Increasing population, rapid urbanization and industrialization is driving Polystyrene (PS) market revenue growth
Polystyrene (PS) Market Size – USD 579.30 Billion in 2020, Growth – at a CAGR of 3.3%, Trends – High demand from packaging sector
The global Polystyrene (PS) Market size is expected to reach USD 752.16 Billion in 2028 and register a revenue CAGR of 3.3% over the forecast period, according to the latest report by Reports and Data. Increase in demand for plastic from automotive, construction and electronics is driving the market revenue growth.
The major reason for high demand for Polystyrene (PS) is the fact that they helps make lives easier, cleaner, and safe. There are various advantages associated with Polystyrene (PS) like low-cost imperviousness to water, and ease of manufacturing, which have resulted in their widespread use in industries such as construction and automotive industry. Increase in demand for plastic packaging solutions to protect the products is driving market revenue growth.
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Top Companies: Arkema, BASF SE, SABIC, Eastman Chemical Company, DowDuPont, Evonik Industries, Celanese Corporation, Sumitomo Chemicals, Lotte Chemical Corporation, and Chevron Phillips Chemical Co. LLC.
Further Key Finding from the Report Suggestion:
- In June 2021, Covestro and Nexeo Plastic partnered together for development and launch of Polycarbonate/ABS 3D printing filament – Addigy®FPB 2684 3D. The product performs well by resisting discoloration and avoiding fragility in extreme temperature. It also saves time and money in replacing parts as it is resilient and long-lasting.
- Polyethylene segment accounted for largest revenue share in 2020 as it has enhanced mechanical and physical properties and dimensional stability. Polyethylene is used in various applications, such as, films and membrane, packaging and cable coverings, buckets, toys, lids, and container bottles. It is also available in different grades like high-density polyethylene (HDPE) and low-density polyethylene (LDPE), which is also driving growth of the segment.
- Biodegradable segment revenue is forecast to grow at a rapid rate during the forecast period due to rising awareness about the adverse impact of plastic on the environment and associated growing popularity of biodegradable Polystyrene (PS), whose components are derived from renewable raw materials, which contributes to the growth rate witnessed by this segment.
- Packaging segment accounted for largest revenue share in 2020 as most of the food and medical product packages are made of Polystyrene (PS). Demand for packaging has increased during COVID-19 pandemic in e-commerce, groceries and healthcare products. Advent of bioPolystyrene (PS) has played a significant role in pharmaceutical and food and beverage packaging applications.
- North America accounted for a significant revenue share in 2020 due to high demand from the U.S. Well established healthcare sector, packaging and electronic industries is also driving growth of plastic market in the region. Presence of major market players in the region such as Eastman Chemical Company, DowDuPont and Celanese Corporation is also contributing to the growth of the market.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Plastic market is segmented into:
Product Type Outlook (Revenue, USD Billion; 2018–2028)
- Polyethylene
- Polypropylene
- Polyurethane
- Polycarbonate
- Acrylonitrile Butadiene Styrene (ABS)
- Polyphenylene Oxide
- Polyvinyl chloride
- Polyethylene terephthalate
- Polybutylene terephthalate
- Liquid crystal polymers
- Epoxy polymers
- Polyamide
- Polysulfone
- PEEK
- PPSU
- Others
Degradability Outlook (Revenue, USD Billion; 2018–2028)
- Non-biodegradable conventional Polystyrene (PS)
- Biodegradable Polystyrene (PS)
Application Outlook (Revenue, USD Billion; 2018–2028)
- Bottled Water
- Sheet Film
- Food Packaging
- Non-Food Packaging
- Carbonated Soft Drinks
- Others
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Packaging
- Agriculture
- Consumer Goods
- Medical Devices
- Automotive
- Furniture and Bedding
- Construction
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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