2020 Polystyrene Market By Types (XPS, EPS, GPPS, HIPS), By Applications (HVAC Insulation, Seating, Rigid Packaging, Flexible Packaging) And End User Analysis

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The Global Polystyrene Market Will Grow At 9.8% CAGR

The global polystyrene market was worth $42.70 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 9.8% and reach $62.25 billion by 2023. The demand for packaging products has increased recently, particularly in emerging economies such as China and India. As the size of the middle-class grew in these countries, the consumption of processed foods, poultry, meat and agricultural products increased. According to the World Bank, China's Gross Domestic Product (GDP) per capita increased from $8,759 in 2017 to $9,771 in 2018 and India's GDP per capita increased from $1,981 in 2017 to $2,010 in 2018. The increase in per-capita income in these economies resulted in the emerging middle-class purchasing more packaged goods. The demand for packaged goods increased the consumption of polystyrene for their packaging, thus driving the polystyrene market.

Polystyrene is a synthetic thermoplastic material formed through polymerizing styrene. It is used in modeled products, foams and sheet materials.

Polystyrene Market Restraints

Stringent regulations on plastic materials were a major restraint on the polystyrene market. Many of the products in the polystyrene market are potentially hazardous during the manufacturing stages because the manufacturing processes involve reactions that can be dangerous unless controlled carefully. Government agencies and regulators are strictly assessing and managing the risks involved in the production and use of polystyrene. Many cities in the USA decided to ban polystyrene products from schools and other civic buildings. In January 2019, New York City implemented citywide ban on single-use foam containers. In October 2019, The Integrated Waste Management Authority passed the ordinance to ban polystyrene in entire San Luis Obispo County. Polystyrene manufacturers are instructed to be compliant with complex regulations that govern labeling, handling, manufacturing and shipping and storage of the product, thus leading to an increase in compliance costs for the manufacturers, which restricts the growth of the polystyrene market.  

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Polystyrene Market Segments

The polystyrene market is segmented by type into expandable polystyrene (EPS), general-purpose polystyrene (GPPS), high-impact polystyrene (HIPS), and extruded polystyrene (XPS). It is also segmented by end use industry into automotive industry, electronics, thermal insulation industries, pharmaceuticals, consumer industry, packaging industry, and the construction industry. By application, it can be segmented into HVAC insulation, rigid packaging, seating, and flexible packaging.

The construction and packaging sectors in developing countries are increasingly using Expanded Polystyrene (EPS). EPS provides design and structural cohesion to construction projects and possesses physical and mechanical properties required for insulation. It is mostly used in the construction sector due to properties of closed air low thermal conductivity, low water absorption, lightweight, mechanical resistance, and sound resistance. EPS offers sound weight and better volume performances than other building materials, thus making construction simple.

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Polystyrene Market Major Players And Strategies

Major players in the polystyrene market are A.Schulman Inc., ACH Foam Technologies, Inc., Alpek S.A.B. de C.V, Americas Styrenics LLC, Atlas Roofing Corporation, Austrotherm GmbH, BASF SE, BEWiSynbra Group, Brødr. Sunde AS, and Chi Mei Corporation. Companies in the market have been investing in merger and acquisition strategies to strengthen their polystyrene businesses. In February 2019, INEOS Styrolution, a styrenics supplier headquartered in Germany, completed the acquisition of two polystyrene sites from Total S.A. for an undisclosed amount. The acquisition includes two polystyrene production sites in Ningbo and Foshan and two related offices in Guangzhou and Shanghai. The transaction will increase INEOS Styrolution's manufacturing footprint in Asia, and provides access to the domestic market in China. Total SA is a multinational oil and gas company headquartered in France.

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