Polystyrene Market Information- By Type (General Purpose Polystyrene (GPPS), High Impact Polystyrene (HIPS), Expanded Polystyrene (EPS), Extruded Polystyrene (XPS), Others), By Application (Rigid Packaging, Flexible Packaging, Seating, HVAC Insulation, Others), By End-Use Industry (Packaging, Electronics, Building & Construction, Consumer Goods & Appliances, Others) - Forecast till 2030

Polystyrene Market Market Overview

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.

COVID 19 Analysis

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.

Competitive Landscape

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:

• Total Petrochemicals & Refining USA, Inc. (U.S.)


• KUMHO PETROCHEMICAL (South Korea.)


• Formosa Chemicals & Fibre Corporation (Taiwan)


• BASF SE (Germany)

Market Dynamics

Drivers

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.

Restraints

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.

Technology Analysis

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.

Study Objectives

• The polystyrene market report aims to study and draw a market comparison towards the rising factors that will help in increasing the demand for the market in the global market premises. The market report also discusses the rise of possible market challenges that the market might tend to face on the path of its growth.


• The report aims to study the market standards that are necessary to understand the basis of the global market segmentation followed by the potential of the segments in meeting the rising needs of the target audience that is spread in various regions across the globe during the forecast period of 2021-2028.


• The global market report has been designed to understand the market patterns that are prevailing in the regional and international market that will give rise to the mushrooming competition and lead to the dominance of the companies and regions in the global market scenario. The report also aims to understand the intended audience that will be interested in the market patterns and help in expanding the lucrative opportunities.

Segment Overview

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.

Regional Analysis

Recent Development

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.

Intended Audience

• Polystyrene market investors and market buyers


• Traders, retailers, wholesalers, and buyers of polystyrene products


• Import and export companies


• Producers and manufacturers of the polystyrene market


• Research companies


• Nationalized laboratories

Report Overview

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 Overview


• COVID 19 Analysis


• Market Dynamics


• Technology Analysis


• Segment Overview


• Regional Analysis


• Competitive Landscape


• Recent Developments