Market Overview The market for polystyrene is expected to grow at a CAGR of more than 4% during the forecast period. Major factors driving the market studied are recycling in the polystyrene industry, and growing consumer electronics market. ●On the flip side, increasing the ban on Polystyrene across North America and Europe and the availability of high-performance substitutes is likely to hinder the market. ●Asia-Pacific dominated the market across the globe with the largest consumption in a country such as India, China, etc. Key Market Trends High Impact Polystyrene (HIPS) Type to Dominate the Market ●High impact polystyrene contains rubber. It is less transparent than GPPS. It is mainly used for products that require high-impact resistance. ●HIPS has a standard flow, but is less glossy than GPPS. It is crack resistant, and is used in injection molding. HIPS also have good dimensional stability. It is easy to paint and glue, and has low cost. It is used for housing and covers, low-strength structural components, printed graphics, models and prototypes, fixtures, etc. Majorly, HIPS are sold in high and medium grades. Other grades include ignition resistance, high-gloss grades, and environment stress crack-resistant grade. ●Packaging is the largest segment for HIPS. It is used for food packaging (of meat trays, egg cartons, fruit trays, dairy packaging, etc.), industrial packaging, and consumer packaging ( of cassettes, CD covers, etc.). ●HIPS are also used majorly in electronic and appliances applications, such as in computer housings, TV housings, and freezer and refrigerator liners appliances housings. ●Asia-Pacific is the largest consumer of high impact polystyrene. It also produces about half of the world HIPS. Europe and North America follow Asia-Pacific in consumption. Asia-Pacific is forecasted to be the fastest-growing region during the forecast period. China to Dominate the Asia-Pacific Region China’s construction industry developed rapidly due to the central government’s push for infrastructure investment, as a means to sustain economic growth. ●Despite the volatile growth in the real estate sector, the significant development of rail and road infrastructure, by the Chinese government, to withstand the expanding industrial and service sectors, resulting in significant growth of the Chinese construction industry in recent years. As the construction industry is dominated by state-owned enterprises, the increased government spending is boosting the industry in the country ●Moreover, the country witnessed rapid growth in the fast-moving consumer goods (FMCG) market The growth of the FMCG market was majorly driven by the increased spending on premium and healthier products by the middle-class consumers in the country. ●China is the world’s largest electronics production base and offers a tough competition to the existing upstream producers, like South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, tablets, and so on, have the highest growth in the market, in the consumer electronics segment. With the increase in the disposable income of the middle-class population, the demand for electronic products is projected to grow in the near future. ●Furthermore, the Chinese government has started implementing policies to support and encourage innovations in medical devices. The “Made in China 2025” initiative aims to improve industry efficiency, product quality, and brand reputation. This is expected to increase the number of domestic medical device manufacturers, thus increasing the competitiveness in the market. Demand for polystyrene exists in the medical device sector, in disposable items, such as tissue culture trays, test tubes, Petri dishes, diagnostic components, and housing for test kits, among many others. ●Hence, with the growth in the various end-user industries in the country, the demand for polystyrene is estimated to increase during the forecast period. Source:https://www.mordorintelligence.com/industry-reports/polystyrene-market
