New research report by Fact.MR says that growing use of polystyrene in the packaging and construction sectors is expected to fuel market growth over the coming years.
Rockville, Jan. 24, 2023 (GLOBE NEWSWIRE) — The global polystyrene market is projected to advance at a CAGR of 5% over the next ten years, according to data provided by Fact.MR, a market research and competitive intelligence provider. The market is predicted to reach a value of US$ 56.5 billion by 2033-end.
Polystyrene is a synthetic thermoplastic material that is formed by polymerizing styrene. Commonly, it is used in various sheet materials, foams, and modeled products. It can be melted at a high temperature for extrusion or molding and then re-solidified. Extruded polystyrene (XPS), general-purpose polystyrene (GPPS), expandable polystyrene (EPS), and high-impact polystyrene (HIPS) are key types of polystyrene. Expandable polystyrene is a lightweight, tough, and rigid thermoplastic product and is good for the construction and packaging industries.
Polystyrene is used in different industries, such as the construction industry, consumer industry, packaging industry, pharmaceuticals, thermal insulation, electronics, and automotive industry. In addition, it also finds applications in flexible packaging, seating, rigid packaging, and HVAC insulation.
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Recently, there has been a noteworthy increase in the demand for packaged products, especially in emerging economies, including India and some others. A noticeable increase in the size of the middle-class population along with rising consumption of agricultural products, processed foods, meat, and poultry is also predicted to fuel the demand for numerous packaging solutions, which will bolster target market growth.
Stringent regulations related to the use of plastic materials are one of the key restraints against the expansion of the global polystyrene market. There are certain products, which are used in the production of polystyrene that can be hazardous for human beings. The manufacturing procedures involve some reactions that might be dangerous if not controlled carefully. Government regulators and agencies are strictly assessing and managing the risks that are involved in the manufacturing and application of polystyrene. The majority of cities in the United States have taken initiative to ban polystyrene products from different schools and some other civic buildings.
For instance,
- The US Interior Department, in June 2022, announced to ban on the sale of different single-use plastic on national parks and public lands by 2032. Further, an ordinance has also been passed by the Integrated Waste Management Authority to ban polystyrene in the San Luis Obispo Country.
Manufacturers of polystyrene are instructed to be compliant with a few complex rules that govern the manufacturing, handling, labeling, shipping, and storage of these products. These factors can lead to increased compliance costs for producers and thus restrict market growth.
Key Takeaways from Market Study
- The global polystyrene market is anticipated to reach a valuation of US$ 56.5 billion by the end of 2033.
- The market is estimated to advance at a CAGR of 5% during the forecast period from 2023 to 2033.
- The Canadian market is predicted to expand at a CAGR of 4% through 2033.
- Demand for polystyrene in Germany is expected to progress at a CAGR of 3.6% from 2023 to 2033.
- The valuation of the polystyrene market is US$ 34.5 billion in the year 2023.
“The packaging and construction sectors in developing nations are widely using expanded polystyrene that can provide structural cohesion and design to construction projects,” mentions a Fact.MR analyst.
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Winning Strategy
Prominent suppliers of polystyrene are incorporating various strategies; for instance, mergers and acquisitions, to generate growth in the market.
For instance,
- Epsilyte Holdings LLC. is a chemicals-based company in the United States, which acquired StyroChem Canada Ltd. in October 2021. StyroChem is a Canadian manufacturer of expandable polystyrene. The acquisition makes Epsilyte as one of the prominent manufacturers of expandable polystyrene in North America.
Key Companies Profiled
- ACH Foam Technologies LLC
- BASF SE
- Formosa Chemicals & Fibre Corporation
- Innova
- INEOS Styrolution Group GmbH
- Kumho Petrochemical Co., Ltd. (KKPC)
- Trinseo LLC
- SABIC (Saudi Basic Industries Corporation)
Segmentation of Polystyrene Industry Research
- By Type :
- Expanded Polystyrene (EPS)
- High Impact Polystyrene (HIPS)
- General Purpose Polystyrene (GPPS)
- Extruded Polystyrene (XPS)
- Others
- By Application :
- HVAC Insulation
- Flexible Packaging
- Rigid Packaging
- Seating
- Others
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global polystyrene market for the period of 2023 to 2033.
The study divulges essential insights into the market on the basis of material type (expanded polystyrene (EPS), high impact polystyrene (HIPS), general purpose polystyrene (GPPS), extruded polystyrene (XPS), and others) and application (HVAC insulation, flexible packaging, rigid packaging, seating, others), and across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
Check out more related studies published by Fact.MR Research:
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Trichloroethylene Market: Growth of the global trichloroethylene market is attributed to increasing demand from developing countries such as China and India. Trichloroethylene is a chlorinated solvent primarily utilized in metal cleaning and vapor degreasing applications. Impressive solvency and high stability have made trichloroethylene an ideal choice in such applications.
Vinyl Acetate Monomers Market: The global vinyl acetate monomers market is valued at US$ 8.8 billion in 2022 and is expected to expand at a CAGR of 4.7% to reach US$ 13.9 billion by the end of 2032. Polyvinyl acetate dominated the global market with 42.6% market share in 2021. Vinyl acetate monomers possess properties such as adhesiveness, optical clarity, and fiber foaming. Because of these properties, they find use in applications such as polyvinyl acetate, polyvinyl alcohol, ethylene vinyl alcohol, and ethylene vinyl acetate.
Monoethylene Glycol Market: The global monoethylene glycol market is predicted to rise at a CAGR of 5.4% during 2022-2032. The monoethylene glycol market share is estimated to reach US$ 65 Bn by 2032 from US$ 38.4 Bn in 2022. The growing use of PETs in a variety of industries is expected to propel the global demand for monoethylene glycol forward. The market’s expansion is being stifled by the volatility of crude oil prices and the implementation of environmental restrictions. Various technological advances in monoethylene glycol production are projected to generate monoethylene glycol (MEG) market growth possibilities.
Expanded Polystyrene Market: The global expanded polystyrene market is estimated to be valued at US$ 18.5 billion in 2023 and it is anticipated to grow at a CAGR of 5.0% to reach US$ 30.2 billion by the end of 2033. Expanded polystyrene is inert and non-toxic to the atmosphere due to the absence of CFCs or HCFCs during the manufacturing process, hence, its non-interference with the ozone layer drives its sales. Expanded polystyrene saves costs and provides a versatile application option and reduces carbon footprint structures.
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