The global brominated polystyrene market is estimated to be valued at US$ 589.5 million in 2021, according to Brominated Polystyrene Market Report, by Type (High Molecular Weight BPS, and Low Molecular Weight BPS), by Application (Polyamide, Polybutylene Terephthalate, Polyethylene Terephthalate, and other), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
- The global brominated polystyrene market is expected to surpass US$ 905.03 million by 2028, exhibiting a CAGR of 6.3% during the forecast period (2021-2028). The global demand for brominated polystyrene is rising due to its growing demand for plastic industry will fuel brominated polystyrene market demand. The rising need for flame retardants during the manufacturing of various products to avoid fires in the event of resistive heating or joule heating is expected to augment the market growth for BPS over the forecast period. Rising usage of brominated polystyrene for the production of flame retardants is expected to augment the market growth over the forecast period. Major players and researchers operating in this market are focused on developing new technologies for production of brominated polystyrene. For instance, in July 2021, a waste plastics management company named Agilyx Corp., a company founded to give post-use plastics a new life developed a technology to recycle brominated flame retardant-laden polystyrene into high-styrene monomer for its use in new products.
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Browse 50 market data tables* and 40 figures* on "Brominated Polystyrene Market” - Global Forecast to 2028.
Key Trends and Analysis of the Global Brominated Polystyrene Market:
- Among regions, North America accounted for the share of 21.3 % in 2020 in the global brominated polystyrene market. The surging growth of automobile, chemical as well as electronics industry across the region has driven the demand for BPS (Brominated Polystyrene). Thus, several prominent players operating in the BPS market are adopting strategies such as production capacity expansion to strengthen their position in the market and increase their geographical presence. For instance, in July 2018, LANXESS, a Germany-based producer of engineering plastics for the automotive industry, announced plans to invest around US$ 600 million to upgrade sites and expand production capacity at its site in Gastonia, North Carolina, U.S. Moreover, the company also plans to invest around US$ 60 million by 2022 to expand derivatives capabilities at its El Dorado, U.S., its largest site in North America, which also includes the second-largest bromine reservoir in the world.
Key Takeaways of the Brominated Polystyrene Market:
- Among application, Polybutylene Terephthalate accounted for the market share of 12.6% in 2020, in the global brominated polystyrene Adoption of thermoplastic engineering polymer to good heat resistance in the majority of electronics and electrical components is projected to boost the demand for polybutylene terephthalate. Thus, the rising demand for smartphones, voice recognition technology, and artificial intelligence have been some of the major contributing factors for the demand for polybutylene terephthalate. Such factors are expected to trigger the market growth for this segment.
- The others segment in application segment includes polyethylene terephthalate, which has seen a significant growth in global brominated polystyrene market. PET has various applications such as in bottles, bags, cosmetic containers, carpets, sanitary products, foils, and others. Moreover, this segment is expected to witness significant growth during the forecast period, owing to the increasing demand for fire-resistant products such as engine and seat covers, doors and handles of automobiles across the automotive industry.
- 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
- Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the global brominated polystyrene market. For instance, In February 2021, a China-based chemical manufacturer named Shandong Xurui New Materials Co., Ltd. increased its production capacity of brominated polystyrene from 1,000 to 5,000 tons/year across its Yangkou Chemical Industrial Park plant.
Global Brominated Polystyrene Market - Impact of Coronavirus (Covid-19) Pandemic
- The specialty & fine chemicals have applications in various industries including electronics, electrical, automotive, construction, and, textiles. Except for its application in the pharmaceutical and personal care industry, COVID-19 has resulted in less demand for specialty & fine chemicals across other industry verticals. Decline in production of chemicals in China has created major disruptions in the supply chain & trade imbalance of commodity chemicals. In March, the National Bureau of Statistics of China stated that the manufacturing of chemicals in China dropped by 21% in the first two months of 2020 when compared to 2019 and profits slumped by 66%. Amidst the COVID-19 outbreak, the global economy is facing a direct impact as most of the countries are facing recession and economic downturns. All business operations have been shut down apart from critical projects necessary to support the health system.
