China Drives Global Polystyrene and Expandable Polystyrene Market at 4.70% CAGR Owing to Increased Demand
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According to the report, the polystyrene and expandable polystyrene market is largely driven by the growth of the packaging industry in BRICS nations and the booming consumer electronics sector across the globe. Development of recycled polystyrene products is estimated to propel the polystyrene and expandable polystyrene market over the next four years. On the down side, volatility of raw material prices and availability of high-performance substitutes threaten the growth of the global market.
On the basis of application, the polystyrene and expandable polystyrene market is segmented into electrical and electronics, building and construction, packaging, and others. The largest application segment in 2013 was packaging and this trend will continue throughout the forecast period. Retail, food, and consumer goods are the key end-users of polystyrene and expandable polystyrene within the packaging industry. Identified to be the most rapidly developing application segment from 2014 to 2020, electrical and electronics hold the second place in the polystyrene and expandable polystyrene market.
The global polystyrene and expandable polystyrene market is geographically divided into five key segments: Europe, North America, China, Rest of Asia Pacific, and Rest of the World. China is the largest market for polystyrene and expandable polystyrene in terms of both revenue and volume. Demand for polystyrene and expandable polystyrene in China has remained strong over the past few years owing to increased electrical, electronics, and packaging applications. This demand is anticipated to rise at a rapid pace in the coming years owing to major electronics manufacturing companies shifting plants from Japan to China. Abundant availability of raw material and low cost of production are the main reasons for this shift in manufacturing base.
The polystyrene and expandable polystyrene market in North America is predicted to witness sluggish growth owing to the ban of polystyrene in the food packaging industry. The building and construction industry, however, will develop at an increased pace in North America thanks to growing demand from the thermal insulation flooring and roofing segments. The Europe polystyrene and expandable polystyrene market will develop at a moderate pace during the forecast period.
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The leading companies operating in the global polystyrene and expandable polystyrene market include Kaneka Corporation, Versalis S.p.A., S.C. Adeplast S.A., Owens Corning, Sunpor Kunststoff GmbH, Nova Chemicals Corporation, Synthos S.A., Total Petrochemicals & Refining USA, Inc., INEOS Styrenics, and BASF SE.
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