Polystyrene (PS) & Expandable Polystyrene (EPS) Market to Exhibit 4.5% CAGR from 2014-2020
Deerfield Beach, FL -- (SBWIRE) -- 08/28/2017 -- Zion Market 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.
Polystyrene is a thermoplastic polymer obtained from the polymerization process of styrene monomer. In a synthesis process, the raw material like benzene and ethyl benzene are used to form styrene. The polystyrene melts at high temperature and it can remain rigid on cooling. Its thermal properties help to produce different components by employing the different technology like molding, extrusion, and vacuum forming. 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. Some other types of polystyrene are general purpose polystyrene (GPPS), extruded polystyrene (XPS), and high impact polystyrene (HIPS).
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The packaging industry has remained major driving force for the growth of polystyrene and polystyrene 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 resulted into a 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 the packaging industry. However, environmental concern, fluctuating prices of raw materials and substitute materials are expected to present a 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 the market for the forecasted period.
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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 a huge share in total volume of polystyrene and expanded polystyrene consumed in the region in 2014. China is expected to be a 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.
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.
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