardboard packaging. The food can be stored in the refrigerator and transported. PS is also perfect for disposable usage. Liquid cartons are one of the largest growing packaging applications, owing to an increase in alcoholic and non-alcoholic beverages and food consumption. Additionally, changing lifestyles and increasing popularity of packaged food is promoting the growth of the market.
Argentina to Lead the Market
Argentina is the fastest growing country and is expected to expand at a CAGR of 4.63%, during the forecast period. The economy of the country is in its stage of growth owing to the support of the government. The government has also cut taxes on new cars to boost sales, thus, driving the automotive industry. Brazil and Argentina have also extended their trade free agreement for exports & imports of automotive and its parts. This is expected to give major benefit to the Argentine automotive industry.
Major Players: BASF SE, SABIC, Formosa Plastics, DowDuPont and Nova Chemicals, among others.
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