Global Brominated Polystyrene Market to Reach US$ 905.03 Million by 2028, Says Coherent Market Insights (CMI)

·6 min read
Coherent Market Insights
Coherent Market Insights

SEATTLE, May 25, 2022 (GLOBE NEWSWIRE) -- The global brominated polystyrene market is estimated to be valued at US$ 589.5 million in 2021 and is expected to exhibit a CAGR of 6.3% during the forecast period (2021-2028).

Key Trends and Analysis of the Global Brominated Polystyrene Market:

In the brominated polystyrene (BPS) market, manufacturers are focusing on research and development activities in order to expand their product portfolio in the market and fulfill demand of various end-use industries with the help of high strength to weight ratio. Procurement is the task of purchasing raw materials and equipment. For instance, according to the International Trade Administration (ITA), U.S. Department of Commerce, The Vision 2030, National Transformation Program (NTP) 2020, and private-sector-investment fueled the growth of Saudi Arabia's construction market in 2018. Under the National Transformation Program (NTP) 2020 and the Saudi Arabia Vision 2030, the government plans to develop seaports, railway lines, airports, and manufacturing facilities. Moreover, Vision 2030 has megaprojects in the construction, which include Neom, Qiddiya, Al-Ula, and the Red Sea Project. The growing application of BPS in various end-use industries such as packaging and textiles is further expected to drive the market growth across the Middle East and Africa region.

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Brominated Polystyrene Market Report Coverage

Report Attributes

Details

Market Size in 2021

$589.5 Million

Market Size Projection in 2028

$905.03 Million

CAGR (2021-2028)

6.3 %

Largest Market

Asia-Pacific

Growth Drivers

  • Surging adoption of brominated polystyrene (BPS) in production of engineering plastics

  • Increasing usage of brominated polystyrene (BPS) as a flame retardant in plastics and paints

Segmentation

By Type, and By Application

Regional Analysis

North America (US, Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Europe (U.K, Germany, Italy, France, Spain, Russia and Rest of Europe), APAC (China, Japan, India, South Korea, Australia, ASEAN and Rest of Asia Pacific), ME (GCC Countries, Israel, and Rest of Middle East) & Africa (South Africa, North Africa and Central Africa).

Key Companies Covered

Lanxess, ICL, Gola Sun Technologies, Hainan Zhonxin Chemical Co., Ltd., Oceanchem Group Limited, Qingdao Richchem Co., Ltd., Shandong Runke Chemical Co., Ltd., Shandong Tianyi Chemical Co., Ltd., Shandong Xurui New Materail Co., Ltd., Wufeng Chicheng Biotech Co., Ltd., Sunris, and Novista


The steady growth of end-use industries such as packaging, electronics, and automotive is expected to fuel demand for BPS across countries such as Brazil, Argentina, Venezuela, and Mexico. For instance, according to the stats provided by the International Organization of Motor Vehicle Manufacturers, in 2019, the production of cars and commercial vehicles in Mexico was 1,382,714 and 2,604,080, respectively. However, rising concerns over halogenated flame retardants due to their neurodevelopmental toxicity, thyroid causing effects, and other adverse effects on human health coupled with the increasing popularity of non-halogenated flame retardants are projected to hamper the market growth of the BPS to some extent over the forecast period.

Key Market Takeaways:

The global brominated polystyrene market is expected to exhibit a CAGR of 6.3% over the forecast period (2021-2028). Flame retardant property of BPS in advanced plastics coupled with government regulations on controlling emissions from automobiles are factors influencing OEMs to use plastics in the manufacture of automotive components. Thus, to reduce fire risks arising due to heat generation due to overheating of the engine or due to electrical overload/shorting, etc., almost all plastic parts in an automobile need to exhibit good flame-retardant properties.

Among type, High Molecular Weight BPS segment accounted for the majority of global revenue in 2020. The increasing market demand for high molecular weight BPS can be attributed to its efficient and non-hazardous sustainable nature. These polymers have a lesser potential to pass from the cell membranes, which increases their chances of interaction with living organisms. Thus, the potential of bioaccumulation is lowered, which results in more chemical stability. Such factors are expected to drive the market growth for this segment over the forecast period.

Competitive Landscape:

Major players operating in the global brominated polystyrene market include Lanxess, ICL, Gola Sun Technologies, Hainan Zhonxin Chemical Co., Ltd., Oceanchem Group Limited, Qingdao Richchem Co., Ltd., Shandong Runke Chemical Co., Ltd., Shandong Tianyi Chemical Co., Ltd., Shandong Xurui New Materail Co., Ltd., Wufeng Chicheng Biotech Co., Ltd., Sunris, and Novista.

Mergers and acquisitions, strategic collaborations, new product launch, and business expansions are the key strategies adopted by key players to retain their market share. For instance, In July 2019, LANXESS Corporation, a German specialty chemicals company started using Emerald Innovation 3000 as a flame retardant for expanded (EPS) and extruded (XPS) polystyrene as an alternative to hexabromocyclododecane (HBCD), which has now been banned. Emerald Innovation 3000 was earlier majorly used as a flame retardant in electronics and electrical applications.

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Market Segmentation:

  • Global Brominated Polystyrene Market, By Type:

    • High Molecular Weight Brominated Polystyrene

    • Low Weight Brominated Polystyrene

  • Global Brominated Polystyrene Market, By Application:

    • Polyamide

    • Polybutylene Terephthalate

    • Polyethylene Terephthalate

    • Others

  • Global Brominated Polystyrene Market, By Region:

    • North America

      • By Country:

        • U.S.

        • Canada

    • Latin America

      • By Country:

        • Brazil

        • Mexico

        • Argentina

        • Rest of Latin America

    • Europe

      • By Country:

        • U.K.

        • Germany

        • Italy

        • Spain

        • Russia

        • France

        • Rest of Europe

    • Asia Pacific

      • By Country:

        • China

        • India

        • Japan

        • South Korea

        • ASEAN

        • Australia

        • Rest of Asia Pacific

    • Middle East & Africa

      • By Country/Region:

        • Middle East

        • Africa

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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