Market Research Future (MRFR) forecasts the Market for Polystyrene to cross over USD 71.36 Billion at an expected CAGR of 4.87% over the 2018-2023 forecast periods. The global demand for polystyrene derives much of its development from the expanded use of expandable polystyrene (EPS) in HVAC insulation applications.
The growth of the electronics and packaging industries is a result of rapid urbanization coupled with technology. The rising market sectors such as consumer products, medical devices, and protection are providing opportunities for the growth of the polystyrene industry.
The arrival of the global coronavirus pandemic across the globe has had a significant impact on the development of the building industry that is functioning in the global market premises especially for the ongoing forecast period of 2021-2028, following the pandemic. The stopping or slowing down building programs, restricting moves, stopping production, and labor shortages to curb the outbreak of COVID-19 are known to have majorly contributed to a subsequent and considerable reduction in the development of the construction industry on a large scale. This is likely to bar the global polystyrene market from expanding the use of polystyrene in construction applications on a global scale. The lack of skilled labor, market resources, and raw materials will impact the ability of the production and manufacturing units to maintain a constant supply of final products to meet the market demand, especially during the ongoing forecast period.
The rising investments and the collaborative efforts of the governments and market players are providing the polystyrene market with opportunities for expansion in the period. The global market is also gearing up for expansion in the global regions owing to the splendid use of the market facilities and launching new product services, portfolios, and products in the international market during the forecast period ending in 2028.
The polystyrene market value is growing and the main reason behind this is the rising recent developments, investments, mergers, acquisitions, and joint ventures amongst the global market players that are on the way especially during the ongoing forecast period that will be ending in 2028. The prominent players of the global market are as follows:
There has been a growing demand for sustainable and lightweight solutions that offer extreme longevity, with a combination of increased thermal insulation, which is expected to fuel market developments for the polystyrene market trends. The growth in per capita income of the population in these countries has resulted in the buying of more packaged goods especially by the emerging middle class. The demand and production for manufactured products have increased the use of polystyrene for their packaging.
However, there has been an increasing substitution of heavy metals for lightweight materials. This is expected to fuel the demand and growth during the ongoing forecast period. There is a big constraint on the way of the polystyrene industry growth that are the rigorous restrictions on plastic products. The risks involved in the processing, manufacturing, and using polystyrene are specifically measured, supervised, and controlled by government departments, agencies, special tribunals, and regulators.
There has been an increase in the demand for green which is motivated by the growing impact of social causes, related to the development of a sense of community environmental responsibility followed by raising the degree of understandability of physical fitness, alongside the increasing developments in sustainable business practices. All these factors are related to the ultimate use of technology, and hence, the polystyrene market has excellent opportunities to dwell upon during the ongoing forecast period that will be ending in 2028.
The polystyrene market trends show that the developments of the global industry have been fulfilling during the forecast period of 2021-2028. The market report conducts a detailed segment overview of the market which includes the following:
The polystyrene market has been segmented based on the market type and includes General Purpose Polystyrene (GPPS), High Impact Polystyrene (HIPS), Expanded Polystyrene (EPS), amongst others like Extruded Polystyrene (XPS).
The polystyrene market has been divided based on the market application and includes Rigid Packaging, Flexible Packaging, Seating, HVAC Insulation, amongst others.
Based on the End-Use Industry
The global market is witnessing excellent growth from end-use industries like Packaging, Electronics, Building and Construction, Consumer Goods, and Appliances, amongst the others.
October 2021- The Lismore Recycling & Recovery Centre deploys the latest machine, which can recycle polystyrene to assist the facility in dealing with it.
The center received funding from the NSW Environment Protection Authority. The center's Commercial Services Business Manager said that the council has continually recycled polystyrene. However, the latest machine helps in boosting the capacity.
The Commercial Services Business Manager said that the NSW EPA Better Waste and Recycling Fund, back in 2009, enabled Lismore City Council to be one of the first Australian councils to have a devoted polystyrene recycling machine, and now with this funding in 2021, the center has upgraded the recycling capacity.
September 2021- The New York State Department of Environmental Conservation (NYSDEC) has offered guidelines prohibiting extended polystyrene foam containers and loose fill packaging, usually called packing peanuts, beginning in 2022. The ban will comprise any foam "clamshell" containers, trays, lids, cups, and other products developed for temporary or single-use. This new guideline aims to build off other waste-reducing measures the state has imposed in past years, such as the ban on plastic bags. The ban would even reduce the quantity of non-biodegradable litter disposed of every year in the environment.
December 2020: Total, Intraplás and Yoplait announced their partnership to use certified chemically recycled polystyrene in yogurt pots. The test, led by Total in collaboration with Intraplás, which focused on the extrusion of plastic sheets for the food industry, and Yoplait, identifying chemical recycling in France as a possible route for recycling polystyrene.
November 2020: Agilyx, a leader in advanced recycling technology, and AmSty, the largest polystyrene producer in the Americas, announced the effective accomplishment of a fully circular pathway for polystyrene recycling.
The polystyrene market report studies the impact of the outbreak of coronavirus pandemic on the trends that will enhance the growth and productivity of the market. The market studies the report from the following mentioned aspects.
|Market Size||2030: USD 71.36 Billion|
|CAGR||CAGR of 4.87% (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Total Petrochemicals & Refining USA Inc. (U.S.),BASF SE (Germany),Formosa Chemicals & Fibre Corporation (Taiwan),BASF SE (Germany),KUMHO PETROCHEMICAL (South Korea.),Chi Mei Corporation (Taiwan),SABIC (Saudi Arabia), Trinseo (U.S.),Videolar-Innova S.A. (Brazil),The DOW Chemical Company (U.S.)|
|Key Market Opportunities||Growing Adoption of Environmentally Friendly Materials to Create Opportunities for Key Players|
|Key Market Drivers||Growing Demand for Sustainable And Lightweight Solutions Drives Market Growth|
Frequently Asked Questions (FAQ) :
The global polystyrene market is estimated to register 4.87% CAGR during 2017 to 2027.
Consumer electronics, automotive, thermal insulation, pharmaceuticals, packaging, construction are the major end-user industries of polystyrene.
Asia Pacific holds the largest share in the global polystyrene market followed by North America and Europe, respectively.
SABIC, Trinseo, Innova, INEOS Styrolution Group GmbH, Alpek SAB De CV, ACH Foam Technologies, Inc., BASF SE, Formosa Chemical & Fibre Corp., Chi Mei Corporation, Total, and Kumho Petrochemical, are some of the major players operating in the global polystyrene market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global polystyrene market adopt to gain a larger competitive advantage.
Global Polystyrene Market: Competitive Landscape
The prominent players in the global polystyrene market are INEOS Styrolution Group GmbH (Germany), Total (France), BASF SE (Germany), SABIC (Saudi Arabia), Trinseo S.A. (US), Innova (Brazil), Chi Mei Corporation (Taiwan), ACH Foam Technologies, Inc. (US), Formosa Chemicals & Fibre Corp. (Taiwan), Kumho Petrochemical (South Korea), Alpek SAB de CV (Mexico) and among others
The top five players, namely, SABIC, INEOS Styrolution Group GmbH, BASF SE, Trinseo S.A., and ACH Foam Technologies, Inc. are some of the major industry participants in the market. Collectively they accounted for over 50% of the global market share in 2017. These players are adopting various organic and inorganic growth strategies such as capacity expansions, product launches, joint ventures, agreements, and acquisitions to cater to the growing demand. Asia-Pacific and Europe are the growth-centric regions in the market and global players are focusing on these two regions for business capacity expansions. Industry players are adopting approaches such as acquisitions and expansions to earn maximum revenue and are entering into partnerships, considering the high threat from new entrants.
In June 2018 – BASF, a global leader in the chemical industry, announced plans to increase the production capacity for its graphite-based expandable polystyrene product Neopor by 40,000 metric tons per year. This capacity expansion will enable the production of 200,000 metric tons of Neopor a year. This strategic move will allow the company to meet the rising demand for gray material in the Asian market.
March 2018 – INEOS Styrolution Group GmbH (INEOS Styrolution) operates as a subsidiary of INEOS Styrolution Holding Limited. INEOS Styrolution manufactures and distributes styrenics. The company provides styrene monomer, a basic building block for the production of dispersions, foams, and polymers. The company had opened a styrene monomer plant on the US Gulf Coast. The new plant is expected to give the company a competitive advantage in supplying to the global market
June 2018- Total is an integrated oil & gas company that operates globally. It has four operating business segments—exploration and production, gas, renewables and power, refining and chemicals, and marketing and services. it had collaborated with Saint-Gobain, CITEO, and Syndifrais, the French union of fresh dairy product manufacturers, to establish an industrial-scale polystyrene channel in France. The sorted and prepared polystyrene will be sent to Total for use in its plastic production units located at Carling, France, and Feluy, Belgium
December 2017 – ACH Foam Technologies, Inc.is actively involved in manufacturing insulation solutions based on expanded polystyrene (EPS) and graphite polystyrene (GPS). Company launched its water absorbing polystyrene insulation under the brand name Foam-Control PLUS. The product has superior R value performance when subjected to moisture and can be used as an alternative for extruded polystyrene (XPS).
April 2017- Alpek SAB de CV (Alpek) is a renowned petrochemicals manufacturer in the Americas. Alpek operates through two business segments—polyester and plastics and chemicals. As part of its plastics and chemicals business, the company manufactures polystyrene; it has the largest production plant for EPS in the Americas. The company has invested USD 33 million in the expansion of its existing EPS capacity at its Altamira facility, Brazil from 165,000 KTPA to 250,000 KTPA as a part of its growth strategy. With the additional capacity, the company became one of the five largest manufacturers of EPS in the world.