Polystyrene & Expanded Polystyrene Market to Cross $51.5bn by 2024
Polystyrene (PS) has been gaining a rising popularity in the recent years owing to is distinguished benefits such as: strength of steel, light weight of aluminum, clarity of glass and UV-resistant properties. It has been one of the most commonly produced plastics and generated revenue close to USD 22.1 billion in 2016. Considering plastics demand by polymer type, PS and EPS together contributed to over 8% share in Europe in 2016.
It will likely witness significant demand for its usage in the packaging industry (in disposable cushioning materials, coffee cups, meat trays, etc.), in construction applications such as for roofing and glazing, road marking, hurricane panels, insulation, sanitary applications, etc. The polystyrene & EPS market will be driven by the robust growth of pharmaceutical and food & beverages industry for the product usage in packaging applications.
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The construction industry has been witnessing rising usage of expanded polystyrene (EPS) for inroad foundations, flotation, cellular bricks, bridges, railway lines, public buildings, drainage, etc. in the recent years. The rising preference is mainly driven by its features such as lightweight, mechanical resistance, low thermal conductivity and low water absorption. Substantial demand from the construction industry will propel the polystyrene & EPS market by 2024. Drifting consumer preferences and pressing need for technologically-advanced products will boost the EPS market.
The polystyrene & EPS market will be subjected to some restraints in the forecast period. Fluctuating raw materials prices including benzene, styrene monomer, etc. will likely present significant challenge to industry participants. The industry will also bear a threat of disposal and negative scrap value. About 12,000 tons of EPS is disposed of to landfill each year, that takes 240,000 cubic meters of landfill space. According to EPA, 2.3 million tons of polystyrene end up in landfills out of every three million tons of produced in the U.S. The costs of recycling polystyrene were marked over USD 3,000 per ton by the California Department of Conservation.
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PS held an extensive market share more than 50% in 2016 and will likely observe the similar inclinations over the forecast period. The rise will mainly due to the rising preference for PS in construction industry on account of its swift assembly ability and low subsequent maintenance. EPS is projected to have the fastest growth over the forecast timeframe particularly for its demand in packaging, refrigerator lining and construction industry.
In 2016, packaging application segment had contributed to over 40% of the overall market and is projected to witness promising gains by 2024. Electrical & electronics sector is as another significant application that contributed to a revenue over USD 10.2 billion in 2016.
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With top seven players accounting for less than 30% industry share, global polystyrene & EPS market is highly fragmented. The key top players in the business are BASF SE, Total Petrochemicals & Refining USA Inc., S.C. Adeplast S.A, Sunpor, Ineos Styrenics, Nova Chemicals and Synthos S.A.
Asia Pacific accounted for over 40% of the overall polystyrene & EPS market share in 2016. Following the similar trends, the industry will be mainly led by China over the forecast timeframe. Rising construction industry in the region will propel the demand for the polystyrene & EPS market.
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