Polystyrene (PS) & Expandable Polystyrene (EPS) Market Expected To Grow Around USD 42.0 Billion, Globally by 2020
Zion Research has published a new report titled “Polystyrene (PS) & Expandable Polystyrene (EPS) Market for Building & Construction, Electrical & Electronics, Packaging and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020.” According to the report, global demand for polystyrene and expanded polystyrene was valued at USD 32 billion in 2014 and is expected to reach USD 42 billion in 2020, growing at a CAGR of approximately 4.5% between 2015 and 2020. In terms of volume, the global polystyrene and expanded polystyrene market stood at 17.5 million tons in 2014.
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Polystyrene is a thermoplastic polymer made from the styrene monomer. Benzene and ethyl benzene are the key raw materials used to form styrene. Polystyrene is available as a solid as well as foam. Polystyrene is clear, hard, and rather brittle. Polystyrene is a cheaper resin available in the market. Polystyrene is a commodity resin as the scale of its production being several billion kilograms per year. Polystyrene is transparent; however, it can be colored with colorants. Polystyrene and expanded polystyrene are widely used in host of applications in different industries including, building & construction, electrical & electronics, packaging, etc. Polystyrene (PS) is mainly used for producing disposable plastic cutlery and dinnerware, etc. Polystyrene foams are good thermal insulators and are therefore often used as building insulation materials, such as in insulating concrete forms and structural insulated panel building systems. Expanded polystyrene (EPS) is a rigid and tough, closed-cell foam. It is usually white and made of pre-expanded polystyrene beads. EPS is used for many applications e.g. trays, plates, bowls and fish boxes.
Polystyrene and expanded polystyrene market is mainly driven by strong demand from packaging industry. Packaging industry in emerging economies such as China, India, Brazil, South Africa, etc. is growing at a rapid pace. Increasing demand for consumer goods in these countries has been resulted into rise in demand for packaging materials. Moreover, strong growth of food & beverages and pharmaceutical industry in emerging economies is expected to further trigger the demand for packaging industry. Secondly, growth of electronics and construction industry across the world is another major driving factor for the growth of polystyrene and expanded polystyrene market. However, environmental concern, fluctuating prices of raw materials and substitute materials are expected to present significant challenge to industry participants. This is expected to affect the growth of this industry in the years to come. Recycling of polystyrene is expected to open new growth window for the industry participants.
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Polystyrene and expandable polystyrene (EPS) are the key products types of polystyrene market. Polystyrene dominated the global market with around two third shares of the global market in 2014. However, expanded polystyrene is expected to be the fastest growing segment during the forecast period. The key application markets for polystyrene and expanded polystyrene includes packaging industry, electrical & electronics, building & construction, and others applications. Packaging industry dominated polystyrene and expanded polystyrene market with around 40% share of the total volume consumed in 2014. Electrical and electronics segment is expected to be the fastest growing application market for polystyrene and expanded polystyrene. Other applications include disposable razors, plastic cutlery, CD cases, plastic models, Petri dishes, etc. that can also have a moderate level of market for the forecasted period.
Asia Pacific was the leading regional market polystyrene and expanded polystyrene with over 40% share in total volume consumption in 2014. It is also expected to be the fastest growing regional market during the forecast period. Asia Pacific is dominated by China, which accounts for huge share in total volume of polystyrene and expanded polystyrene consumed in the region in 2014. China is expected to be major driving force for the growth of global polystyrene and expanded polystyrene market. Asia Pacific was followed by Europe and North America. However, Europe and North America are expected to witness decline its market share over the forecast period owing stringent environmental regulations and growing demand for bio-base products in the region.
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Some of the key industry participants in global polystyrene and expanded polystyrene market includes, Adeplast S. A. (Romania), BASF SE (Germany), Ineos Styrenics (Switzerland), Armacell LLC (Germany), Carpenter Co. (U.S.), Owens Coming (U.S.), Nova Chemical Company (U. S.), and Kaneka Corporation (Japan), and others.
Zion Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Zion Research experienced team of Analysts, Researchers, and Consultants uses proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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