Polystyrene Market Outlook, 2020-2030 - Global Market Anticipated to Reach $62.25 Billion by 2023
DUBLIN, Feb. 27, 2020 /PRNewswire/ -- The "Polystyrene Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.
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 polystyrene market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. In 2019, Asia Pacific accounts for around 52% of the market.
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, driving the market.
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, leading to an increase in compliance costs for the manufacturers.
Construction and packaging sectors in developing countries are increasingly using the 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 volume performances compared to other building materials making construction simple.
In February 2019, INEOS Styrolution, a styrenics supplier headquartered in Germany completed 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.
Major players in the 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, Brdr. Sunde as, Chi Mei Corporation.
Key Topics Covered
1. Executive Summary
2. Polystyrene Market Characteristics
3. Polystyrene Market Size and Growth
3.1. Global Polystyrene Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Polystyrene Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Polystyrene Market Segmentation
4.1. Global Polystyrene Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Expandable Polystyrene (EPS)
- General-Purpose Polystyrene (GPPS)
- High-Impact Polystyrene (HIPS)
- Extruded Polystyrene (XPS)
4.2. Global Polystyrene Market, Segmentation By End Use Industry, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Automotive Industry
- Electronics
- Thermal Insulation Industries
- Pharmaceuticals
- Consumer Industry
- Packaging Industry
- Construction Industry
4.3. Global Polystyrene Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- HVAC Insulation
- Rigid Packaging
- Seating
- Flexible Packaging
5. Polystyrene Market Regional and Country Analysis
Companies Mentioned
- 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
- Brdr. Sunde A.S.
- Chi Mei Corporation
- DowDuPont
- DuPont de Nemours Inc.
- ePS Designs
- Flint Hills Resources
- Formosa Chemicals & Fibre Corporation
- Formosa Plastic Corporation
- HIRSCH Servo
- INEOS Styrolution Group GmbH
- Innova
- Kaneka Corporation
- Knauf Group
- Kumho Petrochemicals Ltd.
- LG Chem
- Loyal Group
- NexKemia
- NOVA Chemicals Corporation
- Owens Corning Inc.
- Penoplex SPB LLC
- Ravago Group
- SABIC
- Saint-Gobain Isover S.A.
For more information about this report visit https://www.researchandmarkets.com/r/25ku75
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