New York (US), May 22, 2023 (GLOBE NEWSWIRE) -- Polystyrene Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Polystyrene Market Information by Type, Application, End-User, and Region - Forecast till 2030”, Polystyrene Market could thrive at a rate of 5 % between 2023 and 2030. The market size will be reaching around USD 40 Billion by the end of the year 2030
Market Synopsis
Polystyrene is a thermoplastic polymer that is widely used in various applications such as packaging, insulation, and consumer goods. It is a synthetic resin that is made from styrene, a monomer that is derived from petroleum. Polystyrene is a lightweight and versatile material that is known for its excellent thermal insulation properties, chemical resistance, and low moisture absorption. It can be easily molded into different shapes and sizes, making it suitable for a wide range of applications.
Polystyrene can be produced in two forms: expanded polystyrene (EPS) and extruded polystyrene (XPS). EPS is a lightweight and rigid foam material that is commonly used in insulation and packaging applications. XPS, on the other hand, is a dense foam material that is used in insulation, construction, and other industrial applications.
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Market Competitive Landscape:
The affluent companies in the Polystyrene industry include
- Total Petrochemicals & Refining USA Inc.
- BASF SE
- Formosa Chemicals & Fibre Corporation
- KUMHO PETROCHEMICAL
- Chi Mei Corporation
- SABIC
- Trinseo
- Videolar-Innova S.A.
- The DOW Chemical Company
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 40 Billion |
| CAGR | 5.00% (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2022–2030 |
| Historical Data | 2019-2021 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, End-Use, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Key Market Drivers | Growing Demand for Sustainable And Lightweight Solutions Drives Market Growth |
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January 2023
NexKemia, a Canada-based EPS manufacturer, acquired the assets of Eco-Captation, a polystyrene scrap collection and recycling company based in Prevost, Quebec. According to Integreon Global, NexKemia's parent company, Eco-Captation is the leading polystyrene recycler in Quebec
Market USP Covered:
Market Drivers:
One driver for the polystyrene market is its increasing demand in the packaging industry. Polystyrene is used extensively in packaging applications due to its lightweight, durability, and insulation properties. It is used in the production of a wide range of products, including food packaging, electronics packaging, and medical packaging, among others. The growing demand for packaged food and beverages, electronic products, and medical devices is expected to drive the demand for polystyrene in the coming years
Market Restraints:
One restraint for the polystyrene market is the increasing awareness regarding the environmental impact of plastic products. Polystyrene is non-biodegradable and can persist in the environment for centuries, leading to environmental pollution. This has led to a shift in consumer preferences towards sustainable and eco-friendly alternatives, which has resulted in a decline in the demand for polystyrene products. Additionally, governments around the world are implementing strict regulations to control the usage of plastic products, which could also impact the demand for polystyrene in the future.
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COVID 19 Analysis
The COVID-19 pandemic had a significant impact on the polystyrene market. The initial outbreak of the virus caused supply chain disruptions, factory shutdowns, and a decrease in demand for products made of polystyrene. This led to a decline in the polystyrene market in 2020.
The pandemic also brought attention to the environmental impact of plastic waste, including polystyrene. Many countries have implemented policies to reduce the use of single-use plastics, which could negatively affect the demand for polystyrene products in the future.
However, there has been a recent surge in demand for polystyrene foam packaging due to the increased use of online shopping and food delivery services during the pandemic. This has led to an increase in the production of polystyrene foam and a positive outlook for the market in the coming years.
Market Segmentation
By Type
The types in the market include General Purpose Polystyrene (GPPS), High Impact Polystyrene (HIPS), Expanded Polystyrene (EPS), Extruded Polystyrene (XPS), and Others.
By End-User
By End-user the segment includes Packaging, Electronics, Building & Construction, Consumer Goods & Appliances, Others
By Application
By application, the segment includes Rigid Packaging, Flexible Packaging, Seating, HVAC Insulation, Others
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Regional Insights
In North America, the polystyrene market is driven by factors such as increasing demand from the packaging and construction industries. The US is the largest market in the region, and the growth in construction activities is expected to drive the demand for polystyrene in insulation applications. Further, in Europe, the polystyrene market is driven by factors such as the increasing demand for polystyrene in the packaging industry due to its lightweight and cost-effectiveness. The automotive industry is also a significant consumer of polystyrene due to its high strength-to-weight ratio.
Additionally, in the Asia Pacific region, the polystyrene market is expected to grow at a significant rate due to increasing demand from the packaging and construction industries. The growth in e-commerce in the region is expected to further boost the demand for polystyrene packaging materials. China is the largest market for polystyrene in the region, driven by its massive construction industry and increasing demand from the packaging industry.
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