Polystyrene Market Industry Size, Share, Growth

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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 polystyrenes 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

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 of polystyrene that make it perfect for use include insulation, lightweight filler, an element for imaginative touches, or a lightweight filling substance inroads 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 the outstanding cushioning ability.

Packaging Industry to Grow at A Higher Growth Rate During the Forecast Period

The 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 the 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 for about half of the world’s total HIPS production. Moreover, The Asia-pacific region is anticipated to exhibit the highest growth rate for the polystyrene market during the forecast period on account of the growing development in the construction and building industry. Europe is expected to witness a 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.

Competitive Landscape

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.

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