Polystyrene Market is Projected to Reach 28.2 Billion Dollar

A study, published by the Indian company Markets and Markets, Pune, revealed that the global polystyrene market is expected to reach 28.2 billion US Dollar by 2019, in terms of value, at a compound annual growth rate (CAGR) of 5.1 percent from 2014 to 2019. Recycling of polystyrene also creates potential growth opportunities for key market players.

The polystyrene market is mainly driven by the increasing rate of industrialization and globalization, as the demand for this hard and solid plastic is growing across varied industry verticals. Packaging is the largest application segment and accounts for more than one-third share of the global market. The Asia-Pacific region dominated the application of the packaging market, followed by North America and Europe. The electronics application is estimated to witness the highest CAGR of 5.9 percent between 2014 and 2019. As is reported, other factors influencing the demand for polystyrene are the increasing application of this thermoplastic in the manufacturing of rubber and plastic, high production cost of substitutes, and growth of the respective industries in the Asia-Pacific, South America, and MEA regions. “The major restraining factors of this market is the increasing awareness regarding the negative impacts of polystyrene, which in turn has led to a shift in the consumers’ preference towards the consumption of organic products”, says Markets and Markets. The report “Polystyrene Market by Application (Packaging, Electronics, Consumer Goods & Appliances, Construction, and Others) & Geography – Global Trends & Forecast to 2019” covers the global market and its trends in specific regions – Asia-Pacific, Europe, North America, and South America & MEA.

More information www.marketsandmarkets.com/Market-Reports/polystyrene-market-148308682.html

Photo: digitalstock / fotolia.com