The Global Polystyrene Market size is expected to reach $54.8 billion by 2030, rising at a market growth of 4.1% CAGR during the forecast period. In the year 2022, the market attained a volume of 16,991.8 Kilo Tonnes, experiencing a growth of 3.3% (2019-2022).
EPS is widely used as a thermal insulation material in construction. Excellent thermal insulation qualities are provided by its closed-cell structure, which helps control indoor temperature and lower energy use for heating and cooling. Therefore, the building & construction segment captured $6,202.5 million revenue in the market in 2022. The use of EPS insulation contributes to energy-efficient and sustainable building practices. These materials can be easily shaped and customized to fit specific construction requirements. This flexibility allows architects and builders to design and create unique architectural elements, decorative moldings, and customized insulation solutions, contributing to the versatility of this in construction.
The major strategies followed by the market participants are Partnerships, Collaborations & Agreements as the key developmental strategy to keep pace with the changing demands of end users. For instance, In July, 2023, INEOS Styrolution Group GmbH formed a partnership with TOMRA Systems ASA, and EGN Group A/S, to convert post-consumer waste materials into recycled products for use in food packaging. In May, 2023, SABIC collaborated with Stella McCartney Beauty, TEXEN SAS, Leygatech, and STTP Emballage to utilize the renewable polymers in the TRUCIRCLE product portfolio of SABIC and developed skin and eye care refill containers.
Based on the Analysis presented in the KBV Cardinal matrix; SABIC is the forerunners in the market. In July, 2023, SABIC joined hands with TotalEnergies SE, a French multinational integrated energy and petroleum company, and Saudi Arabian Oil Company, a state-owned petroleum and natural gas company. Under this collaboration, the companies created a domestic value chain for the conversion of the oil extracted from plastic waste into circular polymers in the Kingdom of Saudi Arabia. Additionally, this collaboration helped to achieve a petrochemical value chain to solve the upstream and downstream challenges. Companies such as TotalEnergies SE, LG Chem Ltd. (LG Corporation), Alfa, S. A. B. de C. V. are some of the key innovators in market.
Ongoing innovations in material technology, including the development of advanced formulations and the integration of nanotechnology, contribute to the expansion of the market. These innovations enhance the material's properties and open new possibilities for applications. The integration of nanotechnology into these formulations is a notable innovation. Nanoparticles can be incorporated to enhance specific properties, such as mechanical strength, barrier properties, and flame resistance. The market is expanding significantly due to the innovations in material technology.
Due to its versatility, clarity, and cost-effectiveness, the consumer electronics industry relies on this for casings and components. The proliferation of electronic devices and the constant innovation in the electronics sector contribute to the continued growth of the market. Polystyrene, especially GPPS, is a versatile material that can be easily molded into intricate shapes. This makes it ideal for manufacturing casings and enclosures for various electronic devices such as smartphones, laptops, tablets, and audio equipment. As a result of the increasing consumer electronics manufacturing, the market is anticipated to increase significantly.
One of the most significant challenges facing the market is its environmental impact. Traditional polystyrene is not easily biodegradable and can persist in the environment for extended periods. The accumulation of its waste, particularly in marine environments, has raised environmental concerns and led to calls for more sustainable alternatives. Environmental concerns contribute to a negative public perception of this as a material. The challenges associated with recycling polystyrene contribute to environmental concerns. Environmental concerns are a significant challenge that hampers the growth of market.
Based on form type, the market is classified into foams, films & sheets, injection molding, and others. The film & sheets segment acquired a substantial revenue share in the market in 2022. Films & sheets made from these are extensively used in the packaging industry. Their clarity, lightweight nature, and ease of processing make them ideal materials for packaging applications. Films and sheets provide affordable options for various products, including food packaging, blister packs, and protective wrapping. These films and sheets can be easily thermoformed into multiple shapes.
On the basis of end-use, the market is divided into packaging, building & construction, electrical & electronics, consumer goods, and others. The electrical & electronics segment garnered a significant revenue share in the market in 2022. HIPS is often used for the insulation of electronic components. Its electrical insulating properties make it a suitable material for casings and housings that protect sensitive electronic circuits from external influences and prevent electrical interference. It is used to produce various electronic components and connectors. Its ease of molding and customization allows manufacturers to create intricate designs for connectors and housings, meeting the specific requirements of electronic devices.
By resin type, the market is categorized into general purpose polystyrene (GPPS), high impact polystyrene (HIPS), and expandable polystyrene (EPS). In 2022, the high impact polystyrene (HIPS) segment held the highest revenue share in the market. HIPS is easily processed utilizing standard production techniques such as molding by injection, extrusion, and thermoforming. This ease of processing enables manufacturers to efficiently produce various products, contributing to cost-effectiveness and streamlined production processes. HIPS exhibits resistance to chemicals, which enhances its suitability for specific applications.
Report Attribute | Details |
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Market size value in 2022 | USD 39.9 Billion |
Market size forecast in 2030 | USD 54.8 Billion |
Base Year | 2022 |
Historical Period | 2019 to 2021 |
Forecast Period | 2023 to 2030 |
Revenue Growth Rate | CAGR of 4.1% from 2023 to 2030 |
Number of Pages | 393 |
Number of Table | 753 |
Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
Segments covered | Form Type, Resin Type, End-Use, Region |
Country scope |
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Companies Included | SABIC (Saudi Arabian Oil Company), Alfa, S. A. B. de C. V., BASF SE, CHIMEI Corporation, TotalEnergies SE, INEOS Styrolution Group GmbH, Atlas Roofing Corporation (Atlas Molded Products) (Hood Companies, Inc.), Trinseo PLC, LG Chem Ltd. (LG Corporation), and Synthos S.A |
Growth Drivers |
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Restraints |
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Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region led the market by generating the highest revenue share. Due to rising e-commerce and consumption, the packaging industry is expanding quickly in the Asia-Pacific region. This, with its lightweight nature, transparency, and cost-effectiveness, is widely used in packaging materials in Asia Pacific. This is utilized in the Asia Pacific region for medical and healthcare applications, including producing disposable medical products such as test tubes, petri dishes, and syringes.
Free Valuable Insights: Global Polystyrene Market size to reach USD 54.8 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SABIC (Saudi Arabian Oil Company), Alfa, S. A. B. de C. V., BASF SE, CHIMEI Corporation, TotalEnergies SE, INEOS Styrolution Group GmbH, Atlas Roofing Corporation (Atlas Molded Products) (Hood Companies, Inc.), Trinseo PLC, LG Chem Ltd. (LG Corporation), and Synthos S.A.
By Form Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End-Use (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Resin Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $54.8 billion by 2030.
Innovations in material technology are driving the Market in coming years, however, Environmental concerns are a significant challenge restraints the growth of the Market.
SABIC (Saudi Arabian Oil Company), Alfa, S. A. B. de C. V., BASF SE, CHIMEI Corporation, TotalEnergies SE, INEOS Styrolution Group GmbH, Atlas Roofing Corporation (Atlas Molded Products) (Hood Companies, Inc.), Trinseo PLC, LG Chem Ltd. (LG Corporation), and Synthos S.A.
In the year 2022, the market attained a volume of 16,991.8 Kilo Tonnes, experiencing a growth of 3.3% (2019-2022).
The Packaging segment is registering maximum revenue in the Market, by End-Use in 2022; thereby, achieving a market value of $16.8 billion by 2030.
The Asia Pacific region is generating highest revenue in the Market, by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $29.5 billion by 2030.
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