Authored By: Sarah
11 Jul 2024

 Polystyrene (PS) Market Size to grow by USD 7591.25 million between 2023-2027

According to a research report “ Polystyrene (PS) Market” by Type (Expanded polystyrene (EPS), High impact polystyrene (HIPS), General purpose polystyrene (GPPS)) End-user (Packaging, Electronics, Construction, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 7591.25 million, at a CAGR of  5.09% during the forecast period. In the electronic industry, polystyrene (PS) plays a pivotal role as a lightweight packaging solution for various appliances, including blenders, washing machines, air conditioners, personal computers, scanners, and television screens. The electronic sector, primarily driven by the demand for refrigerators, television screens, and air conditioners due to increasing global temperatures, is anticipated to fuel the growth of the PS market. PS's superior thermal properties, which enhance with increased density, make it an ideal choice for thermal insulation boards in building structures and packaging items. This trend is expected to continue during the forecast period, as the electronics industry expands and the need for reliable and protective packaging solutions intensifies.

Browse market data tables, figures, and in-depth TOC on “Polystyrene (PS) Market” by Type (Expanded polystyrene (EPS), High impact polystyrene (HIPS), General purpose polystyrene (GPPS)) End-user (Packaging, Electronics, Construction, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2027. Download Free Sample

 

By Type, the Expanded polystyrene (EPS) segment is projected to dominate the market size in 2024

In the realm of packaging materials, Polystyrene (PS) foam emerges as a preferred choice for various industries due to its extensive utilization in packaging applications. Notable end-users encompassing schools, hospitals, supermarkets, restaurants, and sports arenas, rely on PS foams for their insulating, moisture-resistant, and chemically inert properties. These features ensure the preservation of temperature-sensitive and moisture-sensitive goods, as well as the safety of delicate items such as electronic equipment, wine bottles, chemicals, and pharmaceutical products during transportation. The energy efficiency of PS foams, which necessitates less energy for transportation compared to conventional materials like wood, cork, and cardboard, further adds to their market appeal.

By End-user, Packaging  segment is expected to hold the largest market size for the year 2024

In the packaging industry, Expanded Polystyrene (EPS) has emerged as a preferred choice due to its distinct advantages, including superior tensile strength, biocompatibility, and durability. The escalating industrialization and urbanization worldwide have fueled the growth of the EPS segment. EPS offers a cost-effective and lightweight alternative to traditional materials such as metal, paper, plastic, and wood. Its versatility extends to various applications, including personal care products, food and beverages, and pharmaceuticals. EPS packaging encompasses foam, sheets, and bubble wrap, ensuring product safety and maintaining product quality during transportation and storage.

APAC is forecasted to hold the largest market size by region in 2024

The Polystyrene (PS) market in the Asia Pacific (APAC) region is experiencing robust growth, driven by expanding industries such as e-commerce, fast-moving consumer goods (FMCG), household appliances, and personal care. Developing economies, particularly China and India, are poised to significantly contribute to the market's revenue growth during the forecast period. This growth can be attributed to the burgeoning e-commerce sector in APAC, fueled by a rising population and increasing demand for goods through online channels. According to The World Bank Group, the population in China alone increased from 1.36 billion in 2015 to 1.43 billion in 2020, underscoring the region's vast consumer base.

The Polystyrene (PS) Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Alpek SAB de CV
  • Arkema Group
  • Axion Recycling Ltd.
  • BASF SE
  • Chimei Corp.
  • DuPont de Nemours Inc.
  • Eni Spa
  • Formosa Chemicals and Fibre Corp.
  • INEOS Group Holdings SA
  • Kaneka Corp.
  • Kumho Petrochemical Co Ltd
  • LG Chem
  • NOVA Chemicals Corp.
  • PS Japan Corp.
  • Ravago
  • Saudi Basic Industries Corp.
  • Supreme Petrochem Ltd.
  • TotalEnergies SE
  • Trinseo PLC
  • Videolar Innova SA
.

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Research Analysis Overview

Polystyrene, a versatile polymer, is a rigid and brittle material that can be transparent or opaque, depending on its form. General-purpose polystyrene is widely used in various industries, including household leisure & sports, agriculture, electrical & electronics, automotive, building & construction, and packaging. In the building & construction industry, polystyrene is known for its excellent insulation properties, making it an ideal material for insulation in homes and commercial buildings. In the agricultural sector, it is used for growing mediums and as a protective packaging for delicate produce. Polystyrene is also used in the automotive industry for manufacturing car parts due to its structural integrity. In the electronics sector, it is used in the production of electronic components due to its transparency and insulation properties. Moreover, polystyrene is used in the production of glass wool, a popular insulation material. Other polymers like Polypropylene and Polyethylene have their unique applications, but polystyrene stands out due to its insulation properties and transparency. However, environmental concerns have arisen due to the non-biodegradable nature of polystyrene foams. Recycling initiatives have been introduced to mitigate this issue. The e-commerce industry's growth has also led to an increase in the demand for polystyrene packaging. Polystyrene comes in various types, including high-impact polystyrene (HIPS), which is used in the consumer goods sector for manufacturing toys and other products due to its energy efficiency. Overall, polystyrene continues to be a popular material in various industries due to its unique properties.

Market Research Overview

Polystyrene (PS), a rigid, transparent polymer, is widely used in various industries due to its unique properties such as pest and bacterial resistance, chemical inertness, lightness, and thermal insulation. These qualities make it an ideal choice for applications in healthcare, transportation, storage, and construction. In the healthcare sector, polystyrene is used for making fittings, models and prototypes, and covers for medical equipment. In transportation, it is used for making shock-absorbing components and housing for electrical and electronic components. In construction, PS is used for insulation, particularly in the form of expandable polystyrene and high-impact polystyrene (HIPS). It is also used in the electronics industry for making insulation components, instrument panels, and covers for appliances like air conditioners, refrigerators, and computers. Polystyrene is also economical and durable, making it a popular choice for packaging, household leisure & sports, agriculture, and the e-commerce industry. Despite its benefits, environmental concerns have led to recycling initiatives and a ban on polystyrene in some regions. High-performance alternatives like glass wool, polypropylene, and polyethylene are being explored. Polystyrene is brittle and rigid, but its insulation properties and structural integrity make it a valuable resource in industries like automotive, building & construction, and electronics. The global population's increasing demand for consumer goods and infrastructure development continue to drive the PS market.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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