The ‘Global High-Impact Polystyrene (HIPS) Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global high-impact polystyrene (HIPS) market, assessing the market on the basis of its segments like melt flow indexe (gm/10 min), applications, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
High-Impact Polystyrene (HIPS) Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 5.40%
There is a rising demand for high-impact polystyrene (HIPS) due to its adaptive properties and affordability. The material can be modified with the addition of rubber to increase its strength and durability, which makes it ideal for use in various applications, such as packaging, consumer items, and building materials.
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Due to its versatility and the ability to be combined with various coloured materials, additives, and other materials for applications in electronic appliances, auto parts, toys, garden pots, and equipment, the utilisation of high-impact polystyrene (HIPS) is rising.
The high-impact polystyrene (HIPS) market expansion is being driven by the increasing consumption of packaged food products, as HIPS is certified as a food packaging-compatible material by regulatory bodies like the United States Food and Drug Administration (FDA).
Some of the significant high-impact polystyrene (HIPS) market trends include the growing use of HIPS in the food delivery sector, the ability of HIPS to tolerate hot or cold liquid, and the surging use of the material in the manufacturing of cups and glasses. The rapid expansion of the food and beverage sector in both developed and developing countries is also likely to support the market growth of high-impact polystyrene (HIPS) in the forecast period.
High-Impact Polystyrene (HIPS) Market Definition and Major Segments
High-impact polystyrene (HIPS) is an amorphous thermoplastic material that is used to manufacture a wide range of consumer products. Its versatility and high tensile strength enable its utilisation in various applications such as toys, electronics, appliances, bathrooms, and housing parts, among others.
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The market for high-impact polystyrene (HIPS), by melt flow index (gm/10 min), can be segmented into:
Based on application, the market is divided into:
• Electrical and Electronics
• Stationery Disposables
The major regional markets for high-impact polystyrene include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
High-Impact Polystyrene (HIPS) Market Trends
HIPS is extensively utilised in the automotive sector as an ideal material for vacuum-forming car parts and manufacturing gas tanks. With the rising demand for vehicles globally, the applications and demand for HIPS are likely to experience significant growth in the coming years.
Evolving technology and increasing cost-effectiveness of electronic products are boosting the use of high-impact polystyrene (HIPS) owing to its excellent insulating properties. Additionally, the high-impact polystyrene (HIPS) market demand can be attributed to the growing sales of consumer electronics, especially in developing countries like China and India amid surging disposable incomes and rapid digitalisation.
Owing to the growing awareness regarding environmental risks associated with plastic waste, numerous organisations around the world are developing recycled plastic products. This is anticipated to boost the demand for recycled styrene monomers, including high-impact polystyrene (HIPS), in diverse applications in the forecast period.
Key Market Players
The major players in the high-impact polystyrene (HIPS) market report include
• Ineos Styrolution
• LG Chem
• Zheziang Polymers
• Formosa Plastics
• Supreme Petrochem
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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