Polystyrene Market - Forecast(2021 - 2026)

In 2018, global import value of polystyrene was recorded to be $5,861,151 with 12% growth from the preceding year. Considering the volume of production, total imports in terms of weight was 3,796,816 tons in the same year. Polystyrene owing to its lucrative properties such as high impact and heat resistance, good electrical insulation, excellent optical clarity, strong chemical resistance and flame retardant have scored rampant opportunities of application in various industries. 

Burgeoning scope of application in various verticals from automotive and construction to packaging and electronics industries, has elevated the global polystyrene market size as $27.6 billion in 2018. Along with economic cost price, substantial investment into R&D for ethical disposal of polystyrene is enhancing the ecological front of the market, hence adding further opportunities in the polystyrene market progressing with a global CAGR of 5.60% during the forecast period of 2019-2025. Considering the developments towards ecological enhancement of the commodity, BASF SE has opted for procuring a third-party verified Manufacturer Inventory report its  Neopor Plus Graphite Polystyrene Insulation. As this report adheres to LEED (Leadership in Energy and Environmental Design), a globally recognized rating system, such authorization by an elite organization is a remarkable point to attract customers.

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Polystyrene Market Outlook:

APAC with its developing economy of India and China as globally leading manufacturing hub, is the foremost lucrative marketplace for polystyrene. In 2018, China led the global imports of polystyrene with value of $1,501,183 and volume recorded as 1,060,682 tons with 26% share in global imports. This is well resonated with the sheer affluence of APAC capturing 52% of the global polystyrene market size in 2018. Other factors supporting the dominance of APAC is its impeccable automotive OEMs center, profound growth in construction and refurbishment, voluminous electronics sales and most influencing aspect of ballooning packaging industry. 

Supporting facts-

· Global Beverage Packaging market demand is highest in APAC with a share of 24% residing in this region. Asia is globally leading as the largest beer-consuming region.

· Flexible Packaging market- APAC is estimated to be the dominant terrain globally in terms of generating demand with a substantial 43% of global flexible packaging market share.

Polystyrene is a form of polymers with thermoplastic characteristics. This peculiarity enables it to be an effective material for packaging as it can be molded. Consequently, packaging is the fastest growing application segment in polystyrene market, progressing with an application CAGR of 5.90% going through 2025. With the growth of e-commerce, demand for improved packing enduring hefty logistics operations in increasing. Polystyrene plastic, polystyrene foam, expandable polystyrene, medical plastics have ample scope of packaging application in F&B, electronics, cosmetics and medical devices. Adequate compatibility with both rigid plastic packaging and flexible packaging offering excellent insulation and weather resistance, polystyrene market growth is well driven by the flourishing packaging industry.

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Polystyrene Market Growth Drivers:

· Polystyrene in Lightweight Automotive Equipment-

Lightweight equipment trend is leveraged by the automotive industry, and its wide application is in OEM packaging device, manufacturing constituent and others. Owing to its strength, scratch resistance, moldability, and light weight, expandable polystyrene are applied in original equipment of automobiles. Some examples of polystyrene constituted automobile parts are seating gears, bumper cores, void fillers, roof liners, and padding.

· Polystyrene Supporting Sleek Electronics Trend-

Contemporary drifts in electronics engineering are targeted towards huge designs with thinner walls, and complex design features adding aesthetic value. Polystyrene delivers strength required by large applications such as television frames and display components, with amalgamation of high flow characteristics obligatory for tiny and intricate parts used in electronic devices. This allow OEMs to deliver complex, sleek designs with adequate strength.

Polystyrene Market Players :

Some of the key players operating in the global polystyrene market are BASF, SABIC, Formosa Plastics Ltd, Styrosolution Group, Videolar, Total SA, Kumho Petrochemicals Ltd, Trinseo, DowDuPont, ACH Foam Technologies LLC, Chi Mei Corporation, and A.Schulman Inc.

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