Market Research Future (MRFR)’s latest study reveals that the global polystyrene market is set to expand at a CAGR of 4.87% during the forecast period 2018 to 2023. The market is prognosticated to reach a valuation of USD 33,160.6 Mn by 2023 up from USD 24,926.7 Mn in 2017. The growth of the end-user industries such as packaging, building and construction, electronics, and consumer goods and appliances reflect on the increasing demand for polystyrene across different industry verticals. The features offered by polystyrene that has led to its large-scale adoption by the industries include thermal stability, compressive strength, low water absorption, thermal stability, compressive strength, low water absorption, etc. The trend is prognosticated to perpetuate, especially in Latin America and the Asia Pacific, in the forthcoming years.

The catalyzed investments in the building and construction industry of the GCC, the U.S., and European nations have intensified the need for high-quality HVAC systems. The growing demand for HVAC applications is likely to create demand for expandable polystyrene globally over the next few years. Furthermore, the flourishing FMCG industry has paved the way for the adoption of polystyrene by the packaging industry. This, in turn, is forecasted to augur well for the market players. The thriving consumer electronics industry is projected to accelerate the revenue creation for the participants of the polystyrene market through the projection period.

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Global Market for Polystyrene-Segmental Analysis:

MRFR’s report offers a detailed segmental analysis of the market based on type, application, and end-user industry. By type, the global polystyrene market has been segmented into expandable polystyrene (EPS), general-purpose polystyrene (GPPS), high-impact polystyrene (HIPS), extruded polystyrene (XPS), and others. The expandable polystyrene (EPS) currently accounts for the major share of the global market. The segment is estimated to strike a CAGR of 5.5% over the assessment period. The growth can be ascribed to the increasing demand for EPS foam in different industry verticals such as automobiles, building, and construction, etc.
By application, the market is segmented into HVAC insulation, rigid packaging, seating, flexible packaging, and others. The HVAC insulation segment accounted for 27% of the market share and was valued at USD 6,958.5 Mn in 2017. The segment is estimated to witness an increase of USD 2930.7 Mn in terms of value by 2023-end. The proliferation of the segment is motivated by the increase in demand for HVAC insulation in HVAC systems, refrigerators, and air conditioning systems.

By end-use industry, the market has been segmented into packaging, building and construction, electronics, consumer goods and appliances, and others. The packaging segment currently holds a 37% share of the market and is expected to register a CAGR of 5.14% during the projection period. The rising demand for durable food packaging material is likely to drive the revenue acceleration in the segment. Meanwhile, the building and construction segment has been forecasted to account for the second-largest market share and strike a relatively higher CAGR of 5.2%. The growth can be attributed to the strong value maintained by the construction sector.

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Regional Outlook:

By region, the global polystyrene market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific currently holds a dominant share of the market which accounts for 44.7% share. It is likely to retain its pole position towards the end of the forecast period. The regional market is poised to reach a value over USD 15000 Mn by 2023 up from USD 11,153.4 Mn in 2017. The thriving automotive sector coupled with the increasing production of electric and lightweight vehicles in both developed and developing countries are set to intensify the demand for polystyrene in the regional market.

Europe is the second-largest market for polystyrene and is expected to reach a valuation of USD 6,439.5 Mn by the end of 2023. The increasing demand from the building and construction industry is estimated to influence the growth of the market positively. The regional market is set to register a CAGR of 3.56%.
North America is anticipated to witness considerable growth during the assessment period. Although the market has entered a phase of maturity, the high adoption rate of polystyrene in building and construction applications is prognosticated to drive the market proliferation.

Latin America is foreseen to grow moderately through the forecast period. It is estimated to grow from USD 1,783.4 Mn in 2017 to USD 2,260.4 Mn by 2023-end. The regional market is estimated to expand at a CAGR of 4.03%. Meanwhile, the Middle East & Africa resonates strong opportunities for growth and is projected to proliferate at the highest CAGR of 6.25 from 2017 to 2023.

Global Market for Polystyrene-Competitive Dashboard:

Some of the key players profiled in the report are SABIC, Trinseo, Alpek SAB De CV, Innova, ACH Foam Technologies, Inc., INEOS Styrolution Group GmbH, BASF SE, Formosa Chemical & Fibre Corp., Kumho Petrochemical, Chi Mei Corporation, and Total.

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