H1 2023: The major producers of polystyrene (PS) in H1 2023 were Total Petrochemicals, Zhenjiang Chi Mei Chemical, Formosa Plastics, and INEOS Styrolution. In March 2023, Zhangzhou CHIMEI Chemical Co., Ltd. announced the beginning of operations at their new polystyrene plant located at in Zhangzhou, in the Chinese province of Fujian. The PS plant will add 350 thousand tonnes per year capacity of Polystyrene to the current capacity of 570 thousand tonnes per year. The plant will achieve its full capacity in H2 2023 and reach a total polystyrene production capacity of 920 thousand tonnes per annum. The plant's construction took 20 months and is a next-generation plastics facility that is environmentally friendly, secure, ecologically friendly, and high-performing, built using top-notch safety designs and cutting-edge technology. Geographically, Asia Pacific region was the leading consumer of Polystyrene in H1 2023. However, Polystyrene market in the Asia-Pacific region experienced a bearish market sentiment in H1 2023. The Market's initial decline in the starting of 2023 was mainly brought on by a decline in demand from downstream industries like packaging and others. Additionally, throughout H1 2023, rise in inventories in China and weak demand from downstream industries made the polystyrene manufacturers to sell at low prices, which in turn compelled sellers to cut their asking prices. Additional factors like continuously dropping feedstock styrene costs further supported the Polystyrene low prices in China. Large orders weren't placed by buyers in the Chinese market which supported the pricing trend.
The global Polystyrene market stood at approximately 11 million tonnes in 2022 and is expected to grow at a steady CAGR of 6.02% during the forecast period until 2030.
Polystyrene is an artificial resin which appears to be a strong, stiff, and translucent. Styrene, a liquid hydrocarbon, serves as the monomer for the polymer polystyrene. Free-radical initiators are mainly used in bulk and suspension techniques to polymerize styrene, although solution and emulsion methods are also in application. Polystyrene’s interesting properties like light-weight nature and insulation properties are driving its application in multiple industries. Polystyrene is employed to manufacture expanded polystyrene (EPS). EPS displays high level of thermal conductivity, and its blocks are used in the construction sector for applications like concrete floor slabs and underfloor heating.
The global Polystyrene market industry driven by its unique properties. Polystyrene is water – resistant which drives its application in the packaging industry. Furthermore, this polymer can also blend with other polymers. Furthermore, its application to manufacture automotive components and electronic goods will most likely propel the market in the upcoming years. Its insulation and high strength drive its heavy usage in the construction industry, which further fuels the Polystyrene demand. There is heavy usage of expanded polystyrene (EPS) for the building sector. Since it has a light and stiff foam structure that provides good thermal insulation and a high level of impact resistance, fueling the Polystyrene market. The global Polystyrene market is anticipated to reach approximately 17.5 million tonnes by 2030.
Based on grade, the Polystyrene market is segregated into High Impact Polystyrene (HIPS) and General purpose polystyrene (GPPS) grade. Among these, the former grade, i.e., HIPS is leading the market with a consumption of nearly 60% of global market in 2022. High Impact Polystyrene (HIPS) is a versatile material with high impact strength, easy to be printed on, and easy to be thermoformed. It finds its applications in cooktops, goods for consumers gadgets, television and audiovisual equipment parts, tapes, bicycle trailers, and appliance parts, gasoline tanks, circuit boards, and components for the automotive industry
The region with the biggest demand for Polystyrene worldwide is Asia Pacific region and held a market share of around 40% of the world's Polystyrene market in the year 2022. Polystyrene is widely employed in the construction sector. Due to rapid industrialization, the demand of EPS is anticipated to rise, resulting in market to expand by 2030. Although, the demand of Polystyrene in Europe and North America is anticipated to experience a sluggish growth in the forecast period. Furthermore, APAC is also the highest producer of Polystyrene, with China as the top producer of Polystyreneamong other Asian Countries.
Based on the end-user industry, the Polystyrene market is segmented into Packaging, Household appliances, Consumer electronics products, Building and construction, and Others. Among these, Packaging industry is the leading segment, followed by Household appliances industry. Packaging industry accounted around 30% of the share of total Polystyrene demand in 2022. This industry is anticipated to maintain its position in the upcoming year owing to the growing demand of this plastic for food packaging coupled with growing population in the forecast period. Building and construction sector is also a flourishing sector and a prominent consumer of polystyrene.
Significant companies for Global Polystyrene market are Total Petrochemicals, INEOS Styrolution, Styrolution, Jiangsu Laidun Baofu Plastifying, Zhenjiang Chi Mei Chemical, Shanghai Secco Petrochemical, Formosa Plastics, Versalis, Trinseo, Supreme Petrochem Limited, LG Chem, DIC Corporation, PS Japan, and Jiangsu Lyan Qingfeng Newmaterial.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2030
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The objective of the Study:
To assess the demand-supply scenario of Polystyrene, which covers the production, demand, and supply of Polystyrene around the globe.
•To analyze and forecast the market size of Polystyrene.
•To classify and forecast the Global Polystyrene market based on end-use and regional distribution.
•To examine global competitive developments such as new capacity expansions, mergers & acquisitions, etc., of the Polystyrene market.
To extract data for the Global Polystyrene market, primary research surveys were conducted with Polystyrene manufacturers, suppliers, distributors, wholesalers, and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for the Global Polystyrene market over the coming years.
ChemAnalyst calculated Polystyrene demand in the globe by analyzing the historical data and demand forecast which was carried out considering the historical extraction and supply and demand of Polystyrene across the globe. ChemAnalyst sourced these values from industry experts, and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Polystyrene manufacturers and other stakeholders
• Organizations, forums and alliances related to Polystyrene distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Polystyrene manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Polystyrene market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
11 million tonnes
Market size Volume by 2030
17.5 million tonnes
Growth Rate
CAGR of 6.02% from 2023 to 2030
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2030
Quantitative units
Demand in million tonnes and CAGR from 2023 to 2030
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Capacity by Technology, Operating Efficiency, Production by Company, Demand by Grade, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade, Manufacturing Process, Policy and Regulatory Landscape
Segments covered
By End-Use: (Packaging, Household appliances, Consumer electronics products, Building and construction, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
Osaka Gas Co. Ltd
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What was the global market size of Polystyrene in terms of volume for 2022?
Ans:
The global market size of Polystyrene was approximately 11 million tonnes in 2022, and it is expected to soar with a CAGR of 6.02% in the forecast period.
Q2.
What are the major end-use industries of Polystyrene?
Ans:
Polystyrene is used in a wide range of end use industries Packaging, Household appliances, Consumer electronics products, Building and construction, and Others.
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