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Polystyrene Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Polystyrene Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021
  • 175 pages
  • ID: 6072023
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

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.

The global Polystyrene market is expected to grow from $35.69 billion in 2020 to $42.78 billion in 2021 at a compound annual growth rate (CAGR) of 19.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $48.96 billion in 2025 at a CAGR of 3%.

The polystyrene market consists of the sales of polystyrene and related services.Polystyrene is a synthetic thermoplastic material formed through polymerizing styrene.

It is used in modeled products, foams and sheet materials.

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 $9,976 in 2018 to $10,261 in 2019 and India’s GDP per capita increased from $2,005 in 2018 to $2,099 in 2019.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 labelling, handling, manufacturing and shipping and storage of the product, leading to an increase in compliance costs for the manufacturers.

The polystyrene market covered in this report is segmented by type into expandable polystyrene (EPS), general-purpose polystyrene (GPPS), high-impact polystyrene (HIPS), extruded polystyrene (XPS). It is also segmented by end use industry into automotive industry, electronics, thermal insulation industries, pharmaceuticals, consumer industry, packaging industry, construction industry and by application into hvac insulation, rigid packaging, seating, flexible packaging.

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.

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