The global polystyrene industry size was USD 9.70 billion in 2020. The market is projected to grow from USD 9.49 billion in 2021 to USD 9.99 billion by 2028 at a CAGR of 0.7 % during the 2021-2028 period. This information is published by Fortune Business Insights™, in its report, titled, “Polystyrene Market, 2021-2028.”
Segments
HIPS to Dominate Backed by Surging Demand in Packaging Industry
On the basis of type, the market is classified into general purpose polystyrene and high-impact polystyrene. HIPS is predicted to be the fastest-growing segment during the forecast period. The surging demand for packaging applications is a noticeable aspect behind the segment growth.
In terms of application, the market is categorized into packaging, building & construction, automotive, electrical & electronics, agriculture, household leisure & sports, and others.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Driving Factors
Surging Demand from Consumer Electronics Industry to Fuel Growth
The development of the market is linked with the rising demand from consumer electronics manufacturers, owing to fluctuating technology and the deteriorating price range of the products. The emerging nations comprising China and India are observing a surged demand for consumer electronics on account of urbanization and growing flexible income. Furthermore, progression in the population of young demographic and digitization activities bolster the consumption of electronic products, therefore directing the demand for the product.
Competitive Landscape
Joint Ventures among Companies to Fortify their Brand Recognition in Global Market
All key companies functioning in the market are repetitively selecting effective strategies to apply to endorse their products and institute their positions in the market. One such tactic is to launch novel products by teaming up with other companies to expand their reach to end-users.
Information Source:
https://www.fortunebusinessinsights.com/polystyrene-market-106571
