New York, USA, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Polystyrene Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Polystyrene Market Information by Distribution Channel, Category, Source, Form, Type of Medicinal Plants, And Region - Forecast till 2030”, the market is estimated to grow at a 5.50% CAGR to reach USD 39.50 Billion by 2030.
Market Synopsis
The flexible polymer polystyrene (PS) is used to create a variety of consumer goods. It is frequently used in products that require transparency because it is solid plastic, such as laboratory equipment and food packaging. When coupled with additives and other polymers, the plastic becomes perfect for use in automotive parts, electronic goods, toys, and equipment. The market is being driven by the global expansion of the electrical and electronics industries. Additionally, increased PS recycling capabilities will open up new growth opportunities. The plastic's high insulating ability boosts demand from various industries, including packaging, building & construction. However, PS is a material with a huge volume and little weight due to its physical traits and chemical makeup. This plastic contributes significantly to landfill contamination and solid waste because it is bulky. Organizations worldwide have taken steps to recycle polystyrene goods and reduce the environmental risk connected with them due to growing environmental concerns.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 39.50 Billion |
| CAGR | 5.50% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Distribution Channel, Category, Source, Form, Type of Medicinal Plants, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | There has been a growing demand for sustainable and lightweight solutions that offer extreme longevity |
| The demand and production for manufactured products have increased the use of polystyrene for their packaging. |
Market Competitive Landscape:
The notable contenders in the polystyrene market are:
- Total Petrochemicals & Refining USA Inc. (US)
- Videolar-Innova S.A. (Brazil)
- The DOW Chemical Company (US.)
- KUMHO PETROCHEMICAL (South Korea.)
- Chi Mei Corporation (Taiwan)
- SABIC (Saudi Arabia)
- BASF SE (Germany)
- Formosa Chemicals & Fibre Corporation (Taiwan)
- BASF SE (Germany)
- Trinseo (US)
Market U.S.P. Covered:
Market Drivers:
Because of evolving technology and a narrowing product price range, the PS market is growing due to rising demand from consumer electronics manufacturers. Consumer electronics are in greater demand in developing nations like China and India due to increasing urbanization and expanding disposable income. The polystyrene market is growing due to the expansion of the youthful demographic population and digitalization activities, which increase consumer demand for electronic goods.
Market Restraints:
Due to its thermal insulation and lighter-weight qualities, plastic has many industrial applications. However, the existence of alternatives is impeding the market's expansion. Due to their superior physical qualities, other plastics like polyethylene and polypropylene are gradually replacing PS in packaging and automotive applications. Heavy metals are now being used more frequently in place of lightweight alternatives. The need and growth are anticipated to be fueled by this throughout the projected period. The tight regulations on plastic products are a significant barrier to the growth of the polystyrene industry. The expansion of polystyrene in HVAC insulation solutions is one of the key factors anticipated to propel the market growth of the polystyrene market over the forecast period. Additionally, it is projected that the polystyrene market will expand due to the increased demand for thermal insulation. Also predicted to temper the expansion of the polystyrene market is the increased integration of polystyrene in the appliance and electronics sectors.
Browse In-depth Market Research Report (135 Pages) on Polystyrene https://www.marketresearchfuture.com/reports/polystyrene-market-2545
COVID 19 Analysis
The market's supply chain was disrupted by the lockdown implemented in some nations due to the COVID-19 epidemic. Due to limitations on people and materials, the availability of raw resources was impacted. 2020 saw a decline in crude oil prices due to low demand and excess supply. Due to limits on non-essential activities, the product's consumption in the building, construction, and automobile industries also dramatically decreased. However, a rise in the development of cold chain packaging containers significantly reduced the pandemic's effects on the market. The global transportation of pharmaceutical products such as drugs, vaccines, and other pharmaceutical products slowed down the influence on the market.
The polystyrene market is now seeing growth prospects due to increased investments and cooperative efforts from governments and industry players. Due to the excellent use of market facilities and the introduction of new product services, catalogs, and products in the global market throughout the projected period, the global market is also preparing for expansion in global regions. The need for polystyrene has also increased due to the rising consumer expenditure on e-commerce and meal delivery services, raising the demand for packaging items, including packaged foods and non-food packaging.
Market Segmentation
By end-use industry, the market includes electronics, packaging, building & construction, consumer goods & appliances, and others. By type, the market includes high-impact polystyrene (HIPS), expanded polystyrene (EPS), general-purpose polystyrene (GPPS), and extruded polystyrene (XPS). The market includes rigid packaging, flexible packaging, HVAC insulation, and seating by application.
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Regional Insights
The largest portion of the market was made up of the Asia-Pacific region. India and China are the region's two largest customers, which heavily influence the market. A greater proportion of electronic products are manufactured in China. The global market is experiencing an increase in regulatory support and government policies that stimulate investment at the local level, enabling the market to grow at the global market premises. This is another growth factor for the APAC polystyrene industry. Europe is anticipated to experience the second-largest growth and expansion during the projected period. The European market's expansion to promote a green and circular economy is principally driven by rising investment by member states of the European Union. The nations are concentrating on boosting their recycling capacities to reach sustainability by 2030. The growth and extension of retail chains in North America will increase the need for insulation and thus increase the use of polystyrene foams. Additionally, the area is home to several significant electric vehicle producers. Regional development will benefit from the US's growing use of electric vehicles.
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