Global Polystyrene Market to Boost in Coming Years – Projected to Reach Worth USD 44.8 Billion in 2028
Published | 25 March 2022
The growth of the polystyrene market can be primarily attributed to the increasing rates of industrialization and globalization throughout the world. Moreover, the rising demand for eco-friendly, durable, light weight and sustainable goods and components, due to their acoustic and thermal insulation, in the construction, automotive, and packaging sectors are also responsible for driving the market growth..
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Global Polystyrene Market was worth USD 31.6 billion in 2021 and is projected to reach USD 44.8 billion by the year 2028, growing at a CAGR of 5.2% over the analysis period of 2022-2028. This can be attributed to the wide range of lucrative benefits offered by polystyrene like high heat &impact resistance, excellent optical clarity, good electrical insulation, flame retardation and strong chemical resistance which makes it a preferred choice among various end-use industries like automotive, construction, packaging and electronics industries among others which is driving the growth of the global polystyrene market during the forecast period 2022-2028.
Burgeoning Demand by Building and Construction Sector Driving the Global Polystyrene Market Growth
The polystyrene is employed in many facets of building work such as large structures like roads, public buildings, railway lines, or even small family residences. The characteristics polystyrene that make it perfect for use include insulation, light weight filler, an element for imaginative touches, or a lightweight filling substance in roads that facilitates land drainage, among others. Moreover, polystyrene offers a perfect combination of physical and mechanical features that make it appropriate for use in the construction industry. Additionally, polystyrene is a perfect packaging material due to being lightweight, water resistant, non-abrasive, and having outstanding cushioning ability.
Packaging Industry to Grow at A Higher Growth Rate During the Forecast Period
Packaging Sector is expected to grow with the highest CAGR during the forecast period 2022-2028.It will be closely followed by the electronics sector which is also expected to grow at a substantial rate. This can be attributed to deep penetration of polystyrene in the packaging and electronics industry. The packaging sector is the largest deployer of high impact polystyrene (HIPS). Furthermore, it is used in food packaging such as egg cartons, meat trays, fruit trays, dairy packaging, etc.; industrial packaging as well as consumer packaging including CD covers, cassettes and others.
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Impact of COVID-19 On The Global Polystyrene Markt
As a result of the COVID-19 pandemic, the world witnessed one of the worst recessions since WW2. The global Polystyrene market has also been brutally impacted by the emergence of the COVID-19 pandemic. Several governments around the world imposed rigorous lockdowns thus vividly hampering the building and construction, transportation, packaging, electrical, and electronics industries, which are the most important end-user industries for the polystyrene market. Nevertheless, with the improving market circumstances in the post covid era, the growth of the Polystyrene market is likely to recover during the forecast period.
Asia-Pacific Region Is Expected to Grow with The Highest CAGR in The Global Polystyrene Market.
In terms of regional analysis, the global polystyrene market has been classified into North America, Europe, the Asia-Pacific, Latin America and the Middle East, and Africa. Amidst the segmentation, the Asia-Pacific region is expected to be the largest growing market in the global polystyrene owing to the existence of a large packaging sector in the region. The Asia-Pacific region is the largest consumer and manufacturer of high-impact polystyrene. It accounts about half of the world's total HIPS production. Moreover, The Asia-pacific region is anticipated to exhibit the highest growth rate for polystyrene market during the forecast period on account of the growing development in construction and building industry. Europe is expected to witness significant amount of growth in the polystyrene market owing to the introduction of the guidelines to be recognized by the lightweight goods in the end use industries.
The polystyrene market is a semi-consolidated market. The key players operating in the global polystyrene market are Styrolution Group GMBH, Total Petrochemicals, BASF SE, Formosa Chemicals & Fiber Corporation, Kumho Petrochemicals Ltd., Chi Mei Corporation, SABIC, Trinseo, Videolar, S/A, The Dow Chemical Company, Kaneka Corporation, ACH Foam, Technologies’ PJSC Sibur Holding LLC, Support Kunststoff GmbH, Synthos S.A, Synbra, Holding B.V. and other prominent players. The players maintain their dominance in the market by enhancing their production capabilities, research, and development activities, and launching improved products for the customers. Different strategies are adopted like engaging in strategic alliances, agreements, mergers, and collaborations.
Don’t miss the business opportunity of the global polystyrene market. Consult our analysts to gain crucial insights and facilitate your business growth.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global polystyrene market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global polystyrene market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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- Polystyrene Market- Global Industry Size, Share, Growth, Opportunity and Forecast, 2018-2028, Segmented By Resin Type (General Purpose Polystyrene, High Impact Polystyrene, And Expandable Polystyrene); By Product Type (Foams, Films, And Sheets, Injection Molding, And Other Form Types); By End-Use Industry (Packaging, Building, And Construction, Electrical And Electronics, Consumer Goods, And Other End-User Industries); By Region (North America, Europe, The Asia Pacific, Latin America, The Middle East, And Africa);
Publish Date: March 2022
The growth of the global polystyrene market can be primarily attributed to the increasing rates of industrialization and globalization throughout the world. Moreover, the rising demand for eco-friendly, durable, light weight and sustainable goods and components, due to their acoustic and thermal insulation, in the construction, automotive, and packaging sectors are also responsible for driving the market growth...
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